Banking

Balances reached nearly $1 trillion at the end of the first quarter, up 17% from a year earlier. The increase reflects higher spending by well-off consumers on travel and entertainment, as well as the pressure that lower-income households are facing from inflation and higher interest rates.

Shares in small banks have plummeted during this year's banking crisis. But deposits have largely stabilized and credit quality remains historically strong, bolstering the case for bargain buying and a sector rebound.

The Chinese government has forced banks to deny Chinese emigrants access to their retirement savings. What Beijing will demand next is anybody's guess.

Silicon Valley Bank's failure in early March kicked off a period of turmoil unlike anything the U.S. banking industry has been through since 2008 and 2009. Here's a look back at the key events.

The fintech already has a number of large bank partnerships, including Morgan Stanley at Work and Wells Fargo.

First Horizon commits part of TD breakup fee to local communities, Southern Security poised for huge membership growth, Marqeta faces layoffs and more in this week's banking news roundup.

Generations United Federal Credit Union's first president and CEO, John Linzey, expects to attract the very customers that banks might turn away if the economy sours.

Already well-established in other countries, a conduct risk authority would monitor banks for the kind of risky behavior that the current examination regime might miss.

Jay Champion had been chief executive of the $2.2 billion-asset company since late 2018.

Delinquency rates in credit cards, auto and personal loans are effectively back to normal after three years of unusually strong credit performance. Industry executives say the current situation is easily manageable, but they do anticipate that key metrics will continue to worsen.

Michigan State University Federal Credit Union is partnering with Debbie, a Miami-based fintech that helps consumers break free of delinquency and correct bad spending habits, to strengthen its financial education tools and build its deposit base.

The de novo institution is offering treasury management and depository services to the fragmented nail-and-beauty segment. Management has hopes this will bolster its relationship banking and liquidity.

The Florida lender hired corporate bankers in New York City who had previously worked at First Republic Bank, which collapsed last week.

The Federal Deposit Insurance Corp. board voted 3-2 to propose a special assessment of 0.125% on banks with uninsured deposits over $5 billion.

While the central bank's reverse-repurchase facility generally works to stabilize the financial system, under certain circumstances it would spark a rapid flow of deposits out of banks. A growth cap would prevent that problem.

The California bank says the drop occurred last week after a news report that the lender was in talks with potential investors.

The North Carolina company, which acquired the remains of Silicon Valley Bank in late March, is now taking steps to shore up its deposit base. Those efforts, which follow outflows tied to Silicon Valley Bank customers, include paying higher rates at its nationwide online bank.

The credit card company believes that its Prism subsidiary will better serve other financial services companies as an independent firm.

MVB Financial's agreement to buy Integrated Financial Holdings has fallen through, with both sides citing an uncertain economic outlook and potential regulatory challenges. It's the second M&A deal to be scrubbed in the past week.

The Consumer Financial Protection Bureau said in a policy statement that banks risk violating the prohibition on "unfair acts and practices," by reopening a consumer's deposit account to process transactions after the account has already been closed.