Banking

With LIBOR's long-awaited sunset, the future of interest rate benchmarking must be defined by choice.

PeoplesBank in Massachusetts and others have developed digital brands that cater to younger customers' demands for smoother technology and mobile experiences.

In June's roundup of American Banker's favorite stories: Attempts to steal consumer data target a growing number of banks, credit unions secure deposits outflowing from other financial institutions, Citizens recruits 50 former private banking employees of First Republic and more.

Banks are simultaneously looking to shed their obligations under laws like the Community Reinvestment Act and begging the government for more support in the form of higher deposit insurance limits.

Sen. Elizabeth Warren, D-Mass., in a letter to the Consumer Financial Protection Bureau, challenged the idea that credit card late fees serve as a deterrent to delinquency, instead saying issuers told her office that some of them earn tens of millions of dollars collecting late fees.

Under a 2-year-old program, homebuyers receive grants of up to $5,000 for down payments and closing costs. JPMorgan Chase said the latest expansion — to some new 3,000 census tracts in 16 U.S. markets — may help an additional 1,000 customers obtain mortgages.

The regional bank is expected to issue around three to five more bonds backed by its $11.5 billion loan book. Citizens earlier this month said it will halt new auto lending in partnership with dealers starting July 1.

The technology that powers ChatGPT can sift through and even synthesize massive amounts of data, though it must overcome doubts over reliability, transparency and regulatory risk before it can be harnessed to conduct useful research.

People love the convenience of nonbanks' financial apps. Regulators could make it much safer for them to share their data with third parties.

The legislation would have allowed nonbank lenders to charge more for consumer installment loans. Gov. Ron DeSantis, a Republican presidential candidate, explained his veto by saying that the bill might result in additional consumer indebtedness.

Dallas-based Texas Capital Bank believes virtual credit cards, offered through a new fintech partnership, can help small-business customers make their payment processes more efficient.

The payments and bank technology firm says its stand-alone NCR ATMCo will focus on "ATM-as-a-service."

A new inspector general report suggests that grifts were more pervasive than has previously been reported. The Small Business Administration, which drew blame in the watchdog report, took issue with the findings.

Wise bank managers make sure that they are training employees for their next roles, and creating a deep bench of versatile talent.

The Block unit's new American Express card credits users with $1 in payment-processing fees for every $3 they spend on business expenses. It's also offering new loan terms and other tools for managing expenses and cash flow.

Cullen/Frost, Columbia, Synovus, Valley National and Associated all have relatively large exposures to the office sector, which has been hurt by the popularity of remote work. Their executives point to factors that offer protection, including the geographic composition of their portfolios and the types of buildings that serve as collateral.

Industry leaders cautioned the National Credit Union Administration against drafting new regulations to address the financial risks associated with climate change.

The 30-page receivership petition filed in federal court on Monday demands an immediate impounding of all assets of Las Vegas-based Prime Trust.

The bank hasn't managed debt sales in Texas since a measure took effect in 2021 that bars governmental entities from working with companies that "discriminate" against firearms businesses. BofA's "current risk-based framework and policies" can comply with that law, a lawyer for the bank has told the state.

Bank of America says it will extend its branch footprint to Omaha, Dayton and Huntsville. The moves are part of an ongoing strategy to enter new markets even as the bank reduces its total branch count.