Banking

René Jones explained to shareholders how breakdowns occurred following the bank's acquisition of People's United Financial. An analyst called the remarks a "big mea culpa."

A disagreement over growth with its original banking-as-a-service provider prompted challenger bank HMBradley to seek a new and larger sponsor and purchase a new core.

Consumers who aren't proficient in English have long struggled to get help from banks in their preferred language. Banks and regulators are trying to fix that, but the solution has taken years.

The Northern California bank, which was downgraded by Moody's on Thursday, has been hurt by both rising interest rates and the tech industry downturn. It has embarked on a $2.25 billion capital raise.

The recent drought in deals means the company "may have to repace in certain areas" its investment banking unit has beefed up in for years, including energy, biotechnology and health care, Chief Financial Officer Mark Mason says.

The bank has agreed to acquire Big Data Healthcare, a Texan fintech that automates commercial payments flowing to and from hospitals and medical groups. It's the latest example of banks' deepening health care investments.

About 40% of smaller firms applied for private-sector financing last year, which was up from 25% in 2021, according to a survey by the Federal Reserve banks. The results suggest a return to pre-pandemic credit needs, but borrowers now have different plans for the use of financing.

The new offering will allow consumers to finance purchases of gear, parts, maintenance and fuel for ATVs, boats and motorcycles. The powersports sector has enjoyed strong growth since the early days of the pandemic.

The San Francisco fintech made its name in refinancing student loans. Now it contends that a moratorium for federal student debt payments — put in place near the start of the pandemic — has cost it at least $150 million in profits.

In February's roundup of American Banker's favorite stories: An international African American sorority enters the credit union market; a deep dive into the ideology behind banks giving out free pens; and a rising number of financial institutions are facing a tightening of liquidity and more.

A new study finds that in the six months after a rate cap was imposed in Illinois, the number of subprime loans being made declined, and subprime borrowers reported a decline in their financial well-being.

The dataset, developed by Federal Reserve researchers, will give historians and students a far easier way to examine banks' performance between 1867 and 1904. The period was one of significant instability, which ultimately prompted the creation of the Fed.

The Dallas-based bank offered a more downbeat forecast than it did back in January, as rising rates have continued to put pressure on deposits.

He was chief executive officer and chairman of the bank, then known as BankAmerica Corp., from 1990 until his retirement in 1996. 

Car loans are among the bread-and-butter products for credit unions, but slowing demand and growing delinquencies are putting some pressure on the category.

The upstate New York company said in a regulatory filing that Daniel Reininga, who has been chief executive for 12 years, will retire on March 10, following a cybersecurity attack and an OCC crackdown.

Senate Banking Committee Chair Sherrod Brown wants regulators to hold public meetings on branch shutdowns in situations where community members request them. His request follows opposition to a closure in a low-income section of Toledo, Ohio.