Banking

Nonbanks that refer to "deposits" and "APY" interest payments are drawing scrutiny from regulators, and some observers say Congress needs to clarify what nonbanks can say about their interest-bearing offerings.

The Illinois company is smaller than other banks that have done away with the charges, but it's been substantially less reliant on overdraft revenue than some depositories. Wintrust executives explained the decision as a response to technological changes in consumer banking.

The results came a day after it emerged that Canada's second-largest bank doesn't anticipate regulators will approve its deal for Memphis, Tenn.-based First Horizon Corp. by May 27, as it previously projected.

Credit unions have individually made progress in making their ranks more diverse and inclusive, but their efforts are starting to bump up against the political discourse over "woke" corporate cultures.

In three years as a subsidiary of $3.2 billion-asset MVB Financial, Chartwell Compliance has tripled its headcount and revenues, MVB CEO Larry Mazza said Wednesday, after announcing Chartwell's sale to New York-based Ankura.

The specter of an economic downturn looms, but many companies are still in growth mode, according to Donald McCree, head of commercial banking at the Rhode Island bank. "We continue to hear from a lot of companies that they are doing quite well," he said.

The small businesses said in a lawsuit that the bank used "misleading marketing and business practices" to rake in processing fees from oversized Paycheck Protection Program loans. A bank spokesperson placed responsibility on PPP borrowers for the representations they made in loan applications.

The Treasury will join with a group of Federal Reserve and other agencies to develop standards that they hope will shape both foreign CBDCs and a U.S. government digital dollar, should Congress authorize one.

Credit card issuers say they need more time to respond to the substantial data request made by the Consumer Financial Protection Bureau in its proposal to slash late fees.

The merger of Columbia and Umpqua has created a $52 billion-asset bank rooted in the Pacific Northwest. CEO Clint Stein said the company has room to expand in California, Arizona, Colorado and Utah.

Archway, which will help community and regional banks integrate third-party providers with their existing systems, has raised $15 million of venture funding in connection with the spinoff.

The Canadian bank now expects loan growth in the mid-single-digit range this year, down from a high-single-digit forecast three months ago. "We're not slowing, but the economy is," one executive said.

The collapse of the Sam Bankman-Fried's controversial crypto exchange changed consumers' view of digital assets. Credit unions, in turn, pivoted to focus on lower-risk services.

A group including Dr. Bernice King, Martin Luther King Jr.'s daughter, and former SBA Regional Administrator Ashley Bell says the deal struck Tuesday to acquire Holladay Bank & Trust in Utah marks the first time Black investors have acquired a non-Black bank.

While Goldman Sachs is still pushing to make its expansion into consumer lending profitable, the bank is also weighing strategic alternatives, CEO David Solomon says. The dueling options reflect the problems that Wall Street giant faces in Main Street banking.

The company has agreed to acquire the parent of Peoples Bank in a deal expected to close in the third quarter.

Like banks, credit unions seek growth in deposits, loans and other products. The starting point for many is to get more members in the door, executives say.