Banking

The nonprofit is entering phase two of its project with JPMorgan Chase intended to understand how conversational AI and emerging technologies can help low- to moderate-income consumers.

State-chartered credit unions say their fields of membership are too narrowly defined. Rather than convert to federal charters, they are backing a bill that would provide greater reach.

Almost a fifth of U.S. banks are offering savings rates of 2% or more, a huge spike from a year ago, according to new data. Banks are paying more out of fear their customers will flee to competitors offering higher rates.

Interest rates, liquidity and credit are among the National Credit Union Administration's top concerns.

With the $7.5 billion acquisition, the Minneapolis bank bolstered its customer base in the nation's most populous state by more than 1 million. Earnings accretion from the combination could offset slower loan growth this year.

While branch closings remain the norm throughout the industry, the hunt for suddenly scarce deposits is prompting some community banks to move in the opposite direction and expand their branch networks.

The McLean, Virginia-based bank is building its deposit base — in contrast with many banks that are starting to see outflows. But the growth is accompanied by rising interest expenses, which are expected to cut modestly into profit margins this year.

Artificial intelligence now has the potential to fundamentally change customers' relationships with banks, impacting everything from onboarding to retention and upselling.

California Attorney General Rob Bonta is standing by the state's commercial financing disclosure law, urging more protections for small-business financings and arguing that federal consumer law does not not apply to commercial lending.

The loan-growth projections are for Columbia Banking System itself, before the Tacoma, Washington, bank officially merges with Umpqua Holdings. The $5 billion deal is scheduled to close Feb. 28.

The company settled with the Federal Reserve after self-reporting that it had disbursed $1.1 million in wrongfully obtained Paycheck Protection Program loans.

The lending software and shared services provider was created by bankers for bankers.

The $1.4 billion-asset credit union said John Roemer officially became its new leader Jan. 23.

Provident Bank will roughly double in size by combining with Lakeland Bancorp. The modified technology roles it's filled in the past six months could help it take on larger clients.

Members of the American Bankers Association's Economic Advisory Committee expect gross domestic product to stall in 2023. Other surveys show a modest contraction. Lenders say sentiment among their borrowers also points to a slight slowdown.

Six Wall Street banks are being pressed by a group of shareholders to move faster on reducing their financing of fossil fuels to meet global climate goals.

Unrelenting pressure to improve efficiency could keep bank merger activity steady or even accelerate it despite several economic and regulatory factors except for one — credit quality, say two veteran Piper Sandler dealmakers.

Caren Gabriel, who joined the credit union in 1985 as a staff attorney and became president and chief executive in 2004, will be succeeded by executive vice president and chief operating officer Matt Jernigan on April 8.

In a state where two-thirds of residents use a credit union, a growing populace translates to even more membership, employment and loan growth with those institutions, according to data from the National Credit Union Administration.

The Dallas-based company says noninterest expenses should grow by low double digits in 2023 now that the bulk of the investments related to its business transformation have been incurred.