Banking

The declining credit quality included more borrowers with higher credit scores falling behind on their credit card payments. But executives said the increase remains within expectations as it continues seeing "very linear normalization" in credit.

The National Credit Union Administration put Valwood Park Federal Credit Union into its care this month, citing concerns of unsafe and unsound business practices.

The custody giant benefited from rising interest rates, which helped offset choppy financial markets and a decline in fee income.

The Wall Street Journal reported the Fed is investigating Goldman Sachs' Marcus division, the company's effort to reach U.S. consumers that has been scaled back. The New York bank's stock fell 2.5% after the news.

The Birmingham, Alabama, bank expects up to $5 billion in additional deposit declines in the first half of 2023 but is hopeful for potential growth in funding later this year.

The parent company of Silicon Valley Bank, which has been mired in deposit challenges, expects little near-term change in the deployment of venture capital dollars, which executives say will keep putting pressure on SVB's balance sheet.

More consumers are struggling to pay their auto loans from Detroit-based Ally, but CEO Jeffrey Brown says executives "feel very good" about their preparations for a downturn. Investors appeared to like his message as its stock jumped 19%.

Alaska USA Federal Credit Union, the 18th-largest credit union in the country by assets, said the new name better reflects its worldwide member base.

COVID-19 accelerated the adoption of more digital options for helping members. Now more credit unions are hoping that artificial intelligence can help reduce stress on frontline staff.

Most borrowers cannot understand the information that TILA requires lenders to provide, raising questions about their utility in consumer protection.

Capital One Financial eliminated hundreds of technology positions this week, the result of the credit card giant spending years investing in systems meant to improve its efficiency.

The top five community banks averaged a return on average equity of 134.96 as of September 30, 2022.

The Cincinnati bank expects net interest income growth to cool considerably and fee income to tread water as rate hikes slow and inflation moderates but still continues.

CEO Bill Rogers stopped short of confirming or denying speculation that the bank is seeking a buyer for part of the unit.

Cleveland-based KeyCorp posts a subdued profit in the wake of a loan loss provision that was more than six times greater than the level of fourth-quarter net charge-offs.

The company, which interprets foreign credit bureau data, is opening its first outpost outside of the U.S.

The $104 million-asset Finex Credit Union in East Hartford plans to partner with the $52 million-asset First Connecticut Credit Union in Wallingford.

The Buffalo, New York, bank expects outstanding loans to grow by as much as 9% in 2023. Deposits, on the other hand, could fall.

The Dallas-based bank, whose deposit base is more commercial-focused, has seen significant outflows in deposits over the past year. But last quarter's declines were "better than we expected," and there are other signs that the environment may moderate this year, its CFO said.

The Texas bank will let customers go through the entire process on their phones, at the same time that it emphasizes human service that is not impacted by commissions.