Banking

Recent clashes over how much investors should get paid when borrowers switch to a new benchmark are a small part of a much larger struggle by global regulators to shift markets away from the scandal-tainted London interbank offered rate.

Alabama One said the deal for First Bank of Wadley, a subsidiary of Peoples Independent Bancshares in Boaz, Alabama, would expand its footprint in the eastern part of the state.

Though housing is experiencing severe rate-related stress, mortgage banking remains central to the Denver-based bank's business model. The Texas market has held up better than much of the rest of the country, company executives say.

In a sprawling consent order, the Consumer Financial Protection Bureau order cited mismanagement that extended from auto loans to mortgages and deposit accounts. Wells Fargo CEO Charlie Scharf called the agreement a critical milestone to "put these issues behind us."

The National Credit Union Administration must justify its sharply higher operating budget for next year.

Robert Fehlman, who has worked with the bank since 1988, will succeed George Makris Jr. at the start of 2023.

Legislation to open banking services to marijuana businesses was left out of a must-pass government funding package, ending a year-end effort to move it to President Biden's desk, a person familiar with the decision said.

Changes that began at individual banks in 2021 gained steam this year, as many large and midsize banks reduced their reliance on overdraft-related charges. Federal and state policymakers were key catalysts of the sea change.

Dan Clarke succeeds Rachel Caron, who was CEO of the $256.4 million-asset organization for 12 years before retiring in June.

A carbon-credit transaction network developed by nine banks including Canadian Imperial Bank of Commerce and UBS Group is a step closer to launching early next year after completing a series of pilot trades.

Banco Bradesco, Brazil's second-biggest bank by market value, plans to buy more minority stakes in tech companies to accelerate its expansion in the United States.

A hard-fought battle between Citigroup and creditors of Revlon over an epic blunder in which the bank accidentally sent the lenders almost a billion dollars was finally capped with a legal pronouncement: Case dismissed.

Dicier credit conditions, recession fears and tougher regulatory scrutiny combined to weaken merger activity in 2022. A push for scale is bound to resume when interest rates level off — at least among smaller banks, analysts say.

The business being sold to Madison Dearborn Partners provides trustee and administrative services to asset managers and retirement plans.

Financial institutions have launched tailored relief campaigns to help refugees begin rebuilding their lives.

Investors are learning the hard way, again, that highflying new financial products, with little or no regulatory oversight, tend to crash.

A group of shareholders in the Dubuque, -Iowa-based bank, including a former chairman and CEO, have agreed to quit advocating for a sale of the $19.7 billion-asset company

In a new survey, executives at banks and credit unions registered the highest level of anxiety about a forthcoming data-collection rule in small-business lending.

The National Credit Union Administration can no longer examine third-party vendors and service providers. That leaves the industry vulnerable to cybercriminals and other bad actors.