Banking

Entrepreneurs often call fees a drawback of their current financial institution, according to research from Arizent. Banks should focus on developing long-term relationships with these customers, rather than charging for every service, experts say.

Wall Street reporting has left Main Street behind and you, dear banker, should be concerned. A new book, "The Future of Business Journalism," explains why.

After a judge dismissed a lawsuit brought under the anti-predatory-lending law, the Consumer Financial Protection Bureau and the Federal Trade Commission are urging an appeals court to reverse the ruling. They argue that lenders have little incentive to comply with the 2006 law if the threat of being sued gets diminished.

The $1.1 billion-asset Sikorsky Financial would combine with Bridgeport City Employees Federal Credit Union, which has $32 million of assets.

The Boston bank is engaged in a three-year endeavor to finance $5 billion to meet the credit needs of underserved communities. "This has to be in your DNA because you cannot fake it," CEO Nitin Mhatre said.

Pembroke, who had led the association since 2015, died Monday at age 55. Jerry Saalsaa, the organization's senior vice president and chief administrative officer, has been interim CEO since July and will continue in that role.

President Biden announced that his administration would extend the pandemic-era pause in student loan repayments through June 30 amid legal challenges to his college debt-forgiveness plan.

The top five have over seven billion dollars in total assets as of June 30, 2022.

Despite stiff competition, compounded with confusion surrounding President Biden's loan forgiveness program, credit unions managed to bring their student-loan portfolios back from pandemic lows.

Friendly Hills Bancorp will soon be called First Pacific — a name its CEO has coveted for years. First Missouri recently rebranded as Verimore, a name it made up by combining words from Latin and English. In both cases, the changes reflect the banks' expansion into new markets.

The case involved a customer who was charged $100,000 in legal fees when he tried to pay off a commercial mortgage early. After the borrower waged a nearly decadelong legal fight, a Florida court ordered the bank to reimburse a portion of the fees.

Long-tenured CEO Matthew Wagner intends to retire from the company's top job early in 2023, not at the end of that year as initially planned. Paul Taylor, PacWest's president, will succeed him.

Organizing relief initiatives for Ukraine, launching charities for children's hospitals and growing an institution to more than $4 billion of assets are benchmarks in Foulke's more than 45-year career.

U.S. consumers are more likely to apply for a credit card, and less likely to get rejected, than they were last year, according to a New York Fed survey. The card industry is growing even as the mortgage and auto lending sectors show signs of retrenchment.

BMO Financial in Canada and Re:start, a neobank in Texas, are letting those displaced by war apply for accounts online with atypical documentation.

Banks are underwater on many bonds they bought before interest rates began their sharp rise. The impact has been wide-ranging — decreasing the industry's interest in stock buybacks, dampening the appetite for M&A and raising concerns about some smaller institutions' ability to borrow from the Federal Home Loan banks.

Deutsche Bank is weighing cuts to its leveraged finance unit as part of a review by CEO Christian Sewing into underperforming businesses as his three-year restructuring concludes.

The bank said Monday that its interim president and CFO had resigned. This followed the departure of its previous president earlier in November.