Banking

Wings Financial Credit Union in Apple Valley, Minnesota, has agreed to buy Settlers Bank in DeForest, Wisconsin. It's the third bank acquisition deal Wings has announced, one of which fell through.

The online consumer lender has told about 140 employees who process loan applications that it is eliminating their positions. The job cuts come as Upstart struggles to get banks and other investors interested in buying enough of its loans.

Just as automakers start making headway sorting out the parts shortages that have constrained production and left dealers with a scarce supply of vehicles to sell, the Federal Reserve is putting up a new obstacle: much costlier car loans.

FDIC data shows an uptick in the number of Americans with access to basic banking services. That momentum has to continue.

The shift in refi behavior — in the wake of multiple Federal Reserve interest rate hikes — helped fuel a loan growth trend that's expected to continue through year-end.

The global climate coalition said in a new report that its members maintain "independent investment decision-making" authority after some U.S. banks grew concerned about legal exposure to rules requiring the phaseout of fossil-fuel investments.

Rising interest rates are forcing credit unions to pay more for deposits while they are sitting on low-yielding loans, according to the National Credit Union Administration's eastern regional director, John Kutchey.

The agreement, which still needs court approval, should help what remains of the online small-business lender as it moves through bankruptcy proceedings. After Kabbage emerged as a major Paycheck Protection Program lender, some of its key assets were sold to American Express.

In this month's roundup of American Banker's favorite stories: JPMorgan Chase moves third parties away from screen scraping, Wells Fargo launches its new virtual assistant, bank CEOs predict a return to office within the next three years and more.

Affinity Federal Credit Union in Basking Ridge said Kevin Brauer will succeed John Fenton as president and chief executive on Jan. 1.

The proliferation of mobile banking and online payment services like PayPal is one of several reasons more consumers have joined the financial mainstream, according to the FDIC's latest report on Americans' access to banking services.

Protesters blocked traffic around JPMorgan Chase's New York City offices Friday morning, calling for Gov. Kathy Hochul to use a tax on the wealthy to fund climate measures. 

Delinquencies are on the rise for FHA-backed loans, with nearly 10% of low-credit borrowers in early payment default. Economists and policy experts say this could signal trouble ahead for other credit products.

Some of the U.K.'s biggest high street banks are bracing themselves for trouble.

The Office of the Comptroller of the Currency has approved New York Community Bancorp's proposed acquisition of Flagstar Bancorp, the companies announced Friday. The banks are extending the deal deadline to Dec. 31 as they continue to seek the green light from the Federal Reserve.

High-net-worth clients with large policies borrow, on average, $500,000 to $800,000 to pay their premiums. Peapack-Gladstone predicts the product, which it launched this month, will be one of its top business lines within six years.