Banking

Simpler and more inclusive application processes are helping these lenders address the pain points that underserved borrowers encounter at other institutions.

John Bagents succeeds Rick Schmidt, who announced his retirement in May, as president and chief executive.

Younger borrowers and those with lower incomes added the most to their card balances in the third quarter, according to a New York Fed report. Delinquency levels are also on the rise, a sign that more consumers are struggling to pay off higher debt loads.

Bonus season is looking grim on Wall Street, with year-end incentive pools expected to drop sharply across the finance industry amid a pullback in mergers and acquisitions, persistent inflation and the threat of a potential recession.

Tools used by financial regulators to gauge the impact of climate change on the financial system are probably underestimating the potential damage because of incomplete data and inadequate scenario analyses, according to Financial Stability Board, a watchdog group.

JPMorgan Chase is on the hunt for buyouts to lend to and is hoping to gain market share in leveraged financing after avoiding the dozens of clunkers that have cost competitors billions of dollars.

Ninety institutions made American Banker's 10th annual list of the Best Banks to Work For. Here are insights about communication, leadership, culture and more from executives at this year's honorees.

Bank of America, JPMorgan Chase and other institutions — including more than two-thirds of honorees that made the Best Banks to Work For — show no let-up in their commitment to add transitioning service personnel. In fact, they're expanding their reach to include military spouses.

Highly acquisitive banks that pack on assets without sacrificing employee morale pepper American Banker's annual Best Banks to Work For rankings.

The CEO of Seattle-based Washington Federal says Luther Burbank Corp. was an attractive acquisition target because it offers an entree into California and has a commercial lending operation that could follow WaFd's recipe for growth over the past decade.

After a Texas bank settled allegations by the Department of Justice, experts were split about the extent of the exposure for banks and fintechs that took part in the pandemic-era program.

The National Credit Union Administration in January proposed a rule that would require credit unions to have succession plans in place. Despite the necessity for arrangements, many CEOs want autonomy in the process and would rather avoid a formal rule.

Inconsistent rules for calculating bank capital threaten to cut off small banks from a key source of liquidity.

The Seattle bank's all-stock deal for Luther Burbank Corp. is expected to close as soon as the second quarter of 2023.

The quickly shifting deposit picture — an effect of the Federal Reserve's rapid interest rate increases — is prompting many banks to raise rates to prevent depositors from leaving. Several institutions saw their loan-to-deposit ratios jump above 100% during the third quarter.

Biometric payment cards, contactless smart-rings and a virtual marketplace created by Meta are among the latest developments in payments technology.