Banking

After a bruising proxy fight that led to the ouster of the Philadelphia bank's former chairman and CEO Vernon Hill, remaining stakeholders find themselves in disagreement over a potential sale of the the company.

Late penalties on credit cards are set to rise 9% in 2023 under current rules that allow for increases tied to the Consumer Price Index. But Consumer Financial Protection Bureau Director Rohit Chopra says he wants to issue a regulation that could undo that inflation-related exception to limits on fees that banks may charge cardholders.

The $10.7 billion-asset credit union said 42 employees were terminated, primarily in commercial banking and mortgage lending-related positions, after the refi business "dried up."

Credit Suisse is considering reviving the First Boston brand name as the Swiss lender seeks ways to boost the fortunes of its beleaguered investment bank, according to people familiar with the matter.

Verve has offered its pumpkin spice loan since 2014 as part of a full menu of themed products.

The class-action lawsuit was brought on behalf of mortgage borrowers who were allegedly placed into forbearance during the early days of the pandemic without their consent.

Already the nation's largest Small Business Administration lender by dollar volume, the Wilmington-based bank plans to add more than 200 employees and spend $25 million on a new building.

The $536 million-asset credit union said the investment will "improve lives and close the racial and gender opportunity gaps" in Alabama, Arkansas, Louisiana, Mississippi and Tennessee.

For at least several weeks, Federal Reserve officials have been peppering Goldman management with questions and follow-ups in a process that's continuing, people with knowledge of the matter said.

SCU Federal Credit Union in Brockton, Massachusetts, named Glenn Parsons its new president and CEO. He succeeds James Carlson, who is stepping down after 22 years in the position.

The Consumer Bankers Association and the Center for Responsible Lending said the Consumer Financial Protection Bureau should renew its efforts to level the regulatory playing field between larger bank and nonbank companies that make installment and other kinds of personal loans.

A federal judge found last year that a credit reporting dispute did not have to be investigated because the consumer's complaint was frivolous. The Consumer Financial Protection Bureau and the Federal Trade Commission argue that the decision undermines a key purpose of the Fair Credit Reporting Act.

The bank's web- and mobile-based chatbot was built using software from Amazon.

The bank, which is seeking regulatory approval of its proposed First Horizon purchase, said that a quarter of the branches will be in majority-minority or low-to-moderate income neighborhoods. Progressive groups have argued that the $13.4 billion acquisition would harm low-income communities.

Credit union members are twice as likely to own cryptocurrencies as nonmembers, and 25% of credit unions plan to launch crypto services, studies show. Here's a look at why that is, and the opportunities this trend presents.

More than 350 investors put money into Agility Bank, a de novo minority depository institution that opened in May. It raised nearly $41 million, well surpassing its $30 million goal.

Consumer spending continues to rise, but last quarter's acceleration in loan growth is starting to lose momentum, and bankers are tempering expectations about fee income. Meanwhile, deposit outflows have yet to result in strong competition for customers' money.

Allegiance Bancshares and CBTX received the final blessing they needed from the Fed to complete their proposed deal 10 months after it was announced. But regulators say the new company must take steps to attract more African American mortgage borrowers.

The National Credit Union Administration rolled out the Simplified CECL tool on Wednesday as accounting standards are set to take effect in early 2023.

SWIFT, the messaging system used by financial institutions globally to convey instructions on tens of millions of transactions each day, is testing out blockchain.