Banking

Bank of America says August was its best month ever for Small Business Administration lending and that it's optimistic a new program supporting women and minority commercial real estate borrowers could boost production even more.

The European Central Bank is intensifying discussions with bank executives over their readiness for a potential surge in company defaults and a drying up of energy market liquidity amid a worsening standoff over Russian gas supplies.

The average turnover rate has risen to 23% this year from about 16% in 2021, according to a Crowe Global survey of more than 400 banks. Raises and more generous benefits aren't enough to keep workers, the firm warns.

The National Credit Union Administration continues to distribute recovered funds to credit unions across the country, but some in North Dakota believe they are being disregarded and deprived of more than $10 million.

Financial downturns hit lower-wealth communities first and cause them to suffer the longest.

Lenders are extending credit to corporate suppliers, helping them get paid earlier and keeping goods flowing. But the growth in the sector carries certain risks, too.

Earlier this year, canvassers visited branches in five California counties to ask about account options. Some 37% of those who spoke Spanish were unable to talk to a banker, compared with 15% of English speakers, according to a report by the Roosevelt Institute.

Citigroup persuaded a federal appeals court to force a group of Revlon creditors to return more than half a billion dollars it accidentally sent them.

The $310 million-asset Colorado Credit Union in Littleton, Colorado, plans to merge with the $68.5 million-asset White Crown Federal Credit Union in Denver.

Veritex Holdings announced that its deal to buy interLINK has been terminated by the seller's parent, StoneCastle Partners in New York. No reason was given, though Veritex says regulatory pushback was not to blame.

Singapore country head Shee Tse Koon describes the bank's push to create a massive marketplace that offers everything from hotel reservations to health care.

Bank of America is facing off in court with the bond insurer Ambac Financial Group in a $2.7 billion case that's one of its last legal hangovers from the subprime crisis.

Pentagon Federal Credit Union recently sold $460.3 million in securities backed by prime auto loans.

The country's agricultural industry is struggling with rising costs, disrupted shipping routes and bombed-out crop fields. The Ukraine Agricultural Loan Reimbursement Program offers to ease the pain by covering 10% of principal payments for ag loans.

The bank received 341 technology patents in the first half of the year and says it has more patents than any other financial services company. However, executives have acknowledged that they aren't all usable.

Mike Maguire will succeed Daryl Bible as the North Carolina bank's finance chief. Maguire has been in charge of Truist's consumer finance and payments businesses for nearly two years.

The credit-cards-as-a-service model allows small banks to develop more products — and keep more revenue — than they had when working with agent banks.

Major foreign banks are just as important to the U.S. financial system as large domestic banks, and ought to be regulated as such.

After the Office of the Comptroller of the Currency cracked down on a $2.8 billion-asset bank, industry observers expect more scrutiny of the ties between banks and financial technology startups.