Banking

Technology designed to direct more consumers online can create difficulties for groups that rely on branches and other in-person services, according to Janis Bowdler, a racial equity counselor with the Treasury Department.

Lawmakers in the nation's most populous state failed to pass a measure, opposed by industry groups, that would have required larger companies to report their greenhouse gas emissions. Publicly traded companies may soon face similar requirements at the federal level.

The North Carolina bank's insurance subsidiary agreed to pay $3.4 billion to buy BankDirect Capital Finance. The sale reflects opposing strategies by the two companies.

The National Credit Union Administration's Corporate System Resolution program began in the wake of the 2008 financial crisis to help the regulatory agency offset the failures of four corporate credit unions.

Pinnacle Credit Union in Atlanta, RVA Financial Federal Credit Union in Richmond, Virginia, and MUNA Federal Credit Union in Meridian, Mississippi, are combining into a single organization as a way to pool resources despite their lack of proximity.

Banks make up just 10% of the client base for Eltropy, which hopes to increase that number through two tech acquisitions that add video banking and artificial intelligence capabilities.

Citigroup joined rivals in trimming the ranks of its mortgage workforce as rising interest rates continue to crimp demand in the housing market. 

Higher mortgage rates have led to a sharp slowdown in cash-out refinances. Second mortgages were up nearly 50% in the first five months of the year as homeowners looked for new ways to borrow against their equity.

The top 5 have over 10 billion in assets.

California Attorney General Rob Bonta and his New York counterpart, Letitia James, urged the CEOs of Visa, Mastercard and American Express to create a merchant category code for guns and ammunition stores. They argued that "all options must be on the table to remedy" the "scourge of gun violence" in the United States.

Amid flooding and a lack of drinking water, Regions Financial announced a slate of fee waivers and loan deferrals, alongside a donation to a local United Way. Cadence Bank is supplying fresh water to ensure it can keep its doors open.

Sandia Area Federal Credit Union in Albuquerque has named Kevin Todd as its next CEO. He will replace Paula Peknik, who will retire after a 38-year career with the $1.1 billion-asset credit union.

Though fewer people are writing checks, banks of all sizes are seeing a massive increase in check fraud since 2020. Recouping losses from bad checks is pitting banks against each other, and regulators may have to weigh in.

The Ohio bank, which has been releasing more information about its Scope 3 emissions, promised to take steps with customers and suppliers to reduce their collective impact on climate change.

The Charlottesville, Virginia-based bank, which called off a merger this year after regulators raised concerns, said it "continues to cooperate" with the Office of the Comptroller of the Currency to improve its management of fintech partnerships.

The 2012 order, which came alongside fines to U.S. authorities totaling nearly $2 billion, had sullied the London-based bank's reputation. "Over the last decade HSBC's employees have worked hard to transform the bank's financial crime risk management capabilities," HSBC says.

With taxpayer dollars and creative deals, these nonprofit funding institutions can help recruit private-sector capital off the sidelines and into underserved markets, leveraging as much as $8 in private funding for every $1 that comes from the government.

The reduction in banks' assessments marks the fourth time in four years that the OCC has cut the semiannual regulatory fees that fund supervisory work.