Banking

The Texas credit union promoted Luke Billeri, its executive vice president, to chief executive Jan. 1. He succeeds Randy Theilig, who retired.

More U.S. consumers are relying on their credit cards each month — and many are doing so without knowing the interest rates they're paying.

Significantly fewer households expected to be in worse shape in the coming year than was the case last summer, according to a December survey. The results are a positive sign for banks at the start of earnings season.

The bank hired an executive from The Bancorp to manage its risk operations after the incumbent, Jeff Curry, announced his retirement.

The deal would create a $3.2 billion-asset bank with branches in four states, including an expanded presence in Texas.

Christopher Oddleifson plans to step down from the Massachusetts bank in February. The company named Jeffrey Tengel, most recently an executive at M&T Bank, as successor.

The Most Powerful Women in Credit Unions: Next program recognizes high-achieving women, 40 years of age and younger, in the pipeline to the C-suite.

Smaller credit unions' focus on interest rates and service may not be enough to overcome a lack of tech resources. All categories below $1 billion of assets lost members in the third quarter compared to a year earlier, despite a 4.4% rise in membership industrywide.

Credit Suisse Group is close to an agreement to buy Michael Klein's advisory boutique after several rounds of tense negotiations, according to people briefed on the talks.

A new Risk Management Association survey found that 84% of small lenders cite credit quality as a leading worry for 2023 because of the likelihood of a recession.

When U.S. banks fell like dominoes during the Great Depression, the cause was often a classic run: Depositors withdrew cash en masse amid fears that lenders were amassing huge losses on bad loans and investments. The cryptocurrency era just put a new twist on that.

The Consumer Financial Protection Bureau's outline for upcoming regulations reflects the efforts of Director Rohit Chopra to reduce credit card late fees and overdraft fees.

The Chicago-based institution partnered with MANTL to streamline how credit unions onboard new customers in multiple channels.

About half of small businesses nationwide are now classified as financially unhealthy: They have difficulty paying bills on time, inadequate cash reserves or insufficient insurance. Eytan Bensoussan, founder and CEO of NorthOne, a neobank for small businesses, shares his thoughts on how banks and fintechs can help these customers survive.

The Tupelo, Mississippi-based institution hasn't made a bank deal since 2018, but it has acquired two asset-based lenders in the past 10 months.

Mid Minnesota Federal Credit Union named Bob Gerads, formerly of Falcon National Bank in Minnesota, to succeed Chuck Albrecht as president and chief executive.

The parent company of Silicon Valley Bank has tapped Kim Olson, a former bank supervisor who most recently worked at Tokyo's Sumitomo Mitsui Banking Corp., to oversee its risk department.

Credit card interest rates are expected to reach a four-decade high this year, a positive for lenders poised to benefit from the increased income while painful for consumers facing escalated borrowing costs.

The top five have over five billion dollars in total loans and leases as of June 30, 2022.