Banking

Late-payment rates are rising at nonbanks that lend to people with lower credit scores. "We're probably entering a stretch where you're going to see a separation between those that are relatively good underwriters and those that are not," one analyst said.

Thomas Prame is leaving Old National Bancorp, which recently merged with his former employer First Midwest Bancorp, to join a smaller rival with aggressive growth plans.

Elba Arenas takes over from Jim Barbarich, who is planning to retire at the end of next year.

The Consumer Financial Protection Bureau's review of credit card late fees has ignited pushback from industry that supports an expected 9% jump in fees next year pegged to inflation. 

Mark Burgess succeeded James Wileman as president and chief executive of the Anchorage-based credit union this month.

Consumers should be aware that the FDIC does not protect their money if a fintech goes belly up.

The agency acknowledged that loan performance in the sector has been strong, but cited several reasons to think that might change, including rising interest rates, the effects of inflation and uncertainty about the future of work and commerce.

A warning for investment bankers who enjoyed lavish bonuses for 2021, when banks opened their wallets to reward busy dealmakers amid a war for talent: Don't expect a repeat this year.

The Credit Card Competition Act of 2022 could threaten revenue credit unions need to manage card payments and provide security, according to trade groups.

Equifax, the second-biggest global credit bureau, was hit with a proposed class-action lawsuit after a report that it provided inaccurate credit scores on millions of U.S. consumers looking for loans.

The founder of the New York City bank and CDFI focused on lending to underserved communities and augmenting digital capabilities.

The Consumer Financial Protection Bureau is investigating some of the bank's credit card practices, including refunds, billing errors and credit bureau reporting, according to a securities filing Thursday.

The National Credit Union Administration's certification for WeDevelopment Federal Credit Union in Missouri took effect in July.

For too long, Community Reinvestment Act enforcement has relied on income to serve as a proxy for race. This must stop.

BayFirst Financial in Florida is using gross — not net — income to calculate how much credit smaller enterprises can be granted. Company officials say the Paycheck Protection Program used that approach with great success, but others contend the practice is risky for private-sector lenders.

Membership at the Virginia credit union has grown rapidly in recent years, including an 11% spurt in the first half of this year, thanks to a charter switch, heavy marketing spending and generous deposit rates.

The San Francisco fintech collected $1.6 billion in deposits during the second quarter after buying a small bank earlier this year. Though SoFi pays relatively high rates to its depositors, CEO Anthony Noto said the company's funding costs are far lower than they were before the bank acquisition.

The agency must take a principles-based approach rather than trying to cover every possible issue in detail.

Equifax said some consumer credit scores were changed because of a computer error that has since been rectified.

Toronto-Dominion Bank is looking to bolster its stateside capital markets business with the acquisition of Cowen. The deal comes even as the Canadian banking giant awaits approval of another merger that would make it a top-six U.S. bank.