Banking

The America's Credit Union Museum recognized twenty prominent pioneers for their accomplishments and storied careers. It's the first such exhibit in the New Hampshire facility's 20-year history.

In this month's roundup of American Banker's favorite stories: Home appraisers get disillusioned, a couple lives mortgage-free for 13 years, digging into the cracks in credit quality, quantum computing's future in banking, and more.

The challenger banks Mercury and Nerve are offering networking events, tailored accounts, credit cards and more to attract a once neglected market.

JPMorgan Chase is starting to phase out an offering far more associated with old-fashioned bank branches than today's smartphone apps: safe deposit boxes. 

The company said a national search ended in its backyard with the hiring of Wisconsin veteran banker Tim Schneider, the former CEO and co-founder of Investors Community Bank.

The report, which examined trends between 2010 and 2021, found that the country's biggest banks only opened 638 branches in low-to-moderate-income communities made up primarily of people of color. That accounts for just 15% of their total branch openings.

The partners aim to lend $150 million in the next three years to sellers from "socially and economically distressed communities."

Royal Bank of Canada's investment banking arm held a round of layoffs in the U.S., according to people with knowledge of the matter.

The Biden administration was accused in a lawsuit by six Republican-led states of overstepping its authority with a plan to forgive federal student loans.

U.S. banks closed almost 3,000 more branches than they opened last year, but credit unions' branch count crept up in the second quarter despite consumers' heavier reliance on digital channels for account management.

Canadian Imperial Bank of Commerce set a goal of reducing the carbon-emissions intensity of its lending to power generators, adding to targets it has already placed on the oil and gas industry.

Nearly nine out of 10 bankers surveyed by the Conference of State Bank Supervisors ranked the specter of rising deposit costs and narrowing margins as their top concern.

The claim that these arrangements are unregulated is inaccurate, and instead, more oversight would destroy the benefits of banks working with fintechs on consumer products.

The Alabama bank must pay $191 million in connection with charges it levied on customers whose account balances went negative before a transaction was posted. Seven years ago, the CFPB imposed a $7.5 million overdraft-related fine on Regions.

In a policy proposal published Tuesday, Fed staffers called for supervisory changes to accommodate banks with commercial real estate loans still reeling from COVID.

Mike Swalley, the longtime president and CEO of the North Chesterfield, Virginia, credit union, will retire next year. An internal search committee has partnered with D. Hilton Associates to find a successor.

The London bank is working with Nova Credit to accept immigrants' credit histories from their home countries. It also invested $10 million in the company.

Bank of Nova Scotia shares are on pace for their worst year since 2008 as analysts warn of weakness in the Canadian lender's international business and uncertainty about the shake-up in its leadership.

Federal Reserve Gov. Michelle Bowman said a shifting landscape has made it difficult for community banks to compete. She called for bank merger reform to make community bank M&A easier.

With the island still feeling the effects of Hurricane Maria five years earlier, organizations like the Inclusiv Network and the National Credit Union Foundation are providing support to institutions and residents starting to rebuild.