Banking

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.

The jury at an upcoming trial can draw an adverse inference about evidence destruction by the Chicago-based bank, a federal judge ruled. The plaintiff is seeking $1.9 billion from the bank, in addition to punitive damages and other funds in a bankruptcy-related case stemming from a Ponzi scheme.

The Consumer Financial Protection Bureau said “time is running out” for military student loan borrowers to obtain debt relief under the Public Service Loan Forgiveness program.

The National Credit Union Administration voted to raise the asset threshold for credit unions falling under its Office of National Examinations and Supervision to $15 billion, making sure that office remains focused on only the biggest institutions.

A July 8 outage affected emergency services, financial payment systems, government offices and businesses — some of which were forced to do cash-only sales. 

The text of the Overdraft Protection Act hasn’t changed in 10 years, but the banking industry has shifted dramatically.

HSBC Holdings' U.K. unit is planning to stop collecting data on the gender of its customers across some products as the bank pursues more inclusive services for nonbinary and trans people.

The credit reporting agency is trying to get a CFPB lawsuit dismissed by claiming the consumer bureau didn’t sign off on a 2017 consent order for the same violations.

Executives said the company may take a more conservative approach when it comes to adding new loans to its books in anticipation of an economic slowdown.

During the bank’s second-quarter earnings call, Cort O'Haver, president and CEO, said Umpqua and Columbia still hadn’t received an approval yet but were hoping to complete the integration next year.

Huntington Bancshares' net charge-off rate was 0.03% on June 30, which may be the 156-year-old company's lowest quarterly level ever, according to Chief Executive Steve Steinour. That contributed to its record $539 million 2Q profit.

The ability to pay with points, get virtual replacement cards and monitor data sharing are all on the list, according to Forrester Research.

The McLean, Virginia, company is starting to “trim around the edges” of its auto portfolio, CEO Richard Fairbank said. That move stands in contrast with Capital One's leaning into its credit card business, which helped push marketing spending above $1 billion.

Climate change, gun control and the overturning of Roe v. Wade are just some of the latest issues banks are addressing.

Affinity Credit Union in Iowa is taking the tech giant to court over the levies issuers pay to have their cards work in its mobile wallet.

Banco Santander was eliminated from the bidding process for Citigroup’s Mexican unit, opening the way for a takeover by a local rival.

The Cincinnati bank plans to lean into its retail expansion in the southeastern U.S. after its deposits fell by $6 billion from the first quarter.

The Connecticut bank’s proposed combination with American Challenger Development Corp. was terminated because the two parties didn’t anticipate they could meet the closing conditions. The fintech now says it’s retained Citigroup to explore a possible sale.

The Pittsburgh company beat analysts’ expectations and reported double-digit loan growth even excluding assets added in a recent acquisition. A pending deal in North Carolina would provide it a ready source of low-cost deposits in a rising-rate environment, the CEO says.