Banking

Somerset Savings Bank will convert to a stock-owned bank before merging with Regal Bancorp, the holding company for the $545 million-asset Regal Bank, also in New Jersey.

President Biden is considering extending a pause on student loan repayments for several more months, as well as forgiving $10,000 in student loan debt per borrower, according to people familiar with the matter, as he seeks to appeal to young voters ahead of the November midterms.

UBS signaled that it’s part of a broad probe by U.S. regulators into messaging by bank employees that’s likely to saddle lenders with fines of about $1 billion.

Financial institutions such as Encore Bank, Central Pacific Bank, Climate First Bank and Lead Bank are in various stages of exploring or accelerating relationships with fintechs, even as market conditions make the Baas business model less attractive.

In her new book, “Direct: The Rise of the Middleman Economy and the Power of Going to the Source,” Columbia Law professor Kathryn Judge examines how middlemen offer — and often limit — consumer choice.

Under the leadership of new CEO Rob Holmes, the Dallas-based company has embarked upon a top-to-bottom transformation to become the "flagship financial services firm" of the Lone Star State. But can Holmes make progress quickly enough to satisfy impatient investors?

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

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.