Banking

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.

Vikram Pandit, who led Citi for five years, and Ash Gupta, who helped lead American Express for 41 years, have collaborated on a risk decisioning program meant to help make digital lending more efficient and cost-effective at banks of all sizes.

Bank of America is keeping to its original hiring plans despite challenging economic conditions that have prompted others to pull back, Chief Executive Brian Moynihan said.

The Cleveland company says a second-quarter decline in investment banking and debt placement revenues won’t change its plans to keep hiring bankers to expand that business.

The National Credit Union Administration is considering a rule that would bring its cyber incident reporting framework into alignment with those of other regulators, but would still be more permissive than the 36-hour limit imposed on banks.

The Georgia bank said inflationary pressures and interest rate hikes could erode interest among borrowers, particularly in the commercial real estate business. Total loans grew at a 12% clip in the second quarter.

Kristy Kim, co-founder and CEO of TomoCredit, started out trying to help immigrants like herself access credit. With the latest funding round, she hopes to expand beyond credit cards.

Colorado Democratic Rep. Ed Perlmutter's pot banking bill would create legal certainty for banks to do business with the legal cannabis industry and reduce the industry’s reliance on cash. 

Banks in the U.S. and Middle East continue to do what self-sanctioning is stopping their European counterparts from doing: financing the trade of crucial Russian crops and fertilizers.

HSBC has agreed to sell its Russian unit to local lender Expobank, the latest international bank to exit the country following its invasion of Ukraine.

The Buffalo, New York, bank flagged urban hotels and construction projects as potential sources of trouble. “But there’s nothing that’s flashing red right now that says there’s a big crisis coming,” said a top executive.

Executives said Wednesday that more than half of the deposits that left the Chicago trust bank were “nonoperational” in nature, or excess funds that institutional investors are moving elsewhere for higher returns. The outflow wasn’t unexpected as interest rates rise.