Banking

The bureau has dragged its feet for years in moving forward with the rule primarily because of the potential impact on credit availability for millions of small businesses.

Totem's digital banking app is the first created by and for Native Americans. The challenger bank will help each of its partner tribes offer uniquely branded apps that provide banking services, distribute government assistance and teach users how to build their credit.

A group of congressional Democrats, led by Rep. Carolyn Maloney of New York and Sen. Elizabeth Warren of Massachusetts, are optimistic that an overdraft bill will be taken up in the House later this month. 

Ryan Donovan, a longtime credit union advocate and executive vice president of the Credit Union National Association, will officially succeed John von Seggern on Sept. 6.

GoHenry, one of many digital banks for kids and teens in the U.S., is based in London but is broadening its European presence with the acquisition of the French fintech Pixpay.

Anne Balcer, formerly of Forbright Bank, will take on the role previously held by Karen Thomas, whose retirement was announced last month.

Klarna Bank, which advertises itself as a way to spread the cost of the latest brands and smartphones, is shelling out loans for milk and gas with cash-strapped customers looking for ways to cover basic necessities.

Kristiane Koontz at Zions and Neal Shah at Regions explained how they are coping with the many challenges of rebuilding the technology foundations of their banks at American Banker's Digital Banking Conference.

The Nashville bank has recruited a veteran commercial lender in Asheville who had worked with First Horizon, and it has hired four more bankers in Chattanooga.

Bank of Montreal is raising the minimum wage for its U.S. branch and contact-center employees to $20 an hour, its second such pay bump in less than a year, as companies fight for workers in a tight labor market.

Spiking interest rates, increased regulatory scrutiny, and mounting recession fears have all contributed to a deceleration in mergers in 2022.

The online consumer lender touts its AI-based underwriting models as a key strength, but analysts say larger-than-expected losses on some of its loans are contributing to funding pressures.

Rogers Communications is experiencing a widespread network failure in its wireless and internet services, causing payment systems and automated teller machines at banks to go down.

The Philadelphia bank's board acted fast to fill a vacant board seat after a recent court victory, ending a deadlock that kept Hill's position secure.

Robert Goscicki has stepped down as president and CEO of Area Federal Credit Union in Aberdeen.

The agency issued an advisory opinion warning that credit reporting bureaus and other entities using credit checks can no longer use disclaimers to bypass privacy protections.

Citadel Credit Union, armed with a team of professionals who previously worked at Santander Bank, plans to hold its own in a commercial lending market dominated by PNC Financial Services Group, Bank of America and Wells Fargo.

The latest development removes a custodian that had been appointed to the Philadelphia bank's board, where a vacancy created an opportunity for multiple factions to try to wrest control from CEO Vernon Hill.

Truist Financial is raising the low end of its pay scale to $22 an hour, while JPMorgan Chase is implementing a floor of between $20 and $25. The wage hikes will likely put pressure on smaller banks to take similar steps to stay competitive.

Consumers welcome more generous forgiveness policies and the chance to have past defaults erased from their record, but they need assistance connecting the dots, financial services executives say.