Banking

The combined institution would have more than $4 billion of assets and 36 branches across Oregon and Washington.

If the agency’s treatment of Bank of America is extended to the rest of the industry, it will cause widespread confusion and excessive regulatory burden.

Chris Conway will step down as president and CEO of Educational Systems Federal Credit Union early next year. He will be replaced by Chief Financial Officer Girado Smith.

Net interest income at Bank of America rose 22%, exceeding expectations even in a higher-rate environment. However, net income fell as expenses rose and investment banking revenues fell amid market tumult.

Amplify Credit Union in Austin, Texas, started thinking about removing all banking fees two years ago. First, it had to overhaul its online account-opening process.

The bank’s Business Essentials platform offers digital accounting management to smaller commercial clients. It comes at a time when banks are hunting for sources of fee income.

The New York megabank has a long way to go on its path toward simplification of its business, but some early investments — such as technology upgrades in the treasury unit, which serves commercial customers — are starting to pay small dividends.

Like other mortgage lenders, the San Francisco megabank has been cutting staff since refinancing volumes started to fall. Additional layoffs are expected over the next couple of quarters, according to the bank’s chief financial officer.

Some scrutinize quarterly reports for details that can help better compete against banks. Others are motivated by schadenfreude.

The Pittsburgh company expects a slowdown in 2023, but executives say they don't think it will prove severe or have an outsized impact on the banking industry.

Second-quarter profits fell 27% to $4.5 billion in what's shaping up as a tough quarter for many large banks. Yet investors responded favorably to Citigroup's unexpectedly large hauls from currencies, commodities and interest rates trading and its shuttling of corporate money over borders.

Regulators are poised to extract about $1 billion in fines from the five biggest U.S. investment banks for failing to monitor employees using unauthorized messaging apps.

The San Francisco bank reported a 31% increase in loan originations during the second quarter. Analysts are wondering whether it will be able to secure enough low-cost funds to avoid eroding margins.

Credit quality at the largest U.S. bank by assets remains strong for now, but a top executive issued a warning about what may lie ahead.

The boss of the U.K. digital bank Monzo Bank said he’s targeting growth rather than immediate profit during a turbulent time for the fintech industry, after nearly doubling annual revenue while widening losses.

The Polish American Credit Union Support Fund is gathering donations from members to help purchase ambulances and medical supplies, while also securing more stable housing for those fleeing the conflict.

Consumers are feeling less confident about their economic prospects, and investors worry their loan repayments will slow. Those fears have led to large drops in stock prices for consumer finance companies, particularly for those who lend to borrowers with lower credit scores.

While larger lenders retreat from the sector, SouthWest Bank recruited a new team to lend to drillers.

As Celsius Network’s customer withdrawal freeze enters a full month, the beleaguered crypto lender has paid back a string of debts totaling more than $900 million during the same period to decentralized-finance platforms. 

Credit unions generally struggle to make agricultural loans because the market is saturated by more experienced lenders. But they can develop the expertise — or acquire it through M&A.