Banking

The bank is providing dedicated space within its headquarters for clients to collaborate with product designers to develop new ideas.

Bruce Leighton will step down as president and chief executive in September.

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

Net income at America's Credit Union in Washington state jumped by about $5 million after it wound down an indirect auto loan program and deployed technology that automates decision-making.

The bank’s current focus is on its Calgary innovation hub, where it’s looking to reach 300 employees by the end of next year.

In an NPR/Ipsos poll released Friday, 82% of respondents said they believed making college more affordable should be a bigger priority to the federal government than forgiving existing student debt.

Instead of a hard sell, Chime, Simmons First and others are trying to convey the benefits of their products in simple terms and in a conversational tone.

Consolidation results in harms such as higher prices, reduced worker bargaining power and increased barriers to competition. Because of that, regulators must carefully vet these deals.

At the Digital Banking Conference in Austin, Texas, speakers shared advice on technology upgrades, digital leadership and letting go of fear.

The rising use of peer-to-peer transfers continues to attract scammers due to the transactions' speed and finality. If the banking industry can't solve the problem, regulators or judges are likely to step in.

The purchase of Farmers & Stockmens Bank would create a bigger and more experienced Small Business Administration lending team to help the Kansas bank capitalize on a predicted spike in demand motivated by inflation and the prospect of a recession.

The Bank Policy Institute and the Financial Services Forum argue that the agency’s proposal could conflict with bank regulators’ efforts to address climate change. They are also criticizing the SEC’s proposed treatment of so-called Scope 3 emissions.

It took less than a day for Citigroup’s now-infamous payment error to Revlon lenders to come up in the cosmetics giant’s bankruptcy.

Fumbi Chima, who was previously Adidas' chief information officer, has introduced robotic process automation and other systems to make it easier for the fourth-largest U.S. credit union to work with fintechs and improve member service.

Some policies could save consumers more than $2 billion annually.

Canadian Imperial Bank of Commerce expects its U.S. commercial banking and wealth management business to provide the fastest sales growth over the next three years.

VersaBank, which recently announced a deal for a tiny Minnesota bank, says volatility will increase demand for its loans. “Traditionally, we’ve grown rapidly when our point-of-sale financing partners have trouble raising financing,” said CEO David Taylor.

Mary McNiff, who was in charge of corporate compliance functions until last month, will now serve as chief operating officer of Citigroup's institutional clients group. She will report to Paco Ybarra, CEO of the division.

To keep customer relationships "sticky," Langley Federal Credit Union will roll out a bill pay feature this summer that tries to mimic the advantages customers get by going directly to the biller site.

Most banks’ interest income will rise following the Fed policy shift. But the rate increase also boosts the likelihood of a recession that could hurt borrowers and drive up loan losses.