Banking

Though noninterest income at Truist Financial fell in the first quarter, executives revised upward their revenue estimate for the year in anticipation that the Fed’s monetary-tightening plans will fatten margins. Citizens Financial and Fifth Third echoed that thinking.

Regulators in a half dozen states have now thrown at least temporary roadblocks in front of credit unions’ effort to buy community banks.

The Federal Reserve has hired five executives from the stablecoin issuer Circle and at least one employee of Ripple since 2019 as part of its technology-focused recruiting efforts. It plans to do more hiring in the years ahead to aid its work on faster payments and central bank digital currencies.

Cleveland-based Ancora Holdings Group is picking up where it left off in 2019, calling for the sale of Middlefield Bancorp in northeast Ohio. Only this time Ancora says it's willing to initiate a proxy contest if management stands in the way of a possible transaction.

The New York custody banking giant took an eight-cent blow to its first-quarter earnings per share as a result of its retreat from the Russian market. Still, the company’s current estimate of the move’s ongoing impact is slightly smaller than its previous guidance.

Year to date through Dec. 31, 2021. Dollars in thousands.

Matt Rookard, who has worked on economic development initiatives in the state, will succeed Bob Gallman, the former president and chief executive, on May 2.

Bank of America expects 3% GDP growth this year and a 2% improvement next year, even in the face of rising rates. Consumers’ continued willingness to spend and borrow, which was evident in the bank’s first-quarter results, is a key reason for that outlook.

The military-focused bank and insurance company has added more personalization and a search tool.

Stephen Owen has worked for Bank of America and OnPoint Community Credit Union in Oregon, and will succeed Charles Bruen at the Hollywood-based credit union.

The Consumer Financial Protection Bureau must take into account the differences among buy now/pay later lenders. Some — including traditional banks — are more committed to offering responsible financing without late fees or hidden costs.

Bank of America joined Wall Street rivals in capitalizing on market volatility in the first quarter while also benefiting from a 10% year-over-year increase in loans.

The Office of the Comptroller of the Currency recently decided to put an official in charge of the rising number of small and midsize national banks that partner with fintechs or have nontraditional business plans. The agency’s goal is to establish a team that understands cutting-edge technologies and establishes consistent oversight policies in response.

One year after CEO Jane Fraser launched a business revamp, Citigroup reported lower revenue, higher expenses and a big reserve for loan losses in Russia. Yet the company’s long-term plan to streamline operations and invest in high-performing businesses — all with an aim to strengthen shareholder returns — still appears on track.

The Detroit company’s first-quarter results were highlighted by a 14% increase in car-loan originations. While executives expect credit quality to start normalizing, they also say that demand for vehicles will remain robust, with an estimated 4 million-5 million consumers still waiting on the sidelines.

Citigroup has begun the sales process for its consumer, small-business and middle-market banking divisions in Mexico, though an initial public offering remains on the table.

The Pittsburgh bank had warned that business activity in its capital markets unit was slowing because of economic uncertainty stemming from Russia’s invasion of Ukraine. But its fee income declined by more than the company anticipated in the first quarter, and looming rate hikes from the Fed will no doubt cut into mortgage income further.

U.S. Bancorp and Wells Fargo both reported robust business loan volumes during the first quarter, while other large lenders reported smaller gains. Inflation is fueling more spending on technology, and companies are catching up on capital expenditures that they deferred earlier in the pandemic, according to bank executives.

To ensure authenticity, Community First Credit Union had its AI-powered voice system learn by communicating with Spanish-speaking employees who could teach it local terms and mannerisms.

John Newett, who joined the credit union in 2011 and was most recently its senior vice president of operations, has become its president and will succeed Ron Collier as chief executive.