Banking

Spence, who joined the Cincinnati bank in 2015, will succeed Greg Carmichael as chief executive in July. He says he’ll maintain the company’s current strategic priorities, including regional expansion and digital transformation.

A new Consumer Financial Protection Bureau lawsuit claims the credit bureau and the ex-leader of a key unit failed to comply with a 2017 order to stop misleading consumers about credit reporting and monitoring services.

Both credit unions are based in Jacksonville. VyStar is also in the process of buying Heritage Southeast Bank in Jonesboro, Georgia.

The past two weeks have seen a flurry of deals wherein Truist, Capital One and others pitch their brand alongside professional teams and their stadiums.

Chuck Purvis, who has led Coastal as its president and chief executive since 2012, will step down in March of next year.

The key for bankers to stay safe from mystery shoppers using aggressive techniques — many of whom are well funded by community investment pacts with megabanks — is to adhere to proper lending practices 24/7.

Vice President Kamala Harris will announce new steps designed to reduce the cost of federal home loans for Americans saddled with medical debt and make it easier for veterans to have loans forgiven, as part of a White House push to help the millions facing unpaid health care bills.

Higher interest rates are generally helpful to the industry, but they are also leading to unrealized losses in banks’ bond portfolios. Trust banks such as Bank of New York Mellon, State Street and Northern Trust may take relatively large hits when they announce their first-quarter results.

Metaverse aversion, car chargers at Chase branches and more in banking news this week.

Robert Sarver, who is majority owner of the Phoenix Suns basketball team, will retire from his longtime role on the board of directors of Western Alliance Bancorp. in June, the company said. Sarver and the Suns are being investigated by the National Basketball Association regarding allegations of racism and misogyny within the Suns organization.

It’s past time for Congress to investigate these transactions at the federal level.

Citigroup and Bank of America are partnering with four large European banks to create a methodology for assessing how well companies in the air-travel sector are doing in meeting climate-related targets.

Carol Marx succeeds longtime president and chief executive Dennis Tanimoto, who retired in February.

The Cincinnati bank is joining other large and regional banks in scrapping nonsufficients-fund fees. The move comes amid continued regulatory pressure on the industry to curtail overdraft fees and related charges.

Credit unions were unable to garner enough support for a bill that would allow them to hold funds for government agencies in the Centennial State.

A group of state attorneys general is asking JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bancorp to scrap the controversial charges entirely, as competitors like Citigroup and Capital One have done. The four banks targeted have all announced significant changes that will likely reduce their overdraft revenue.

The Consumer Financial Protection Bureau said in a report that by driving customers to roll over their loans repeatedly, rather than availing themselves of a cheaper option, the payday industry may be deceiving borrowers.

JPMorgan Chase is planning to use its recently acquired stake in the Greek payments firm Viva Wallet to support lending to small businesses across Europe, an ambition that would introduce a rare cohesion to the Continent’s fragmented banking markets.

The benefits Alabama One Credit Union is seeing from a migration from MPLS to SD-WAN networking help explain why other financial institutions are making the same change or have it on their road maps.