Banking

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.

The Philadelphia bank, headed by Vernon Hill, is already fighting two lawsuits from activist shareholder groups. It also risks being delisted by NASDAQ for indefinitely postponing the meeting.

The Biden administration once again extended the pause on student loan payments enacted to help borrowers during the COVID-19 pandemic, this time through the end of August.

In global news this week, HSBC goes deeper into the metaverse; Visa has a new innovation hub in Kenya; Google may run afoul of South Korean payments law; and more.

Vocal in their opposition to some restrictive state laws in recent years, most institutions are silent on similar laws being pursued today. Why?

New York Fed researchers found that banks operating in areas hit by tornadoes, floods and other calamities weren’t financially hurt by those disasters. That surprising result comes with significant caveats, however.

Two years since the coronavirus began its spread, members are still hoarding savings and are hesitant to borrow due to the economic uncertainty. This has led to the industry's lowest-ever yield-on-assets ratio — a key metric for measuring financial health.

Citigroup agreed to sell its consumer banking operations in Bahrain to Ahli United Bank BSC as part of the lender’s continued push to simplify.

Institutions are hiring aggressively or buying up competitors to take part in an equipment finance boom as the economy continues to heal.

Ryan Goldberg succeeded Mark Shobe, who had led the institution since 2000.

Robyn Luhning, the bank’s head of environmental and social risk management, takes the position at a time when financing for the fossil-fuel industry faces scrutiny. Other large banks have created similar roles in recent years.