Banking

Under procedural changes recently adopted by the Consumer Financial Protection Bureau, the director could pursue more enforcement actions administratively without federal court approval. Financial firms may have a harder time defending themselves as a result.

The San Francisco bank promoted its president, Mike Roffler, to the top job. He succeeds founder Jim Herbert, who has been on medical leave and now becomes executive chairman.

European banks operating in Russia are preparing to separate those business from their main computer systems to reduce their vulnerability to cyberattacks following the invasion of Ukraine.

In a survey last month, only one in 10 chief executives identified mergers as their top priority, while 77% pointed to organic growth. The sparse interest in dealmaking may be due to volatile markets, along with slower approvals from regulators.

Deutsche Bank reversed course and is now joining Wall Street banks Goldman Sachs Group and JPMorgan Chase in pulling back from business in Russia following the country’s invasion of Ukraine.

M&T-People's closing date set, U.S. Bank's WNBA deal and more in banking news this week.

CEO Nitin Mhatre, who joined the Massachusetts bank in 2021, said that any M&A deal is at least a year away. For now, the bank is working with fintechs as a way to bolster its balance sheet and deliver exceptional customer experiences.

Thousands of staff, billions of dollars and three decades of complicated relationships. Some of the world’s largest banks are starting to pull back from Russia, but it’s not going to be easy.

Emma Hayes, who is also the chief diversity officer for the African American Credit Union Coalition will take the lead on programs to further diversity, equity and inclusion for the Raleigh, North Carolina, credit union.

The deal for Horizon Community Bank in Arizona is the fifth instance of a credit union agreeing to buy a bank this year, and the second such deal for the Phoenix credit union, which bought Pinnacle Bank in 2019.

Prosecutors say Rafael Martinez and his company, MBE Capital, used false information to reap more than $71 million in fees from loans made under the Paycheck Protection Program.

The company has filed a lawsuit against the banking commissioner for threatening to end its partnership with a bank that enables consumer loans to exceed the state’s 36% interest rate cap. OppFi’s argument: Its bank partner is the true lender.

Spike Henderson was most recently a regional president at Equity Bank in Kansas.

JPMorgan Chase is actively unwinding its Russia business, joining Goldman Sachs Group in pulling back in response to the country’s invasion of Ukraine last month.

Demand for green bonds and other financing tied to climate and environmental projects is growing and should expand further, Bank of America CEO Brian Moynihan said.

The syndicated loan, which was led by Citizens Trust Bank in Atlanta and Carver Federal Savings Bank in New York, marks the first time that a professional sports league has gotten a loan financed entirely by Black-owned banks. Those involved hope it starts a trend.

The industry is contending with trading volatility, the economic effects of soaring energy prices and the risk of prolonged high inflation following Russia’s Feb. 24 invasion. Citigroup, TD and Comerica are among the banks that have commented on how their businesses may be affected.

Lynn Fuller, whose family has held leadership roles at the Iowa bank for nearly 60 years, blasted a plan to consolidate the company’s 11 banking charters and advocated for the sale of the organization.

Samantha Beeler, the league's incoming president, is currently vice president of advocacy for the Northwest Credit Union Association.

Citigroup, in the midst of overhauling its businesses in Russia when the country went to war, has seen efforts to sell a consumer banking unit there stall and is helping some employees transfer abroad.