Banking

The Consumer Financial Protection Bureau said it expects credit card companies to increase fees — often around $30 — charged when customer miss a payment. The higher prices are allowed under rules that authorize inflation adjustments.

The pace of deal activity in 2022 is far lighter than it was a year earlier. "Going forward as an industry, we're going to be more selective because of the elongated approval process,” said Jim Ryan III, CEO of Old National Bancorp. Additionally, rising interest rates have led sellers to demand bigger payouts.

The chief executives at Bank of America, KeyCorp and Goldman Sachs are among those who were paid substantially more for 2021 performance than for the previous year, when the pandemic hurt profitability and other financial metrics.

Susan Romero, who was chief executive of Winslow Santa Fe Credit Union, has been sentenced to 26 months and ordered to pay nearly $2.4 million in restitution.

Banks must comply quickly with fast-moving sanctions against the Kremlin and have to spot questionable Russian companies and wealthy individuals. At the same time, some need to deal with settlement risk of trades that involve rubles. Sophisticated data sharing and analysis are making it easier to do the job.

The White House's $5.8 trillion spending proposal to Congress includes more dollars for anti-money-laundering enforcement, Small Business Administration loan guarantee programs and affordable housing financed by community development financial institutions.

Not all reforms are created equal. Only those truly taking a consumer-first approach — such as curtailing fees and allowing for grace periods — will see lasting benefits in customer loyalty, writes the acting comptroller of the currency.

JPMorgan Chase’s fledgling digital bank is going after more customers in the U.K. with a new savings account.

The Gulfport, Mississippi, bank is joining a number of large and regional banks pledging to reduce or eliminate the charges.

A bet on gambling payments, a step for open banking and more in banking news this week.

The Lancaster County, Pennsylvania, institution uses a fleet of traveling branches to reach far-flung customers who largely eschew modern technology.

Credit unions with less than $100 million of assets are seeing their loans and membership counts shrink. M&A may be the only option for such institutions, which run on skeleton crews and have few options for cutting costs.

ChargeAfter doesn't offer installment loans. Instead, it's tapping into the BNPL craze by bringing together the banks and merchants that are active in the market.

Banks and credit unions that use Individual Taxpayer Identification Numbers to onboard customers without Social Security numbers are seeing sizable growth in loans and deposits from people who might otherwise be unbanked.

The niche railcar leasing unit, which the North Carolina company inherited with its acquisition of CIT, may generate roughly 25% of the combined entity's noninterest income, executives said. They vowed to slow the sale of boxcars that had been underway at CIT.