Banking

CFPB Director Rohit Chopra launched an inquiry into so-called “junk fees,” with bankers and lenders countering that the fees they charge are related to specific types of work performed and that existing laws already prohibit excessive fees.

Fifteen consumer groups said the Federal Deposit Insurance Corp. appears to have “done nothing to curtail the predatory lending that has exploded on its watch.” They urged the agency’s Democratic board members to take action as Chair Jelena McWilliams, a Republican appointee, prepared to step down.

Eight out of 10 community bankers said in a new survey that the installment loan product appeals to them far less than it does to many fintechs and larger banks.

MVB Bank more than tripled its deposits in five years by providing accounts to sports betting sites, as well as technology companies that cater to other industries.

TruMark has begun the search for its next chief executive after Rick Stipa, who led the credit union for more than 20 years, announced he'll step down.

For women seeking escape from intimate partner violence, financial insecurity can be a significant barrier. Banks are in a position to help.

Only 12% of large and regional banks in the U.S. and Canada are running the scenario analyses that regulators are poised to recommend, according to a new survey. Observers say progress has been faster on the other side of the Atlantic, as European banks and their regulators have moved more quickly to develop a uniform system for quantifying risks.

The combined organization would have more than $3.6 billion of assets and a few dozen branches in Georgia.

The work of creating a possible digital dollar inched ahead Thursday with research by the Federal Reserve Bank of Boston into the code that could eventually support such a currency.

Scott Ward succeeds longtime chief executive Gary Williams, who retired at the end of January.

The process is expected to begin this summer and extend into late 2023, ultimately saving the Iowa company about $20 million annually.

The Indiana bank announced a five-year, $8.3 billion agreement with the National Community Reinvestment Coalition in connection with its acquisition of First Midwest Bancorp. The Federal Reserve approved the purchase last month.

The combination of the Bay Area credit unions creates an institution with nearly 50,000 members.

Four-fifths of the state's community banks have disappeared since the start of the 2008 financial crisis. The founder of the newly chartered Scottsdale Community Bank calls the market "drastically underbanked."

The moves, which are part of a multiyear strategy, are meant to focus resources in areas where the Spanish banking giant can earn solid returns.

Underwriting has become more lenient amid increased competition for corporate borrowers, and as Paycheck Protection Program loans are disappearing from banks' balance sheets.

The group is urging the board of directors to oust Hill, the chairman and CEO, and replace him with Greg Braca, the former CEO of TD Bank’s U.S. operation. In December, another investor launched its own campaign to drive change at the Philadelphia bank.

U.S. lenders issued more credit cards than ever last year, with a growing share of them going to consumers with lower credit scores.

The coronavirus and economic impediments have made it hard for credit unions to add members in recent years. Yet efforts to adapt to less face-time with customers, rev up auto lending and refine other aspects of their businesses are starting to pay off.