Banking

Rather than targeting the masses, the founders of these neobanks are narrowing their focus to serve people who may benefit from specialized products and services. The latest example: Nerve, a banking app for musicians.

Traditional financial institutions face pressure to imitate fintechs that have brought many consumers into the mainstream. Yet cash must be a key part of efforts to expand access, since it's still crucial for many low-income families, the elderly, migrants and others.

Dora Financial aims to reduce racial and economic disparities in access to banking.

Kenneth Orgeron, who was appointed acting president and chief executive after the recent departure of Jim Hayes, will remain at the helm of the Maryland credit union.

Many banks are still making loans tied to the scandal-plagued benchmark despite years of preparation for its demise. The end of 2021 could prove hectic as bankers scramble to implement changes and explain them to commercial borrowers.

Failures and forced consolidation among smaller institutions could accelerate in 2022 and 2023 once the federal stimulus programs that have propped up the economy run their course, experts predict.

Mary Hines Droesch will oversee the strategy, design and management of lending and deposit products for retail and small-business customers of the bank.

The moves are part of a $30 billion pledge to advance racial equity that the megabank made following George Floyd's murder last year.

U.S. Bancorp, M&T Bank, Citizens Financial are among the regionals that are buying smaller competitors in an effort to achieve greater scale.

The Consumer Financial Protection Bureau may investigate cryptocurrency providers for mistreating customers, but the agency’s supposed interest in the burgeoning sector is reviving a debate about the CFPB’s authority.

Chief Information Officer Scott Case and his staff are building patent-pending technology to transfer data from legacy BB&T and SunTrust systems to new digital channels while preserving the best of each company's platforms elsewhere.

Wells Fargo reached a settlement with the U.S. Justice Department over claims it overcharged commercial customers who used the bank’s foreign exchange services.

Banks should be careful not to overreact to the pandemic recession and assume that the public is willing to forgo personal service. More than 40% of consumers say having a branch nearby is their primary reason for picking a bank.

Genesis Bank, the second minority depository institution aimed at multiple demographic groups, says loan demand has far exceeded expectations and that it will seek additional capital to meet the credit of needs Asian, Black and Hispanic consumers in Southern California.

Russell Columbo will step down Oct. 31 after 15 years at the helm. The $4 billion-asset company has named its COO, Tim Myers, to succeed Columbo.

The bank wanted to diversify its risk and use different cloud-computing services for routine and unpredictable workloads, explains Saul Van Beurden, the head of technology at Wells.

A new study from Moody’s found a small correlation between greater gender diversity and higher credit ratings. But researchers at the ratings firm warned that their efforts were hampered by a lack of consistent data.

Companies like Ally are mimicking the approach of fintechs by curbing overdraft charges and instituting other changes. It is a sign that startups’ efforts to improve customer experience were successful and that competition in digital-first banking will intensify.

The Boston company is set to become the nation’s largest custody bank after paying a premium for a Brown Brothers Harriman unit. Executives and analysts say Brown Brothers may have been the last chance for any of the country's major custodians to achieve meaningful growth through M&A.

Billions in funds earmarked for credit unions under the Treasury’s Emergency Capital Investment Program and other federal programs couldn’t be used to meet risk-based capital requirements without the proposed change.