Banking

Native American reservations have some of the country's highest concentrations of unbanked households. But tribes are finding ways to get their members access to capital — with or without banks.

Bank of America expects interest income to rise as stronger borrowing outweighs the impact of low rates. The upbeat forecast is in contrast with remarks from JPMorgan Chase executives.

The organizations that received charters this year emphasize digital access and remote work, and aim to address the economic disparities highlighted by the pandemic and the nationwide wave of racial justice protests.

The company fell short of net interest income projections as loans and leases in the consumer banking unit dropped 12% from a year earlier. However, loan balances grew from the first quarter — the first sequential increase in a year.

While customers of the nation’s largest bank are spending more, an unusually small percentage of their purchases are becoming debt. Executives warn that the bank’s predicament could persist for the rest of the year.

Acquiring the city’s largest bank would give Pittsburgh-based FNB the No. 6 market share in Maryland's largest city.

PNC, Regions and TD are among the banks that have taken steps to reduce their reliance on charges that disproportionately hit consumers living paycheck to paycheck. The changes come at a time when the Biden administration is expected to take a tougher stance on overdrafts.

JPMorgan Chase’s investment bankers posted their best quarter ever as a record first half in dealmaking bolstered the bottom line at the nation’s largest bank. But expenses climbed in the second quarter and loan growth remained out of reach.

Bankers insist borrowing will pick up on the back of a post-pandemic economic recovery. But so far there are few signs of a rebound, and analysts are skeptical one is imminent.

The fintech, which arranges point-of-sale loans in partnership with merchants, was fined $2.5 million by the Consumer Financial Protection Bureau and ordered to refund up to $9 million to consumers who received loans they never applied for.

It will be Christopher McComish’s second tour as a bank CEO. He led Scottrade bank for two years, between 2015 and 2017.

Citigroup plans to exit Venezuela by selling its remaining business there, ending more than a century of operating in the South American country.

Stopera retired in 2019 after 39 years at Capital Communications Federal Credit Union in Albany, New York. In 2003, the credit union founded the CAP COM Cares Foundation, which donated about $4 million and over 30,000 volunteer hours to families in the region.

Though the Paycheck Protection Program is winding down, the Small Business Administration has prolonged several other pandemic relief programs. Community banks can help local businesses sort through their options.

Lakeland is paying $244 million for 1st Constitution Bancorp. The combined bank would be the fifth largest by deposit market share in New Jersey.

U.S. Treasury Secretary Janet Yellen signaled she’ll prod multilateral development banks to rein in their lending for fossil fuels, part of a global effort to make the financial system greener.

Income share agreements, which allow college graduates to repay tuition financing as a percentage of their future income, have come under fire lately from consumer advocates for questionable marketing and other potential legal violations. Some hope a partnership between a Virginia bank and an ISA provider will give the product more legitimacy, while others worry it just masks risks for borrowers.

The San Jose, California, bank will take a hit to second-quarter earnings to settle claims arising from an alleged Ponzi scheme.

Cullen/Frost Bankers will allow customers to access deposits two days early as traditional lenders look to drum up business by mimicking their financial-technology rivals.

In the midst of its merger with CIT Group, First Citizens in North Carolina has hired an in-house chief counsel with experience in corporate integrations.