Banking

Citigroup said a full review conducted after the lender mistakenly sent $900 million to a group of investment firms concluded the bank didn’t need to claw back any pay from executives.

The Senate Banking Committee chairman told an audience of community bankers that he supports legislation to close "chartering loopholes" for industrial loan companies and financial technology firms. He also pitched a plan to give all consumers a free digital wallet backed by the Federal Reserve.

The SAFE Banking Act would protect credit unions and banks that serve legal marijuana businesses from prosecution, but anti-money-laundering compliance will always be arduous, says Sundie Seefried, the head of a new company that helps credit unions work with cannabis firms.

Large banks like Chase, PNC and U.S. Bank were seen as having more resources to devote to customer relief and upgrade digital channels that consumers came to rely on, according to a J.D. Power survey.

Several big investors say they will oppose reelection of several board members at Friday’s annual meeting; Aberdeen is hoping “Abrdn” will lift it in search results.

The quick adoption of financial technology, coupled with remote work, requires firms to focus on internal innovation as well as customer-facing advancements.

The Missouri company announced the deal just five months after buying Seacoast Commerce in San Diego.

At first the deal seemed an unlikely marriage of two mortgage-heavy companies. But acquiring the Michigan company would help New York Community accomplish its two chief goals — reducing deposit costs and its concentration of multifamily loans — while giving it the scale to pursue more deals.

On Dec. 31, 2020. Dollars in thousands.

On Dec. 31, 2020. Dollars in thousands.

On Dec. 31, 2020. Dollars in thousands.

The bank says it “misjudged” the reaction to its financing the botched European Super League; big shareholders say the board member in charge of risk management should leave.

Deposits keep flooding in, mortgage lending shows signs of cooling, and bankers can’t agree on when commercial lending will rebound. Here’s what we learned from first-quarter results.

The proposed acquisition is the second deal in as two days to involve an Atlanta-based seller.

CEO John Turner said green projects present a strong business opportunity for the Birmingham, Ala., company.

The legislation, which takes effect in July, follows a 2019 law that modernized the state's credit union statutes.

The Las Vegas-based institution has joined a small group of credit unions whose assets top $1 billion, which make up less than 10% of the total industry.

Bankers say the federal tax exemption for credit unions costs U.S. taxpayers $2 billion each year. But eliminating it would prevent the not-for-profit financial institutions from channeling their savings into higher rates and lower fees that stimulate commerce — and generate additional tax income.

Issuers should use the next year to build their own card program, tailored for their market's specific needs, says Zeta's Bhavin Turakhia.

The Illinois companies agreed to merge in a transaction that is expected to close later this year.