Banking

Incumbent banks’ market position is underpinned by strong consumer trust and massive scale, but these historic advantages can no longer be taken for granted, Simon Wilson of Icon Solutions writes.

The drugstore chain will debut a new bank account for customers that will offer rewards tied to its loyalty program.

Thousands of customers have called OceanFirst Bank with a new set of technical questions: How do you download an app? Make a mobile deposit? Load a debit card into Apple Pay? CEO Chris Maher explains how the New Jersey company is handling the shift to digital banking.

The fallout may go beyond large losses at Nomura and Credit Suisse from Archegos Capital; the bank’s CEO is getting five more years as the stock rebounds following a massive restructuring.

Data from the National Credit Union Administration shows the two states are bucking the trend of slowdowns in membership and lending.

Over the past year, bankers have been able to sit back and field calls from borrowers eager to take advantage of low rates. Now, with rates rising, many in the industry will likely adopt a more aggressive approach.

Sam Sidhu, whose father is CEO Jay Sidhu, will become president and chief executive of Customers Bank in July.

The Cities for Financial Empowerment Fund, a nonprofit that seeks to improve financial stability of low- and moderate-income households, validated the account under its Bank On initiative.

A recent statement by acting Director Dave Uejio is the clearest signal that the agency plans to revive strong underwriting standards that the Trump administration eliminated.

There are ways to remove bad actors from the industry — such as reinstating the Consumer Financial Protection Bureau’s payday lending rule and banning certain fees and collection practices — without hindering consumers’ access to emergency credit.

The move is part of a broader push at Citigroup to reduce carbon emissions. Jane Fraser, who took over as CEO on March 1, vowed on her first day that the bank would achieve net-zero greenhouse gas emissions in its financing activities by 2050.

Peoples Bancorp will pay $292 million for the West Virginia company. It also announced it's buying a leasing company in Vermont.

Stock repurchases could triple in the second half, assuming banks pass their stress tests; markets around the world are booming, but regulators are reluctant to raise interest rates to cool them off.

The Texas-based institution is the third credit union to be taken over by regulators this year.

Bradley Riss is chief commercial officer at Checkout.com, a firm that acts as a payment gateway, acquirer and processor through a single channel, covering cards, passthrough wallets, stored value wallets and alternative payment options such as point of sale credit. It charges a fee based on processing and card payment costs rather than the percentage+ model that most payment API companies charge. The model is designed to make the service customized to different merchants and serve as a base to offer other merchant products.

Six years after unloading its bank unit, the tax preparation chain wants to diversify by launching a digital account targeting low- and moderate-income households. How will it differentiate itself from upstarts like Chime, Varo and Green Dot?

The 30-day extension comes after the American Bankers Association requested additional time to consider the rule's impact.

A federal watchdog agency determined that Almena State Bank's push into government-backed loans, supported with high-cost wholesale funding, set it up for collapse when significant credit issues arose.

The Colorado credit union has pledged to match at least $50,000 in donations to a local foundation assisting with the community's recovery following a mass shooting at a grocery store that left 10 people dead.