Banking

USAA's regulatory troubles now include OCC fine, CRA downgrade; Citi CEO Michael Corbat and CFO Mark Mason dodged questions on cost of risk overhaul; PNC unlikely to buy a digital bank, CEO Demchak says; and more from this week's most-read stories.

The family-owned bank from the South and the New York commercial lender each would fill a clear need for the other. First Citizens would gain business lending expertise and an online deposit-gathering platform, and CIT would get the cheap deposits it coveted.

Amid the disruption of the coronavirus pandemic, many companies are taking a chance on innovative new technologies to keep their customers engaged.

The events of 2020 have only served to accelerate a number of potentially disruptive trends among consumers when it comes to banking and financial services — What does the emerging future of consumer and retail banking now look like?

The combined company would be the nation's 19th-largest bank with roughly $110 billion of assets.

Ray McGuire, a 15-year Citi veteran, is one of Wall Street’s most prominent Black bankers; Morgan Stanley said its quarterly profit rose 25% versus the year earlier period.

Bank of America is applying a familiar arsenal — including APIs and its popular virtual assistant, Erica — to online business banking, cross-border payments and cash management in an effort to modernize those services.

The credit union regulator has held back in allowing the use of derivatives but has released a proposal that would remove red tape for some larger institutions.

The deal is intended to better help credit unions and other financial institutions improve digital lending capabilities

Ray McGuire, one of Citigroup’s top investment bankers, has been vocal about his ideas for improving education and access to health care in low-income and minority neighborhoods.

Customers' needs and expectations changed drastically in 2020, overturning conventional thinking about their experience in the process. How can we strike the right balance between embracing digital channels and recognizing the value of human touch?

The North Carolina company had promised regulators not to close large numbers of branches until December. Meanwhile, vendor contracts, leases and other hurdles have made it hard to accelerate efforts to offset a sudden decline in revenue.

The Southern California-based credit union would add a fourth branch in the Cowboy State if members of the merging credit union approve the deal.

The Illinois company will shutter 17 locations, or about 15% of its branches, early next year.

Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk.

Duncan-Williams, which serves institutional clients, will help South State expand its correspondent lending operations.

Wells Fargo fired more than 100 employees suspected of improperly collecting coronavirus relief funds, according to a person with knowledge of the situation.

The bank has fired more than 100 workers for allegedly making fraudulent applications for SBA disaster loans; credit is holding up well so far, but that could change without more stimulus, Quarles says.

The buy-in from Apple proves contactless payments are on the rise, but should also act as a warning sign for banks to promptly restrategize if they want to uphold their position in the industry, says Tealium's Heidi Bullock.

The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act.