Banking

Big banks are expected to have another bad quarter, but not as bad as Q2, when they took large default charges; the apps have made it a little too easy to transfer money, especially for thieves.

The company defied expectations by cutting its reserve for loan losses by $569 million, after adding $20 billion to the allowance in the first half.

Chase First Banking is embedded in the bank's mobile app and has parental controls. It is an example of how banks are trying to attract Generation Z.

The South Carolina company has agreed to buy the parent of Security Federal Bank.

Cash, Treasurys and other securities effectively guaranteed by the federal government now make up more than 35% of the combined balance sheets of the 25 biggest U.S. banks, according to data compiled by the Fed. That’s the biggest share in records dating to 1985.

Crane Credit Union has taken an Instagram Stories-like approach, while Certified Federal Credit Union is crafting personalized email messages.

USAA sues PNC over mobile check deposit technology; flood of liquidity that accompanied the pandemic recession unlikely to subside anytime soon; 'enigmatic' CFPB chief could drop more surprises in a second Trump term; and more from this week's most-read stories.

The deal is expected to close sometime next year but is still subject to regulatory and member approval.

Lenders welcomed the move as a helpful first step but are still urging policymakers to develop a broader, simpler process for expediting the approvals of loans extended to troubled small businesses under the Paycheck Protection Program.

The industry can gain lifelong members in this demographic by validating their financial concerns as the economy struggles and offering guidance without judgment.

Goldman Sachs Group is starting a group focused on investment opportunities in clean energy, waste and other sustainability industries, joining several major banks in making climate commitments in recent weeks.

The $7 billion deal follows just days after the Wall Street bank closed on its acquisition of E*Trade; the bonus rate on deposits is tied to how much customers spend on their debit cards.

The industry has mounted a massive get-out-the-vote effort, but institutions also want to keep politics out of the office.

The Consumer Financial Protection Bureau's overhaul of its Qualified Mortgage standard is alarming free-market advocates who say it will precipitate a return to easy credit and higher defaults and could disproportionately harm minorities.

The San Francisco fintech, which is buying Radius Bancorp, will discontinue peer-to-peer lending and instead offer new products, like high-yield savings accounts, to its retail investors.

Television executive Ryan Glover, rap star Killer Mike and civil rights icon Andrew Young have launched a digital bank for Black and Hispanic consumers called Greenwood Financial.

Organizers of Scottsdale Community Bank must raise $16 million. The goal is to hit that goal and open by early 2021.

Deferrals may be hiding credit issues, leading lenders to track deposit flows, property maintenance and other factors to gauge the true health of their portfolios.

The $3.1 billion-asset institution's product will not carry any fees and offers a variable APR.

Bank of America plans to offer some of its customers access to short-term loans, the latest blow to the payday lending industry.