Banking

The company, which provides credit cards to millennials, is expanding its target audience beyond thin-file consumers and those without credit histories. It will now also target those with blemished, nonprime credit histories.

Many community banks need brokered deposits to help fund loans, so policymakers must strike the right balance between promoting liquidity and guarding against reckless lending.

Millennial credit card provider Petal is expanding its target audience beyond thin-file consumers and those without credit histories. It will now also target those with blemished, non-prime credit histories.

Wells Fargo cut more than 700 commercial banking jobs as it embarks on workforce reductions that could ultimately number in the tens of thousands, according to people with knowledge of the matter.

The bank says going green can open the door to more capital; Goldman is shrinking the number of people who make the grade but increasing the rewards for those who do.

The industry says the 2017 cut in the corporate rate helped position lenders to support the economy when the pandemic hit. But a plan proposed by Democratic nominee Joe Biden could strain banks' capital investment and hiring, observers say.

The Small Business Administration has been covering six months of principal, interest and fees for loans that existed on Sept. 27. There are concerns the moves are masking weaknesses in lenders' 7(a) portfolios.

HSBC, Bank of the West and Fannie Mae are among those offering green mortgage bonds, financing commercial clients’ efforts to rein in carbon emissions and developing other novel products that help customers tackle environmental challenges.

The new name is the third time the association has modified its name since leagues for the two states merged in 2007.

The influx of more deposits, even as lending shrinks, could force the largest banks to reserve more capital; Life Plan could help the bank compete better against fintech offerings.

Second-quarter data for credit quality defied conventional wisdom, but experts said that these numbers are being artificially helped right now and the worst is yet to come.

The industry is warning regulators putting the finishing touches on the Net Stable Funding Ratio that the measure could exacerbate volatile market events like the spring selloff of Treasury securities.

The flood of liquidity that accompanied the pandemic recession isn’t likely to subside anytime soon. Banks will have to employ a mix of securities buying, hedging and other balance-sheet-management tricks to prop up margins longer than initially imagined.

Low rates and intense competition might lead some banks to ease underwriting standards in 2021, when the economy may not yet have recovered.

Credit union groups continue to make ad buys for industry-supported candidates in advance of Nov. 3, but recent positive economic news could be short-lived.

The Georgia company will add nearly $200 million in assets as part of the acquisition.

Climate First Bank, which would be led by veteran banker Ken LaRoe, would offer loans to help individuals and organizations make environmentally sound decisions.

Race “was an ever-present factor throughout” Tidjane Thiam’s tenure and may have led to his ouster, New York Times says; the unit offers reloadable debit cards to Walmart, 7-Eleven and others.

Kathy Kraninger’s job status would be in question if Joe Biden wins the White House. If the president is reelected, she may continue balancing a deregulatory agenda with her unexpectedly tough stance on enforcement.

House forgiveness plan for Paycheck Protection Program loans is better than nothing, bankers say; why some banks still lean on mainframes; what's next for Goldman Sachs's Marcus; and more from this week's most-read stories.