Banking

The new consumer deposit product will provide customers a snapshot of the carbon impact of their purchases and offer other incentives to entice the environmentally conscious.

Old scoring and algorithms don't consider a rapidly changing economy and risks, according to consultants Maria Arminio and Bo Berg.

The California company said Russell Colombo "is committed to remaining in the job as long as needed."

Trading revenues probably won’t be able to make up for looming credit losses going forward; consumer insolvencies have been held back so far by federal stimulus, which is set to expire.

The streak of strong gains for new members was flagging by the end of 2019 and has only worsened since then.

Trump-appointed regulators gave the industry the green light to offer installment loans during the pandemic. But with concerns that the light could turn red in 2021, bankers remain extra cautious.

The Warsaw, N.Y., bank said it will close 10% of its branches and lay off 6% of its staff in response to customers’ growing preference for remote banking.

While rival banks reported increases in loans and deposits, thanks largely to their participation in the Paycheck Protection Program, State Street and Bank of New York Mellon saw their balance sheets shrink in the second quarter.

The Mississippi company said it decided to take aggressive measures to reduce its exposure to energy firms.

The Birmingham, Ala., company more than doubled its loan-loss provision from three months earlier and its chief financial officer said that more than half of its loans to oil and gas companies could eventually become criticized.

Government stimulus efforts, including the Paycheck Protection Program, have fueled a deposit surge. The challenge for banks is figuring out how to put that new money to use.

Wells Fargo buys $14B of delinquent mortgages tied to pandemic; CFPB launches investigation of Quicken Loans real estate affiliate Rocket Homes Real Estate; Truist accelerates cost-cutting plans; and more from this week’s most-read stories.

Some 60% of Ally’s auto originations in the second quarter were used-vehicle loans, the highest percentage in the company's history.

Treasury Secretary Steven Mnuchin did not define "small," but advocates have been urging Congress to convert all Paycheck Protection Program loans of less than $150,000 into grants.

Some 3,400 additional staffers in the treasury management group will be required to get pre-clearance before making trades. The policy change was driven in part by increased regulatory scrutiny, the bank said.

The company said it recorded a large loan-loss provision in the second quarter to reflect Coex Coffee International's pending liquidation.

The Los Angeles company said Chang Liu, who runs its bank, will succeed Pin Tai, who is retiring.

Rates could be even lower, but lenders wouldn’t be able to handle the volume; if loan defaults prove less bad than expected, today’s provisions could boost banks’ future net income.

Fintechs like Greenlight and gohenry have drawn millions of teens with features like savings goal tracking and customizable debit cards.

The coronavirus relief law allows forbearance plans for up to a year on federally backed mortgages, but House Democrats say homeowners have had difficulty getting relief.