Banking

JPM Chase, Citi and Wells put aside an additional $28 billion in Q2 for future loan losses; Fed governor Brainard warns of future risks, but St. Louis Fed chief says the worst may be over.

A growing number of lenders are unloading loans made through the Paycheck Protection Program.

The energy sector, retail and hospitality are among the industries that are faring poorly during the pandemic. The bank expects loan losses to remain elevated well into 2021.

Unity Bancorp must improve its policies and procedures and increase staff training on following Bank Secrecy Act and anti-money-laundering laws.

Home purchases in markets outside of cities accounted for some of the San Francisco bank's loan growth. Executives believe this will be a long-term trend because a generous supply of inventory in less populated areas will appeal to buyers.

The Boulder-based institution can now serve consumers across 16 different counties, or more than 88% of the state's population.

Net charge-offs fell at Citigroup and Wells Fargo, thanks to forbearance and federal stimulus. Leaders of those banks are warning that delinquencies could rise once the benefits of those programs wear off.

Megabanks like JPMorgan Chase boosted loan-loss provisions to record levels in the second quarter in preparation for what could be a wave of loan defaults.

Pedro Bryant will oversee a $3 million effort to fund small businesses in disadvantaged communities.

Consumers now have more control over their own financial decisions and loan options.

Provident Bank was recast as BankProv to avoid confusion as it adds business lines and enters new markets.

Ashton Ryan, the New Orleans bank's CEO, and two other officers are accused of disguising the financial condition of certain borrowers before the bank's 2017 collapse.

The results show how Wall Street giants such as Citigroup leaned on volatile businesses in the second quarter to counter mounting signs of distress from lending operations.

Mortgage lenders say now is not the time to water down a regulation aimed at combating discrimination in housing; New York Times discloses the names of Jeffrey Epstein’s bankers.

The country's largest bank said second-quarter profit fell 51% to $4.69 billion, a smaller drop than forecast, as record trading revenue helped counter the biggest loan-loss provision in its history.

The Australian firm, best known for financing online purchases, is rolling out interest-free, point-of-sale loans at cash registers that it says could help U.S. merchants boost flagging sales.

Switching core banking systems has long been done face to face, but the coronavirus has driven the process into the digital arena. The change could be permanent.

Bankers had asserted in April that they could handle a slump in oil prices tied to the coronavirus pandemic. Continued volatility, combined with declining collateral values and a rise in bankruptcies for exploration companies, is denting their confidence.

The Connecticut company recruited Robert Russell from Millington Bank to become its president and CEO.

The amount far surpassed that of any other servicer required to purchase Ginnie Mae-backed loans that were 90 days past due.