Banking

Barry Sommers, a former head of wealth management at the New York bank, is the latest high-level hire by Wells CEO Charlie Scharf.

Other challenger banks focused on personal loans have struggled since the onset of the coronavirus pandemic.

The legislation would aim to address concerns that the current policy is outdated by establishing a new regime to limit asset growth for banks that are not well-capitalized.

While most companies that offer early access to wages sell to employers, Earnin is providing direct access to workers in an attempt to mitigate overdrafts and subsequent bank charges.

The agency’s advance notice of proposed rulemaking, which would require banks to evolve with technology, shows foresight that policymakers too often lack.

The Los Angeles company said Commerce Mortgage, founded by former bank CEO Steven Sugarman, wasn't a shareholder by the record date for its annual meeting, even though the firm reported a 9.7% stake earlier this year.

Banks paid out nearly twice as much as they earned in the first quarter; Marilyn Booker, a managing director, said she was fired in December for pushing too hard on a diversity plan.

Speaking during the CUSO's virtual Member Forum, PSCU CEO Chuck Fagan noted that some data shows the economy may be beginning to rebound from the coronavirus, but some sectors are still struggling.

A new study shows 60% of adult children whose mother or father are credit union members do not belong to the same institution as their parents.

The coronavirus’ economic fallout has drawn more attention to buy-now-pay-later options, leading to fresh creativity in business models and marketing.

Shelter-in-place orders have given homeowners the time to pursue upgrades and repairs, and banks are seizing the opportunity to help finance the projects.

The Maryland company said the additions, including a former bank CEO, will strengthen its “overall operational and strategic management."

The online lender quickly built an app for ride-share drivers with much of their information already filled in.

Fannie Mae has chosen Morgan Stanley while Freddie Mac is going with JPMorgan Chase; the bank’s overhaul plan has helped make it the best-performing big-bank stock so far this year.

Executives argue the rollouts will largely focus on new markets and work in tandem with digital banking efforts.

Chuck Shaffer will take the helm in December, becoming the first leader outside of the Hudson family since the bank's formation in 1926.

The acting comptroller of the currency signaled that his agency is planning to resume on-site supervision despite health risks tied to the pandemic. But some bankers and former examiners urged caution, saying remote monitoring has its advantages.

Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for.

The last bank where he was CEO, Opus Bank, ran into trouble largely because it made too many acquisitions in too short a time span. This time around, Gordon will take a more methodical approach.