Coronavirus

The banks reported fiscal third-quarter results that topped analysts’ estimates on gains in domestic personal and business loans as well as continued strength in the Canadian housing market.

The COVID-19 pandemic has exacerbated income inequality in America, and that has implications for banks and other lenders. Among those suffering most: renters, front-line workers and minority small-business owners.

Community banks have played and will continue to play a key role in supporting local economies across the country. Join us in a lively conversation with Dennis E. Nixon, President & CEO of International Bank of Commerce (Laredo, Texas) & Chairman, International Bancshares Corporation and Eddie Aldrete, Senior Vice President at International Bank of Commerce as we discuss: (1) the need for bankers and the business community to become involved in political issues. From minimum wage and issues that affect small businesses to regulatory issues that directly affect the banking industry, banking and business leaders need to be thought leaders in the public conversation and (2) how bankers can play a pivotal advocacy role in the free trade process.

The regional Fed bank said it was making the move “due to the recently elevated COVID-19 health risk level in Teton County, Wyoming.”

Bankers are hopeful that the rebound in oil prices and a spike in natural gas use are precursors to more borrowing. But banks are maintaining above-average levels of reserves in case the delta variant stifles economic momentum.

The Boston-based firm plans to close its two midtown Manhattan offices, the company said. Its New York-based staff will work remotely or from buildings in New Jersey and Connecticut.

The announcement came a day after Citigroup said it would mandate vaccines for many of its workers. Capital One also said it is delaying its office reopening.

The influx that began around the start of the pandemic has yet to subside, as loan demand remains weak even though consumers are again spending money. Some of the excess liquidity now seems likely to remain for a long time, forcing banks to make tough calls about how and when to deploy it.

Local financial institutions have fewer branches than big banks, and closing even one location makes it harder for them to serve their communities.

The largest U.S. bank, which often sets policies ultimately adopted by the broader financial industry, announced the change in a memo to staff Friday.

A problem caused by the pandemic appeared to be resolved, but has returned in recent months. Here’s what happened.

Wells Fargo is pushing its return-to-office plans back a month to early October, citing rising COVID-19 rates across the U.S.

Consumers who had paid down balances during the pandemic started spending more, while issuers made additional credit available, according to researchers at the Federal Reserve Bank of New York. The findings suggest the start of a return to more normal borrowing patterns in the card industry.

First Hawaiian and Bank of Hawaii are warning that a global spike in coronavirus cases could stunt the state's momentum and threaten credit quality.

With virus cases in its home state hitting their highest level since February, the San Antonio company declined to release reserves — a route that many banks took to boost their second-quarter profits.

Citigroup has gone back to requiring employees — regardless of their vaccination status — to don masks when they’re in the office, according to a person familiar with the matter.

For years mobile wallets have been a solution in search of a problem — until now.

The plan aims to cut monthly payments by roughly 25% for homeowners in government-backed mortgages who are negatively impacted by the pandemic.

The agency’s new chief said eliminating the “adverse market fee” — in place since December — will make it easier for families to refinance while mortgage rates are still low.

As attitudes about corporate responsibility evolve, regulators will expect banks to take a more proactive approach to environmental, social and governance issues. That means going beyond assessing climate-related risks to incorporate a focus on ethics, culture, inclusion and customer protection.