Corporate finance

The world's largest neobank had a strong quarter as it prepares to launch a bank in the U.S.

As community banks lean on third-party vendors to keep up with AI developments, executives say regulatory standards must be put in place to account for the increased risk they face.

Many banks can't say what software their IT provider runs. Only 58% of community and midsize banks even hold the right to audit that vendor, a survey found.

The company, which says it serves 93% of credit unions, expects most key processes to run by mid-August. Its status page still said "Investigating" Wednesday.

The banking regulator is in early discussions with trade groups to build an organization for certifying tech providers that pass voluntary due diligence checks.

Edward Jones financial advisors helped the firm reel in $17.7 billion in net new assets in the second quarter. And another recent filing gave clues about the firm's upcoming planned changes to equity stakes.

Gateway Bank, which has narrowed its losses under new CEO Mukhtar Ali, hired a team of residential-construction lenders to speed its return to profitability.

The neobank in the second quarter blew past Wall Street's expectations and posted its second quarter of GAAP profitability as its payments-centric business model continues to resonate with consumers and challenge incumbent banks.

Record lending drove a top-line gain on the year but one-time costs from reverse mortgage servicing sales and negative fair value changes hurt the bottom line.

The payment company's CEO says it's developing and shipping products faster despite cutting nearly half of its staff. It's a strategy he says can be replicated at other businesses.

The online lender said its national bank will become the "primary originator," displacing the banks that are lenders of record. Loan buyers keep their role.

It has been one year since the payments fintech launched Genius, its refreshed point-of-sale and payments platform, as a lynchpin in the company's attempted turnaround. Now, the company is looking to add more conversational AI features.

A portfolio review initiated by BCB Bancorp's new CEO, Tom O'Brien, led to a spike in nonaccrual loans at the Bayonne, New Jersey-based bank.

The competitive and controversial leader, who will stay on the board, oversaw rapid growth but also a massive downsizing, and a notorious mass firing over Zoom.

LPL saw its net income swell while considering price changes meant to lower payouts on client assets.

Coastal Financial in Everett, Washington, is reshuffling its management team and abandoning an expansion plan. On Thursday, the bank reported a nearly $69 million credit expense sparked by a fintech partner's deteriorating financial condition.

SEC data compiled by Paithos Research suggests that the massive growth of RIAs looks much different when compared to their small net new clients.

The mortgage technology unit of Intercontinental Exchange reported a return to profitability in the second quarter, as revenues continued their recent rise.

Banks, fintechs and card networks are vying for a share of revenue from the new form of artificial intelligence. Mastercard CEO Michael Miebach contends his firm has the tools in place and a product pipeline to take advantage.

Banks that are new to the Texas market are pricing loans very aggressively, according to senior leaders at Houston-based Prosperity Bancshares.