Credit

Small towns, in which community banks are disappearing, have increasingly little to offer nascent businesses in the way of reliable credit.

The 10 largest credit unions in the nation all saw surges in credit card charge-offs in the third quarter, as a growing number of consumers struggle to make ends meet.

Some proposed changes to uniform mortgage-backed securities, apartment loans and derivatives will be made while one involving credit reports and scores was pulled.

Credit problems in business loans have risen in recent months, as companies that are in a weak financial position have started closing up shop. The difficulty in gauging which banks will face the most trouble is prompting many investors to stay away from the sector.

The program helped more than 23,000 consumers establish credit scores in its first year through partnerships with three fintechs, all of which were chosen to renew their participation.

The bank is adding fintech-style buy now/pay later lending to other recent payment upgrades at its merchant acquiring unit.

But high costs and any downturn in the economy could weigh on lenders and their commercial borrowers in coming months, economists caution.

As the holiday shopping season approaches, late payments on credit cards have surpassed their pre-pandemic levels, according to a new VantageScore report. The consumers showing signs of deterioration include not only subprime borrowers, but also those with prime credit scores.

Washington Trust shares plunged after the Westerly, Rhode Island, company disclosed it booked an office deal in the third quarter, boosting the size of its portfolio while other lenders are pulling back.

Both loans and deposit balances have stabilized since the North Carolina bank acquired parts of the failed Silicon Valley Bank, paving the way for better-than-expected fourth-quarter earnings guidance. The only blemish in the third quarter, one analyst said, was credit quality.