Fourth-quarter results were hurt by restructuring and customer-remediation charges, but the release of credit-loss reserves and the sale of a student-lending business gave an unexpected boost to net income.

Strong trading and investment banking fees also contributed to a 42% increase in profit to $12.1 billion in the fourth quarter.

The nation's third-largest credit union saw a huge lending spike in 2020, especially in its mortgage division, while membership grew by 159%, thanks in part to merger activity.

After three years of savings, top U.S. banks could face an increased tax bill of as much as $11 billion a year if President-elect Joe Biden moves forward with corporate rate hikes he campaigned on.

CO Federal Credit Union, which has $4.5 million in assets and serves just 785 members, was conserved due to unsafe and unsound practices, the regulator said.

The New Canaan, Conn., company said it will record a pretax expense of $3.9 million in the fourth quarter related to branch and office closings, severance payments and the end of a vendor contract.

A new report from the National Credit Union Administration showed institutions in many states are struggling with a deluge of deposits while their lending opportunities are drying up.

Noninterest income has bolstered profits this year. But its growth is expected to slow over the next two years, making for a gloomy earnings outlook unless vaccine distributions and the economic recovery are relatively swift.

A new report from McKinsey says that cost-cutting alone won’t make up for the steep revenue declines brought on by low interest rates and sluggish loan demand. “For some banks,” argues the report’s author, “mergers might be the best way out.”

Credit quality has remained strong at credit unions, but there are hints that some of them — especially the smallest ones — could report lackluster earnings well into next year, according to the National Credit Union Administration's latest intel on industrywide finances.

The Federal Deposit Insurance Corp.’s latest report on the industry’s health had positive news about the earnings recovery last quarter, but it also showed that low interest rates amid continuing economic uncertainty are putting downward pressure on asset yields.

Joseph Lebel's promotion follows a third-quarter loss as the New Jersey company company looks to get ahead of credit issues by selling high-risk loans.

Crypto played a key role in Square's 140% year-over-year growth in revenue for the third quarter — and 212% growth in gross profit for the Cash App alone.

As challenger banks threaten Green Dot Corp.'s status among the underbanked, the prepaid card issuer is diving into their market by unveiling a challenger bank of its own.

Reflecting the rapid transition to digital payments, PayPal has reported its strongest growth in total payment volume and revenue in its history, coupled with strong growth for Venmo, its P2P app.

MoneyGram's digital offerings are attracting different types of consumers into the company fold, CEO Alex Holmes said during the third-quarter earnings call.

The New Jersey company reported a quarterly loss after becoming one of the first lenders to liquidate loans harmed by the coronavirus pandemic.

Lenders pushed back against the notion that city dwellers' pandemic-driven flight to suburbia would hurt them. They say fewer landlords have sought deferrals as vacancy rates remain low and rent collections have stabilized.

Though the COVID-19 pandemic continues to stifle economic growth globally, Western Union again pointed to its fast-growing digital services as key to keeping the company on a positive trend.

Visa has seen tepid returns of payments volume as economies reopen, but the renewed virus cases and government responses have created an extra layer of uncertainty — particularly for cross-border transactions and travel.