Economy

Unlike some of its expansion-minded regional bank peers, Montana-based First Interstate is reconfiguring its business model to be smaller and more focused on relationship banking. The blueprint is the work of CEO Jim Reuter, who joined the bank 15 months ago.

Federal Reserve Gov. Lisa Cook said in a speech Wednesday night that the central bank's credibility depends on its ability to bring inflation back to its 2% target.

Treasury Secretary Scott Bessent is slated to testify in the House Financial Services Committee Wednesday morning as part of the committee's regular oversight of the Financial Stability Oversight Council.

WomenVenture, a Minneapolis-based Community Development Financial Institution, was already under strain from stalled federal CDFI funding. The recent immigration crackdown added significant uncertainty for its customers as well.

Even with the 4 basis point rise in the 30-year fixed over the past two weeks, mortgage rates are still hovering near three-year lows, Freddie Mac said.

The Federal Reserve's rate-setting committee kept its benchmark interest rate steady Wednesday amid an intensifying effort from the White House to gain a governing majority on the central bank's board.

The Tulsa, Oklahoma-based bank expects the pace of loan growth to quicken this year, driven in part by its nine-month-old warehouse lending business.

The buy now/pay later lender is seeking to create Affirm Bank, a Nevada-chartered industrial loan company.

The Federal Deposit Insurance Corp.'s approval of industrial loan company charter applications for General Motors and Ford Motor Company generated only moderate pushback from banks as crypto, debanking and credit card rate caps dominate the industry's attention.

Though fourth-quarter net charge-offs reached a level not seen since the financial crisis, the Little Rock, Arkansas-based regional bank is forecasting better results in 2026 and an even stronger recovery in 2027.

The newly launched digital credit union, CineFi, aims to serve creative professionals in the Atlanta area as well as First Entertainment's existing member base in Los Angeles.

A significant majority of Americans are now living lives of permanent financial stress, and debt delinquency is on the rise. For bankers, that's a recipe for problems with profitability, and perhaps with safety and soundness.

Warren, Wyden, Whitehouse, Welch and Schatz say the administration's memo contradicts public statements, and they want more answers on whether the administration is working with top U.S. banks to funnel money out of the South American nation.

During the fourth quarter, the Buffalo, New York-based bank reported its lowest ratio of nonperforming loans to total loans since 2007.

David Turner has overseen Regions' finance function since 2010. The Birmingham, Alabama-based company tapped Controller Anil Chadha to replace him.

The custody bank reported a strong fourth quarter, as it continued to push forward with its new operating model. The momentum contributed to the bank's decision to lay out new financial targets, including a goal to achieve a return on tangible common equity of 28% in the next three to five years.

President Trump Tuesday told reporters he would not delay announcing his pick to fill a new vacancy on the Federal Reserve Board despite threats from Republican Senators to block any Fed nomination until a recently-disclosed Justice Department investigation into Fed Chair Jerome Powell is resolved.

Top executives at the nation's largest bank spoke Tuesday about shifting dynamics in the credit card business, Federal Reserve independence, the bank's plan to increase spending in 2026 and its large portfolio of loans to nonbank financial institutions.

One of the leading makers of pre-packaged salads has acquired a 16.3% stake in Salinas, California-based Pacific Valley Bank. "It's a real vote of confidence," the bank's CEO said.

President Trump said he would prohibit large institutional investors from buying single-family homes. While the executive couldn't bar such investments on its own, a legislative ban could gain bipartisan support.