Economy

Combined with its pending acquisition of HSBC's East Coast branches, the deal would give the Rhode Island-based Citizens a top-10 deposit market share in metropolitan New York.

While federal regulators attempt to overhaul the Community Reinvestment Act for banks, Congress has shown little interest in applying it to other lenders. But recent moves in Illinois and New York have given some stakeholders hope that state lawmakers will pick up the slack.

Ensuring the safety and soundness of Fannie Mae, Freddie Mac and the Federal Home Loan banks is the core responsibility of the Federal Housing Finance Agency. That shouldn't change now that the president has the authority to fire the FHFA's director at will.

The guarantor has for the first time proposed a risk-based capital requirement for companies not subject to other federal regulation. The industry says the plan, which would impose a heavy charge for servicing portfolios, could drive lenders away from government-backed programs.

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

Small Business Administration lenders have reported strong quarterly results, but those gains could evaporate later this year. Here’s why.

A flurry of activity in recent weeks has prompted chatter on earning calls about banks’ merger ambitions. While some CEOs bemoaned high asking prices, others said they are making more inquiries, identifying targets and, in some cases, closing in on deals.

Comerica, which focuses on the energy sector, reported strong payment trends last quarter, while M&T, which concentrates more on real estate, showed deterioration. The divergence reflects varying exposures to sectors hit hard by the COVID-19 recession.

The fintech's new checking, savings and lending package caters to clients who want to separate their corporate accounts from personal banking.

Year to date through Mar. 31, 2021. Dollars in thousands.

Full-time equivalent, as of Mar. 31, 2021. Dollars in thousands.

Year to date through Mar. 31, 2021. Dollars in thousands.

The digital bank for small-business owners went from 300 customers in 2019 to 100,000 this year. As client demands mounted, it developed a virtual assistant and a system for human, in-app communication that experts say surpasses many banks' capabilities.

First Women's Bank received approval from the Federal Deposit Insurance Corp. this week and is set to open its doors in the fall. It is the first new bank to be chartered in Illinois since 2010.

The Minneapolis company recently advised a nonprofit on a $30 million issuance that will provide financing to developers building multifamily housing and community facilities. It includes a framework, which the bank intends to deploy again, for informing investors on how the money is being used.

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.

Recent delays may be frustrating, but the Office of the Comptroller of the Currency isn't closing the door on financial technology companies. However, applicants will have to be patient, forthright about their business plans and willing to actively engage any state or federal regulatory agencies that the OCC consults.

Native American reservations have some of the country's highest concentrations of unbanked households. But tribes are finding ways to get their members access to capital — with or without banks.

The bank's noninterest expenses fell by 8% in the second quarter — a sign that CEO Charlie Scharf is making progress in reining in spending that had been soaring in recent years amid heightened regulatory scrutiny. He ultimately hopes to reduce gross expenditures by $8 billion annually.

PNC, Regions and TD are among the banks that have taken steps to reduce their reliance on charges that disproportionately hit consumers living paycheck to paycheck. The changes come at a time when the Biden administration is expected to take a tougher stance on overdrafts.