Economy

On Jun. 30, 2019. Dollars in thousands.

Executives are deciding what roles could be relocated to lower-cost hubs such as Plano, Texas; Columbus, Ohio; and Wilmington, Del.

Concerns over banks’ level of preparation have led to worries about disruptions in the lending market, and some financial institutions warn that a new interest rate benchmark could cause lenders to pull back on credit.

Why the Toronto bank is focusing on digital features; complaints about credit monitoring plans flood CFPB; the strategies midsize banks are relying on to stimulate growth; and more from this week’s most-read stories.

The Rakuten application has opened another front in the battle over nonfinancial companies' ownership of banks.

Citigroup promoted Jane Fraser to president, its second-highest post, making her a likely candidate to succeed CEO Michael Corbat and someday become the first woman to run one of the largest U.S. banks.

The Los Angeles bank is taking its wealth management and entertainment financing businesses to Miami and Long Island as part of its effort to expand nationally.

Rakefet Russak-Aminoach, who will leave the company at the end of the month, has raised net profit and lowered costs by revamping its technology and culture.

Facebook CEO says the company won’t purse Libra anywhere if U.S. regulators disapprove; the agency says “guidance” was actually “rules.”

Midsize players like BankUnited, BOK and Fulton Financial plan to rely on selective M&A, catering to niches overlooked by big banks, aggressive recruitment of commercial lenders and other strategies to stimulate revenue growth.

Originally formed to help consumers spot recurring charges, Truebill is adding banking and financial management features to its app.

Huntington Bancshares and U.S. Bancorp also said in recent days that they are eliminating jobs to reduce overhead and improve profits. With net interest margins shrinking and branch traffic continuing to decline, expect more banks to follow suit, analysts say.

FCUs are regaining their appeal given the resources NCUA has put into helping de novos and the potential for expanded fields of membership.

A regulatory cloud still follows fintech companies following a judge's decision throwing out the Office of the Comptroller of the Currency’s special-purpose charter.

At a House hearing covering a whole host of housing finance reform topics, Fannie Mae and Freddie Mac's regulator said "if the circumstances" call for eliminating investors, "we will."

Amid concern that an economic downturn is approaching, Greg Carmichael said that banks need to focus on credit quality and not worry about expanding their balance sheets.

The Columbus, Ga., company had been counting on increased volume to offset a squeeze in net interest margins.

The Ohio company, scheduled to report third-quarter results Thursday, blamed the decision on the squeeze interest rates are putting on revenue.

The nation's largest bank is hiring former prisoners for entry-level jobs and funding a policy center whose mission will be to help adults with criminal histories reenter the workforce.

On Jun. 30, 2019. Dollars in thousands.