Economy

Traditional financial institutions still have an advantage over challenger banks when it comes to building relationships with small merchants, despite scandals that have befallen megabanks.

The Cleveland bank gave details on a program for trimming 5% in expenses next year in order to ensure its efficiency ratio goals are met.

The Federal Reserve Board’s meeting to discuss supervisory standards for midsize institutions will be closely watched by regulatory relief advocates and those who want the Fed to maintain its firm hand.

Under the Federal Housing Finance Agency's plan, small Home Loan banks would face a new housing benchmark and a volume threshold for meeting the goals would be eliminated.

Federal "Opportunity Zones" that reduce exposure on capital gains could draw rich investors — and commercial lenders along with them — into economic development projects in thousands of troubled communities around the country.

The pledge comes as Fifth Third, which had previously committed $30 billion to community development, looks to close on its acquisition of MB Financial in Chicago.

On Jun. 30, 2018. Dollars in thousands.

On Jun. 30, 2018. Dollars in thousands.

Wells Fargo puts two top execs on leave as scandal's reach grows; regional banks freed from SIFI label lobbying regulators hard for more relief; FDIC to launch innovation office to help banks compete with fintechs; and more from this week's most-read stories.

Growing home prices plus rising interest rates are putting a damper on mortgage lending, which pushes the market to seek out less qualified borrowers and increases the risk of fraud.

Inclusiv's annual conference in Florida focused on the rocky road ahead for small credit unions – and how to ease the way forward.

The central bank should consider rescinding the bank’s “financial holding company” status, which allows it to participate in nonbank activities, given its inability to respond to internal management problems.

One U.K. fintech hopes its cryptocurrency-based prepaid debit card will gain traction with bitcoin and ether enthusiasts here.

City National Bank said the foundation will buy houses and hold onto them until the buyer lines up financing.

NCR has turned to the acquisition market to shore up its defenses against fintech challengers, a further signal that longtime retail industry staples such as payment hardware and ISOs are going by the wayside as dedicated business models.

The central bank will hold an open meeting Oct. 31 to discuss changes to the enhanced supervisory regime as required by the regulatory relief bill passed in May.

From branch networks to technology and cybersecurity concerns, there's plenty to keep leaders of CDFIs and small CUs awake at night.

The Minneapolis company said in an email to American Banker that it would reduce its headcount by approximately 1%, or about 740 positions, across the company.

The Florida bank set aside much less money to cover soured medallion loans in the third quarter, and total loans rose more than 7%.

TNB USA is suing the Fed to force the central bank to let it open an account that earns the same top-tier interest rate currently available only to a select few.