Economy

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.

Strong growth in the bank's core business of multifamily lending was offset by higher rates it paid on CDs and borrowed funds.

Organizers plan to raise $25 million to $35 million in initial capital to focus on small and midsize businesses in northern Virginia.

The pressure is on for banks to lean more heavily on capital markets, wealth management and other nonmortgage sources of fee income. That could get tougher in upcoming quarters.

A detailed breakdown released by the agency shows residents in California, Florida and Texas having submitted the most complaints about a financial institution, but D.C. had the most per-capita complaints.

The Ohio company touted a strong pipeline for loans but warned that noninterest costs will likely rise in the fourth quarter when it records charges tied to branch closings.

Though consumer lending and C&I lending improved at the Cincinnati company, its corporate and mortgage banking revenues fell in the third quarter. Last year Fifth Third also posted a one-time gain of $1B associated with its sale of shares in Vantiv, complicating the comparison.

Now known as Inclusiv, the name change also brings several high-profile programs under one umbrella.

Through the "Where We Live" program, the bank will direct philanthropic giving to two wards in the nation's capital and provide financing for affordable housing.

The bank failed to tell investors that the success of its cross-selling was built on “sales practice misconduct at the bank,” the state attorney general said.

In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.

The $22.9 billion-asset TCF also highlighted improvements in credit quality in the third quarter as it continued to exit the auto finance business.

The challenger bank is “rebundling” banking, offering more pieces of traditional financial services for a flat monthly fee.

Banks technically relieved of the “systemically important” label in last spring’s legislative package are lobbying regulators hard over concerns that they could still face tough standards.