Fee income

The Pennsylvania bank has agreed to sell its Exchange Underwriters subsidiary to World Insurance Associates for $30.5 million, saying that the deal will help pad its capital and liquidity.

The Consumer Financial Protection Bureau found that more consumers are being charged late fees, while determining that the average cardholder carried $5,288 in total credit card debt last year.

Consumer Financial Protection Bureau Director Rohit Chopra said the CFPB is enforcing a long-dormant provision of Dodd-Frank in its advisory opinion prohibiting banks from charging fees to obtain basic account information.

With billions of dollars at stake, financial institutions weighed in on the Consumer Financial Protection Bureau's proposal to cut credit card late fees to $8, claiming, in part, that small banks and credit unions will suffer economic harm if the plan goes into effect as proposed. 

The custody giant benefited from rising interest rates, which helped offset choppy financial markets and a decline in fee income.

The Consumer Financial Protection Bureau's outline for upcoming regulations reflects the efforts of Director Rohit Chopra to reduce credit card late fees and overdraft fees.

Entrepreneurs often call fees a drawback of their current financial institution, according to research from Arizent. Banks should focus on developing long-term relationships with these customers, rather than charging for every service, experts say.

The Providence, Rhode Island, bank expects to finalize its purchase of 80 HSBC Bank branches on Friday and complete a systems conversion over the weekend. Its pending deal for Investors Bancorp is on track to go through early next quarter, Chief Financial Officer John Woods said.

Consumer advocates have long wanted to restrict banks' ability to collect overdraft fees. The Empire State's new law represents a small but consequential breakthrough as they push for nationwide reform.

The sale to the Florida-based insurer Brown & Brown would give Berkshire Hills Bancorp an infusion of capital that it intends to invest in more profitable businesses, executives said.