Santander launches its digital bank in the U.S. market
Openbank, which has operated in parts of Europe for years, should help the Spanish bank to fund its U.S. auto lending business, executives said.
Consumer banking
Bank stocks stall amid new threat to profitability
Anticipated interest rate cuts could help stressed borrowers, but such a shift in monetary policy may curb lending income.
CFPB hits TD Bank with $28M in penalties for credit-reporting abuses
The latest violations come as the bank expects to face more than $3 billion in regulatory fines for anti-money-laundering failures.
U.S. Bank credits teamwork for its SBA lending surge
The Minneapolis-based banking giant is enjoying its biggest year ever for 7(a) lending, with volume up 40%, as borrowers "are still coming to us," its SBA chief said.
Credit union-bank mergers approach all-time high
REV Federal Credit Union in suburban Charleston, South Carolina, plans to acquire First Neighborhood Bank in West Virginia. It marks the 15th deal this year involving a credit union buying a bank, closing in on 2022's record of 16 deals.
For community banks, rate cuts present positives and perils
Lower interest rates could bolster loan demand, credit quality and securities portfolios. But they could also curb lending profitability faster than they ease deposit costs, crimping net interest margins and eating into near-term profits.
Survey finds bankers newly upbeat on loan growth
Increased demand from borrowers may hinge on Federal Reserve Chair Jerome Powell and his colleagues cutting interest rates this fall.
Credit unions extend bank-buying spree
A Northwest credit union announced plans this week to buy a community bank, lifting the 2024 total of such deals to 13 and putting the year on track to set a record. The all-time annual high of 16 was set in 2022.
Banks rebuff FHFA inquiry into the Federal Home Loan Banks’ mission
The Federal Housing Finance Agency wants to update the dual mission of the Federal Home Loan Banks. Members of the private bank cooperative say their regulator has no authority to redefine the mission.
SBA aims to streamline working capital offerings with pilot program
The agency admitted navigating the different rules and regulations involved in its four existing lines of credit proved time consuming and confusing and kept some lenders from offering them altogether.
UMB Financial starts checking items off to-do list for Heartland deal
The Kansas City, Missouri-based regional bank said it is making progress on its pending purchase of Heartland Financial USA in Denver. The deal is expected to close during the first quarter of 2025.
First Guaranty lays off 15% of workforce, cuts dividend in half
The Hammond, Louisiana, company, which announced changes to its business strategy, cut 71 jobs and reduced its dividend to 8 cents per share.
JPMorgan gets lift from investment bank, offsetting jump in credit costs
Investment banking fees shot up at the nation's largest bank, thanks to rebounds in M&A and the equity capital markets segment. And despite higher credit costs in the company's card business, a top bank executive expressed confidence in the health of U.S. consumers.
Bank M&A deals substantially bigger in 2024
There were 27 bank acquisitions worth $5.45 billion announced in the second quarter as of mid-June. That was more than the $5.2 billion combined value of deals announced over the previous five quarters.
Streak of bank sales to credit unions heats to record pace
Atlanta Postal Credit Union's bid to acquire Affinity Bank marked the 11th deal overall this year involving a credit union buying a bank, matching the total for all of 2023. Separately, members voted against the merger of two credit unions in Indiana.
California community banks to merge in $63 million deal
West Coast Community Bancorp agreed to acquire 1st Capital Bancorp in an all-stock deal slated to close in the fourth quarter.
More consumers are maxing out their credit cards: New York Fed
The number of borrowers who are at their credit limits is approaching its pre-pandemic level, and the percentage of balances that are sliding into delinquency has hit its highest rate in more than a decade, according to new research. Still, card companies are generally expressing optimism about their credit outlooks.
Bankers, investors look past shaky near-term conditions and see growth
Bank stocks are up this year as interest rates have leveled off and there are hopes that pressure on lenders' profits could moderate.
Regulators issue guidance to community banks on third-party risks
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
FirstSun to switch regulators due to delays tied to HomeStreet deal
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
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