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In a deal arranged by the Federal Deposit Insurance Corp., the Pittsburgh bank has bought a portfolio from the wreckage of Signature Bank. The purchase should help PNC expand its fund banking business, which helps private equity firms manage liquidity and finance investments in the short term.
Federal Deposit Insurance Corp. Chairman Martin Gruenberg said despite earlier proposals for reforming deposit insurance following this spring's bank failures, congressional interest in major reforms has waned and prospects for legislative changes are dim.
With a week left in its 2023 fiscal year, the Small Business Administration has already approved 12% more 7(a) loans than last year. Larger banks were among the biggest gainers as a result, according to the agency's latest data.
Two federal agencies recently released a warning about a strain of ransomware called Snatch, which has adopted the successful tactics of other variants.
The Swedish furniture giant debuts a modest U.S. buy now/pay later loan program via Afterpay, with interest-free terms that are unlikely to anger regulators.
Commercial real estate loans are a growing area of concern for banks. But OceanFirst says its exposure to a troubled shared credit tied to a Manhattan office building isn't a sign of broader problems in its portfolio.
Despite an industrywide rough patch, EverBank still sees promise in the niche business line. The Jacksonville, Florida, company has hired a pair of prominent industry experts to lead a new division tasked with serving investment funds.
The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.
A joint letter from the banking and financial trade groups is the latest effort by the industry and its representatives in Washington to push back against the Basel III capital proposals, which would raise capital significantly for the largest banks.
The avoidance of one of the harsher economic scenarios is good news for banks, which are also contending with tighter profit margins and increasing competition for customers. But loan growth and credit quality could be at risk.
Some analysts and investors want the North Carolina bank to make big changes to meet financial targets, which they say aren't being met more than four years after the BB&T-SunTrust merger. The critics will be closely watching a presentation by top Truist executives on Monday.
Michael DeVito has been able to grow the government-sponsored enterprise's net worth, but at the current pace and without a rule change, it could take 10 years to build enough capital to exit conservatorship.
The Federal Deposit Insurance Corp. acknowledges in a new report that it didn't adequately monitor First Republic Bank's uninsured deposits, interest rate risk sensitivity and rapid growth — and as a result left the bank vulnerable to contagion.
Banks have offered a more tepid critique of regulatory proposals to expand resolution planning and long-term debt for regional banks, suggesting the industry is intent on curbing July's Basel III capital proposal instead.
The job cuts come amid caution about the industry's growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.
Tighter credit standards and lower demand for business loans could make it harder for the Fed to achieve the soft landing it's seeking. Still, bankers are cautiously optimistic, noting that some businesses are using their savings to invest at a time when borrowing costs are high.
JPMorgan Chase, Wells Fargo and TD Auto Finance all see opportunities in providing financing to dealers for inventory, the purchase of competitors and the addition of infrastructure for electric vehicle sales. Two other banks recently said they're exiting the business, which could provide a further opening.
Moody's said higher funding costs, a potential decline in bank capital and growing risk in the commercial real-estate industry prompted many of the downgrades.
Much of the industry is slimming down, with some banks calling it quits on riskier sectors and selling loans they no longer want. The trend is particularly prominent at regional banks that are preparing to comply with new capital rules.
Seibly, a 35-year banking industry veteran, takes over the Jacksonville, Florida, online bank now that private equity investors have purchased it from TIAA.
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