Why Apple Pay Later is the tortoise in the buy now/pay later race
The slow rollout of Apple's buy now/pay later service contrasts starkly with the aggressive moves of leading BNPL fintechs. Analysts say Apple's restraint could pay off in time.
Citizens to end car dealer financing program this summer
The Providence, R.I.-based bank has been scaling down its indirect auto lending program since last year.
With a debt deal pending, changes are coming to the Fed’s balance sheet
Once it is free to issue new debt, the Treasury Department is expected to quickly replenish its general account at the Fed. The move could lead to a shortage of reserves.
Big banks quietly game plan in event of debt-ceiling breach
The CEOs of the nation's largest banks met with officials in Washington on Wednesday and Thursday, just two weeks before the government is expected to go broke. Behind the scenes, the banks are reviewing contingencies in case the unthinkable occurs.
Rise in consumer loan delinquencies signals end of pandemic trend
Delinquency rates in credit cards, auto and personal loans are effectively back to normal after three years of unusually strong credit performance. Industry executives say the current situation is easily manageable, but they do anticipate that key metrics will continue to worsen.
Powell: Fed made ‘mistakes’ in regulation and supervision on his watch
The Federal Reserve chair said he holds himself accountable for ensuring proper regulatory and supervisory changes are enacted in response to recent bank failures.
JPMorgan Chase, FDIC put an end to First Republic’s slow bleed
First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis.
Banks, experts call for accountability above all else in Fed’s SVB report
On Friday, Federal Reserve Vice Chair for Supervision Michael Barr will share findings from his review of the supervision of Silicon Valley Bank before its failure last month.
PacWest plans to shrink assets, make ‘significant expense reductions’
The California bank, which endured large deposit outflows in March, anticipates selling its $2.7 billion lender finance portfolio in the coming months. It's also looking at cutting facilities, employee headcount and vendor costs.
Redlining probes created millions for originations: DOJ
Prosecutors claim every dollar in subsidy funds from settlements equates to ten times the amount in value in home lending efforts.
U.S. Bank fires back after its capital levels face scrutiny
Executives at the Minneapolis bank responded to a research report that highlighted the decline in a key capital ratio after an acquisition last year. They don't plan to raise capital but aim to generate more of it from earnings in coming quarters.
First Horizon can’t see the finish line for sale to TD
The Tennessee bank confirmed in its earnings report that the deal, already delayed by several months amid heightened regulatory scrutiny, likely would not close by a May 27 deadline. No new target date has been set.
BofA is cutting jobs in response to rising expenses
Headcount at the nation's second-largest bank has fallen by around 1,000 since the end of last month. More job reductions are in the works after noninterest expenses rose by 6% during the first quarter.
Goldman is considering sale of GreenSky one year after buying it
As the Wall Street giant continues to scale back its consumer banking ambitions, the point-of-sale loan provider that it purchased in 2022 could be the latest target. And CEO David Solomon said there might be more moves ahead.
JPMorgan foresees strong returns even amid recession
The largest U.S. bank by assets raised its forecast for net interest income in 2023 to $81 billion from $74 billion, a positive sign for investors wondering how an economic downturn might weigh on profits.
Bank mortgage results good sign for nonbanks: KBW
Chase, Wells Fargo both reported increased gain on sale margins in the first quarter over the fourth, a potentially promising indicator for upcoming IMB earnings.
Secondary capital said to be crucial for credit union balance sheets
Subordinated debt issuances and asset-backed securities have helped institutions of all asset sizes weather recent market uncertainties and fuel campaigns for growth, according to executives and investment experts.
An alternative path for soured commercial loans
Lenders are bracing for more companies to fall behind on their loan payments. That could create more opportunities for banks to dispose of these nonperforming credits through an Article 9 sale.
Investors’ worries over banks become less existential, but won’t go away
Some concerns linger over the sector after Silicon Valley Bank's collapse last month. The most pressing worry now, analysts say, is not whether banks will survive but how much money they'll make in the coming months.
CFPB issues policy statement redefining what constitutes ‘abusive’
The Consumer Financial Protection Bureau issued a broad policy statement on what constitutes an "abusive" act or practice. Industry has long sought to narrow the definition.
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