Bank borrowing from Fed facilities stabilizes
The use of the Federal Reserve's emergency lending facilities was largely unchanged this week, indicating to some that the recent liquidity crisis isn't getting any worse.
Memories of 2008 leave FDIC with few bidders for failed banks
The high-stakes acquisitions of 2008 and subsequent legal liabilities have sapped enthusiasm from many prospective buyers for Silicon Valley and Signature Banks. The Federal Deposit Insurance Corp. may end up having to sell assets piece by piece.
CFPB warns banks about high fees in prepaid benefits programs
The Consumer Financial Protection Bureau is warning that excessive fees can chip away at the cash sent to the most vulnerable consumers who opt to receive Social Security and other public benefits via prepaid cards.
Truist’s partial sale of insurance unit paves way for growth, CEO says
After months of speculation, Truist Financial has agreed to sell 20% of its insurance brokerage subsidiary to the private-equity firm Stone Point Capital for $1.95 billion. The deal was touted as a way to provide capital for expansion and increase earnings over time.
TD, First Horizon again extend deadline for closing merger
The two banks are now targeting May 27, three months later than their previous goal. The transaction, which would create a top-six U.S. bank by asset size, was originally expected to be completed last fall.
JPMorgan Chase makes cuts to its home lending division
The bank was already mulling headcount and compensation reductions in early September.
BofA will bundle cost of charging stations into electric-vehicle loans
The North Carolina bank's new financing program will allow electric car buyers to include the cost of an at-home charging station in their auto loan.
Sallie Mae overhauls its credit analytics after charge-offs jump
After soured loans rose above the private student lender's expectations in 2022, its stock price fell 16% on Thursday. One analyst wrote that "persistent credit issues have damaged management's credibility."
Small-dollar consumer loans gain steam at large banks
In a reversal from five years ago, six of the eight biggest U.S. banks by branch count now offer the loans, which observers see as safer alternatives to payday loans.
Bankers see pockets of strength amid recession indicators
Indexes show heightened expectations for a recession and souring loans. But executives are upbeat about middle-market businesses and overall job growth.
Debt default would make Lehman bankruptcy ‘look like a walk in the park’
Repo markets and the bank deposit business, in particular, would be upended if the U.S. were to default on its debt, experts say.
Despite headwinds, Mastercard reports strong consumer spending
The card network sees digital payment opportunities and upside from China's reopening, but inflation and the slower pace of travel spending could slow growth.
Bankers, economists expect ‘shallow’ recession
Members of the American Bankers Association's Economic Advisory Committee expect gross domestic product to stall in 2023. Other surveys show a modest contraction. Lenders say sentiment among their borrowers also points to a slight slowdown.
Synchrony: Consumers ‘still healthy’ despite uptick in late payments
The declining credit quality included more borrowers with higher credit scores falling behind on their credit card payments. But executives said the increase remains within expectations as it continues seeing "very linear normalization" in credit.
PNC Financial girds for ‘shallow’ recession, builds reserves
The Pittsburgh bank posted a solid profit and said that it expects continued loan growth. But the pace of business expansion could slow alongside an economic downturn.
Goldman to exit personal loans as Marcus reshuffle continues
Goldman Sachs provided more details on its pullback from its once-grand ambitions to expand into consumer finance. Though parts of that strategy will remain, the New York bank will halt its personal loan business and postpone offering a checking account for its wealth management customers.
North American Savings Bank exits consumer direct home lending
The move, which comes with an unspecified number of layoffs, is expected to cost the company $3.8 million to $4.6 million in pretax charges in the second quarter.
CFPB targets large banks with new repeat offender unit
The Consumer Financial Protection Bureau's new unit will identify the root causes of recurring violations and find ways to hold companies accountable.
How buy now/pay later loans are renovating the home improvement market
The industry is taking lessons from instant point-of-sale lenders to help homeowners embarking on major projects.
Where net zero progress fall short, ABS could fill the void
The U.S. government's carbon transition policies will boost ABS-backed green building improvements, hardening of properties against climate risks, and electric vehicle purchases.
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