Visa, Klarna and other payment firms lend scale to ‘green payments’
The companies, which reach thousands of merchants, recently launched environmental programs that use a network effect to cut carbon emissions.
Chopra warns Wells Fargo is not out of the woods after huge settlement
Rohit Chopra, director of the Consumer Financial Protection Bureau, said the bank is "not making rapid progress" and hinted at the possibility of additional restrictions. But analysts saw positives for Wells in the $3.7 billion consent order.
Bank M&A in 2023: Hints of recovery, but no sudden rebound
Dicier credit conditions, recession fears and tougher regulatory scrutiny combined to weaken merger activity in 2022. A push for scale is bound to resume when interest rates level off — at least among smaller banks, analysts say.
Ex-Truist Chief Financial Officer Daryl Bible to join M&T as CFO
Bible spent 14 years at BB&T and Truist before announcing his retirement earlier this year. He will replace Darren King, who will remain at M&T in a new role.
Judge’s report hammers three ex-Wells Fargo executives
An administrative law judge has recommended that a trio of onetime Wells executives be ordered to pay a combined $18.5 million in connection with the bank's fake-accounts scandal.
Banks, credit unions respond to attack on power grid in North Carolina
Roughly 40,000 residents of Moore County have been left without power since Saturday, when gunfire damaged two substations. Financial institutions are urging residents to use online banking and call centers if they do not have access to a branch.
CFPB seeks to limit banks’ ability to collect on delinquent HELOCs
In an appeals court filing, the Consumer Financial Protection Bureau wrote that a federal judge "ignored regulatory text, history and context" when she ruled against a PNC customer. The consumer argues that the bank shouldn't have pulled funds from his checking account after he was tardy in making payments on his home equity line of credit.
TD, BMO push back their timelines for closing M&A deals
Both Canadian banks are awaiting green lights from regulators for their pending acquisitions of U.S. banks. "We don't control the timing of all the regulatory approvals," TD's chief executive said Thursday.
This lawsuit could upend banks’ role in syndicated loans
Early next year the 2nd Circuit Court of Appeals is slated to consider whether certain loans are actually securities.
Buy now/pay later lenders face a higher-stakes holiday season
Rising interest rates and tightening consumer credit are likely to drive many consumers to use interest-free point-of-sale loans, putting BNPL fintechs' data-driven underwriting to the test.
Wells Fargo charged borrower $40,000 in excessive legal fees, judge rules
The case involved a customer who was charged $100,000 in legal fees when he tried to pay off a commercial mortgage early. After the borrower waged a nearly decadelong legal fight, a Florida court ordered the bank to reimburse a portion of the fees.
How Discover’s skills lab shapes its newest recruits
Sometimes the right worker has the wrong skills. The card network's lab in Chicago is hiring people with general technology expertise, then training them for specific tasks.
Wells Fargo launches small-dollar loan as an alternative to overdrafts
The San Francisco bank joined Bank of America, U.S. Bancorp and Huntington Bancshares, which have previously introduced similar products. The Pew Charitable Trusts said the loans are a more affordable option for cash-strapped consumers than payday loans and overdraft fees.
Why the CFPB’s guidance on unfair practices will keep giving banks trouble
The CFPB's recent guidance on so-called "unfair" bank fees has created legal turmoil for banks and financial firms after the White House claimed the bureau's actions were settled law.
Regional banks say they can handle any looming credit hiccups
Executives from PNC, Regions and M&T are expressing confidence that their loan books can withstand a recession. "We don't see crisis-type things in front of us right now," said PNC Chief Financial Officer Robert Reilly.
What happens when the CFPB’s funding question hits the Supreme Court?
Legal experts are gaming out the various options for the CFPB after a three-judge panel of the U.S. Court of Appeals for the 5th Circuit ruled on Oct. 19 that the bureau's funding is unconstitutional.
Huntington gets a lift from recent M&A deals
The addition of investment bank Capstone Partners and the wider geographic footprint that resulted from the acquisition of TCF Financial helped drive a 58% increase in net income during the third quarter.
KeyCorp’s simple recipe amid lower overdraft revenue: Get more customers
The Cleveland bank expects to lose about $25 million in fee income per quarter as a result of recent changes to its overdraft policies. CEO Chris Gorman said Key plans to compensate by expanding its customer base.
Citi takes the good and the bad against darkening economic backdrop
Its investment banking and corporate lending revenues dipped during the third quarter, while treasury services and branded cards were bright spots. That formula will be tested by "rolling, country-level recessions" across the globe, CEO Jane Fraser predicts.
PNC rides high on rising interest rates, but can it last?
The Pittsburgh company's finance chief expects more gains in interest income, though he conceded rising deposit costs could curb the pace of advances.
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