american banking news
- Banking
After 50 years, a new mutual bank will launch
Organizers of what would be the nation’s first de novo mutual bank in half a century say they’re nearly ready…
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Troubled payments startup Bolt reaches settlement in customer suit
Authentic Brands Group, which owns and licenses brands like Forever 21, has settled its lawsuit against Bolt Financial. The agreement ends months of…
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U.S. announces first quantum-proof encryption recommendation
In the race between quantum computing and quantum-proof encryption, encryption crossed a major checkpoint on Tuesday — a win for…
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Trial for ex-JPMorgan bankers could signal new tactic against white-collar crime
A rare courtroom trial for a team of former JPMorgan Chase bankers starting this week is being closely watched for…
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Columbia Bank pushes its business lending unit into Utah
Columbia Banking System, which is nearing the completion of a merger with Umpqua Holdings that would create a $50 billion…
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UMB’s real-time payments plan is to take it slow and steady
Banks are under a lot of pressure to rapidly add real-time payment settlement, though UMB Bank says it’s more important…
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Burke & Herbert in Virginia to form holding company
Virginia’s oldest bank announced plans Wednesday to form a bank holding company. Pending regulatory approval, the 170-year-old Burke & Herbert…
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Goldman Sachs plans office tower in Dallas for 5,000 employees
Goldman Sachs Group plans to anchor a new office tower in Dallas that would hold thousands of employees, part of…
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First Bancorp hastens South Carolina expansion with $181 million deal
First Bancorp in Southern Pines, North Carolina, inked a $181.1 million, all-stock deal to acquire GrandSouth Bancorp in Greenville, South…
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CEO of Members First Credit Union in New Hampshire to retire
Bruce Leighton, president and chief executive of Members First Credit Union in Manchester, New Hampshire, is set to retire. The…
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Truist opens its technology and innovation center
Truist Financial has unveiled a space within its Charlotte headquarters dedicated to innovation. On Tuesday, the $544 billion-asset bank announced…
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Crypto lobbyist will run for New York seat in House
WASHINGTON — The head of a crypto-focused trade association has decided to run for an open House seat from New…
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Associated Banc-Corp recruits two Huntington executives for top posts
Associated Banc-Corp CEO Andy Harmening is hiring two former colleagues from Huntington Bancshares to fill key posts at the Green…
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Banking as a service has steep risks as well as rewards
Banking-as-a-service is the fastest growing division at Evolve Bank & Trust in Jonesboro, Arkansas. Kristen Kines, business development officer at…
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Comerica to close 5% of its branches by fall
Comerica Inc. in Dallas, which has largely avoided the industry-wide trend of branch consolidation during the pandemic, will close 22…
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Used-car loans lead credit union lending surge
U.S. credit unions experienced one of the strongest recent quarters of loan growth, with used-car loans returning as a major…
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How Alex Carriles attracted Gen Z to Simmons Bank
In the past two years, Alex Carriles has accomplished a lot at Simmons Bank in Little Rock, Arkansas. He launched…
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Why the ‘war for talent’ will last
Earlier this year, Santa Cruz County Bank decided that its marketing department, which normally would concentrate on attracting new clients,…
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CFPB’s tactics in Fifth Third lawsuit called ‘pretty aggressive’
The Consumer Financial Protection Bureau is getting blowback from a federal judge and banking experts for tactics used in its…
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BECU chief executive retiring at end of 2022
Benson Porter, president and chief executive of Boeing Employees Credit Union in Tukwila, Washington, is stepping down after more than…
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CFPB seeks input on customer service issues at large banks, credit unions
The Consumer Financial Protection Bureau issued a request for information on customer service at large banks and credit unions as…
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BlockFi, Crypto.com slash jobs as market meltdown worries swirl
Two big names in crypto are cutting jobs as the digital currency market continues to spiral downward. The crypto lending…
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More than 60% of credit unions at risk for climate-related losses: Report
Following natural disasters, credit unions traditionally step in to help members regain their footing through low-interest loans, lines of credit…
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Banks feel fallout from Texas laws on guns, fossil fuels
Two Texas laws that bar Wall Street firms from discriminating against the firearms and fossil-fuel industries have caused some major…
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Should the Fed decide who gets a master account?
A long-running debate about which institutions can access the Federal Reserve’s services is nearing a tipping point. The question has…
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CrossFirst CEO Maddox to focus on strategy, cede daily management role
After nearly 14 years directing day-to-day affairs at the Leawood, Kansas-based CrossFirst Bank, Mike Maddox is taking a step back.…
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Are wages for bank workers keeping pace with CEO pay?
Numerous big banks have hiked their minimum wages amid high inflation and heightened competition for workers. But a new report…
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How JPMorgan Chase is using payments data to woo merchants from fintechs
Payment firms for years have offered card data to support their business clients’ strategies, a concept JPMorgan Chase hopes to…
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Pierre Habis to lead digital transformation at Santander Bank
Pierre Habis is taking on a newly created role at Santander Bank: chief consumer and digital transformation officer. The position…
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6 de novos explain their tech choices
The technology options for de novo banks are plentiful and, some say, stronger than ever. “The choices have never been…
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Regions launches investment advisory service aimed at young customers
Regions Financial is aiming to bring personalized financial planning online to younger customers who are just starting to invest. Under…
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Waters asks top U.S. banks for details on profits from American slavery
WASHINGTON — House Financial Services Chair Maxine Waters sent a series of letters Tuesday to some of the nation’s largest…
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CEO of Rhode Island’s largest credit union to retire
Gary Furtado will retire as president and CEO of Navigant Credit Union by the end of the year. The $3.2…
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Former FDIC regulator lands at Cravath to set up D.C. operations
WASHINGTON —Jelena McWilliams, who resigned as the head of the Federal Deposit Insurance Corp. earlier this year, is joining the…
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Banks and tech giants are losing skilled staff to flexible fintechs
Staff at major banks and some of the world’s biggest technology giants are increasingly leaving for fintech startups, new analysis shows. Bankers,…
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The dry spell is over: Arizona to get second new bank in 2022
Integro Bank is about to become the first de novo since before the financial crisis to open in Phoenix. It…
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Despite challenges, CEO Fraser sticks to Citi’s turnaround plan
Citigroup CEO Jane Fraser is sticking to the megabank’s turnaround plan in the face of ongoing challenges, including potential economic…
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Huntington unifies its payments businesses
Shortly after acquiring cloud technology to enhance its appeal to corporate users and their customers, Huntington Bancshares reorganized its digital…
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Eagle in Maryland paying $12.6 million to settle long-running SEC probe
Eagle Bancorp in Bethesda, Maryland has agreed to pay more than $12.6 million to settle a Securities and Exchange Commission…
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Fintechs focus on supporting people caught in the justice system
Individuals who spend time in prison can experience devastating financial consequences at every turn. They may struggle with the cost…
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Former small-bank CEO convicted on bribery, theft charges
The former CEO of a small Pennsylvania bank may be headed to prison after being convicted on charges that included…
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Huntington finds big a big appetite for small-dollar business loans
In January, after more than two years of selling Italian Ice out of a food cart at Columbus, Ohio-area malls,…
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Tennessee ruling on credit union-bank deal sets tone for other states
A Tennessee judge lifted a temporary injunction that had blocked Orion Federal Credit Union’s acquisition of Financial Federal Bank, enabling…
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Goldman pushes to keep executive names hidden in gender suit
Goldman Sachs Group and its former female employees who sued the company in one of Wall Street’s biggest gender discrimination…
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First City Credit Union in California hires new CEO
First City Credit Union in Altadena, California, named Nav Khanna as its new president and CEO. Khanna succeeds Jim Miller,…
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Dimon fires back after shareholders vote down his pay package
Jamie Dimon had harsh words Wednesday for institutional investors who vote on corporate matters based on the recommendations of proxy…
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Google-backed startup debuts credit card with merchant rewards
Tandym, a digital private-label credit card issuer, launched Wednesday backed by $60 million in venture capital funding, aiming to help…
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Judge appoints custodian to oversee embattled Republic First
Citing what he termed “destructive conduct” by warring factions on the bank’s board, a federal district court judge has appointed…
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TruMark Financial Credit Union in Pennsylvania names new CEO
TruMark Financial Credit Union in Fort Washington, Pennsylvania, is promoting Kelly Botti to be its next chief executive. The $2.8…
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Brown calls on Wells Fargo to end discriminatory practices ‘once and for all’
WASHINGTON — The Democratic Chair of the Senate Banking Committee urged Wells Fargo to do more to address recent accusations…
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