Consumer banking
After being undercapitalized for decades, some minority-led banks finally got large capital infusions in the wake of George Floyd's murder. But higher interest rates have made it harder for them to gather the deposits they need to boost lending substantially.
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The Cincinnati, Ohio, bank also promoted three other top executives to new roles. All of the changes will be effective in early 2024.
December 19 -
The Consumer Financial Protection Bureau's annual student banking report reveals that college-endorsed financial products, including credit cards and student ID-linked deposit accounts, often impose high fees and unfavorable terms, reinforcing the CFPB's ongoing scrutiny of potential violations of federal consumer financial protection laws.
December 19
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The changes include elevating several recently hired executives while eliminating nearly two dozen jobs and trimming annual operating expenses by $6 million.
December 15 -
The Ohio Democrat is pressuring the CEOs of JPMorgan Chase, Bank of America, Citigroup and Wells Fargo to proactively provide financial benefits to active-duty service members. Those protections are enshrined in a 2003 law, but many service members do not seek them out.
December 14 -
Retail customers at large banks were a bit more satisfied this year than in 2022, a new J.D. Power study finds. However, more of those same customers are moving cash to — and seeking advice from — wealth management firms and online banks.
December 14 -
Bank CEOs are eyeing a near-term peak in deposit costs as the Fed perhaps moves closer to cutting interest rates. But the pressures they've faced this year as depositors ask for more compensation may not die down right away.
December 11 -
The Georgia-based bank says it's expanding its relationship with GreenSky, a home improvement lender that Goldman Sachs bought in 2022 but put up for sale a year later. The deal will bring a one-time revenue boost and a recurring fee income stream.
December 7 -
Frustrated by its inability to overcome loan-servicing mistakes that triggered three separate regulatory consent orders, Discover Financial Services elected to sell its student loan business. "When we looked at it, we have perennial issues in our ability to service that portfolio," a top executive said.
December 6 -
The nation's largest bank has already completed many of the branch closings that can boost its earnings, leaving it with "less and less accretive opportunities to consolidate," according to a top executive.
December 5
