Branch traffic is declining as consumers gravitate toward web and mobile channels. And running branch networks remains expensive, accounting for about 50% of a bank's operating budget. But they're still important: a Novarica study shows two-thirds of consumers wouldn't choose a branchless bank.
In this feature package, BTN looks at how Umpqua, Citi and Huntington are using technology to engage customers.
•
•
•
•
The custody bank achieved its goal for the amount of deposits it placed into minority banks and community development financial institutions by the end of the year.
The Consumer Financial Protection Bureau sued Walmart and payment app Branch Messenger, accusing them of illegally opening 1 million deposit accounts and charging $10 million in fees. Branch said the agency refused to engage in any meaningful way about the matter.
Bank of America must overhaul anti-money-laundering protocols and hire third-party consultants, but will not face growth limits, following OCC action for compliance deficiencies.
Releasing the GSEs from government conservatorship is on the agenda for the incoming Trump administration. Doing so could threaten the 30-year fixed rate mortgage.
Economists say the U.S. economy is leaving 2024 healthy, with unemployment low, inflation manageable and growth robust. Unknown variables — including the depth and scope of President-elect Donald Trump's immigration and tariff policies — could change that course, but likely not until 2026.
Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency. It marked the 21st deal of the year involving a credit union buying a bank.
