Customer use of AI agents will depress profits: McKinsey
The agents could overcome the consumer inertia that keeps people in low-yield bank accounts, the consultants say.
First Citizens takes $83 million hit tied to First Brands
The North Carolina bank is the latest lender impacted by the bankruptcy of U.S. auto parts maker First Brands. First Citizens executives said credit was in good shape overall.
Stablecoins are expanding the definition of what we call ‘money’
Stablecoins aren’t fungible, and yet they’re considered an on-chain substitute for money. Noelle Acheson argues that this is about more than a shift in definitions.
Bread Financial eyes home goods for portfolio diversification
The credit card issuer added two programs with home goods retailers Raymour and Flanigan and Bed, Bath and Beyond during the quarter while also increasing its stock buyback allocation and dividend payouts.
101 Republicans urge administration to save CDFI Fund
A cohort of more than 100 Republican members of Congress sent a letter to Treasury Secretary Scott Bessent urging the administration to protect and fund a community lending program that has been gutted despite its legal mandate and Bessent’s backing.
Fannie Mae names Akwaboah acting CEO, replacing Almodovar
In addition, John Roscoe and Brandon Hamara have been appointed co-presidents at the government-sponsored enterprise, effective immediately.
Redlining is a bigger problem than banks’ representatives admit
The American Bankers Association’s assessment of the Biden administration’s fair lending enforcement efforts makes questionable claims about a practice that remains a major problem in some U.S. communities.
AI startup Brico aims to make licensing ‘joyful,’ gets $13.5M
The company’s software automates much of the process of getting money transmitter, lending and other types of licenses.
Record interest income fuels a strong Q3 for LendingClub
The company is leveraging its bank charter and strong customer acquisition, with app logins up nearly 50% from borrowers.
Texas Capital hits profitability goal, tops earnings forecast
The Dallas-based regional bank’s return on average assets exceeded its goal of 1.1% for the first time, coming in at 1.3% for the third quarter. The bank has been in transformation mode since 2021.