CFPB’s Chopra: ‘It’s very profitable to have customers be late’
The Consumer Financial Protection Bureau celebrates its 12th anniversary on Friday, prompting Director Rohit Chopra to discuss the agency’s work including a proposal to set credit card late fees at $8 and the upcoming Supreme Court case to defund the bureau.
Western Alliance back on track in 2Q, seeing business pipelines build
The Phoenix bank was one of the institutions hit hardest in this spring’s banking crisis, but deposits rebounded in the second quarter. The bank’s earnings results were what “we were all hoping for,” one analyst said, sending its stock up 8%.
M&T won’t resume buybacks despite lower capital buffer
The Buffalo, New York, bank said that share repurchases are off the table, even though the amount of incremental capital it’s required to hold has declined from last year. Executives pointed to forthcoming revisions to risk-based capital rules, which are expected to hit midsize banks like M&T.
U.S. Bank says growth, cost savings from Union Bank deal set to kick in
The recent conversion marked one of the final steps in the $8 billion acquisition, first announced in 2021. U.S. Bank still anticipates up to $900 million in cost savings and a breadth of opportunities to expand revenue from the transaction.
Banks can rest easy on Durbin’s credit card swipe fee bill — this time
As the Senate debates this year’s defense spending package, analysts say the highly partisan politics of this Congress, as well as the banking industry’s lobbying, make it difficult for Sen. Dick Durbin’s, D-Ill., credit card legislation to slip through this round.
Flashing yellow: Rate hikes exacting a toll on banks’ credit quality
Several community banks noted an uptick in problem loans in second-quarter earnings reports. Small lenders should brace for more of this, industry observers noted.
Citizens boosts fee income, plans to further expand wealth management business
The regional bank said dozens of new hires give it a major presence on both coasts, and it plans to build out its team of advisors and its private banking products.
Ally says auto market remains attractive since others are pulling back
Some credit unions and banks are taking a step back from the U.S. auto lending market, but Ally CEO Jeffrey Brown said the overall sector remains healthy. Though credit is weakening, the loans that the company is making are bringing large returns.
How banks can learn to stop worrying and love the Fed’s discount window
Two of the three midsize banks that failed this spring were unprepared to access the Federal Reserve’s discount window, limiting regulators’ ability to inject cash at a pivotal moment. Regulators say that experience should be a wake-up call.
CEO of beleaguered Blue Ridge Bankshares resigns
Brian Plum abruptly stepped down as president and CEO of the Charlottesville, Virginia, company last week. Blue Ridge also announced that it would not pay a dividend in the third quarter.