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.
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.
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.
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.
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.
Citi names CEO Fraser chair, gives her one-time pay award
Fraser will succeed John Dugan, who’s been Citi’s chair for six years. The megabank also granted Fraser a one-time award of $25 million in restricted stock units, and more than 1 million stock options.
OCC settles its last remaining Wells Fargo case for $0
U.S. regulators have reached a rock-bottom settlement deal with a former Wells executive accused of wrongdoing in the phony-accounts scandal. The OCC had sought to recover $10 million from Claudia Russ Anderson, a onetime risk executive at the bank.
Ohio community bank strikes deal to expand in Columbus
Farmers National Banc Corp. in Ohio plans to acquire in-state rival Middlefield Banc Corp. in a deal that will deepen the buyer’s footprint in Columbus.