The Savings Bank names Raichelle Kallery as its president and CEO
Wakefield, Massachusetts-based The Savings Bank named Raichelle Kallery as its president and CEO; Los Angeles-based Banc of California is donating $1M to launch a recovery fund in response to the wildfires devastating Southern California; Amazon agreed to acquire the Bengaluri-based fintech Axio; and more in this week’s banking news roundup.
Honda Auto Finance fined $12.8 million for reporting errors
The Consumer Financial Protection Bureau said American Honda Finance Corp. inaccurately reported 300,000 borrowers as delinquent who had paused loan payments during the pandemic.
Tariffs are nothing new for banks, but that doesn’t make them welcome
President Trump has promised to reduce banking regulations, a form of indirect tax or “bank tariff,” that will help the banking industry. But, he also plans to impose new tariffs on imports that may adversely impact agricultural and manufacturing industries and thus their banks.
Wells Fargo, Merrill cash-sweep accounts shortchanged clients, SEC alleges
The firms paid $60 million to settle the claims without admitting to or denying the regulator’s allegations.
Huntington turns to organic growth as expansion effort clicks
The Columbus, Ohio-based bank’s profit more than doubled in the fourth quarter from a year ago, with solid growth in loans and deposits.
WaFd is the latest bank to exit mortgage lending
Commoditization of mortgages, plus technology that eases the refinance process, and the regulatory environment, all contributed to the decision.
Quicken app gives small business owners holistic view of money
Quicken Business & Personal will help entrepreneurs manage their personal and business accounts on one platform by aggregating financial data from banks.
Regions keeps costs in check as loan growth proves elusive
The Alabama-based regional bank reported stronger earnings on a bump in capital markets fee revenue and lower expenses, but its total loans declined and its charge-offs increased. It expects only modest loan growth this year.
Webster leans into optimism over loan growth despite lingering caution
The Connecticut-based bank outpaced the industry’s muted loan growth last year. CEO John Ciulla said he expects further growth, citing business clients’ “decidedly positive” bias.
CFPB orders Equifax to pay $15 million for credit reporting errors
Equifax agreed to resolve allegations that it failed to conduct proper investigations of consumer disputes, ignored evidence and allowed previously deleted inaccuracies to be reinstated on credit reports. The credit reporting bureau also shared inaccurate credit scores and data about consumers with lenders.