BMO earnings miss expectations amid higher credit provisions
The Canadian lender’s cushion for potential credit losses nearly doubled in the third quarter, while its U.S. business idled.
Scotiabank’s profit slumps as consumer stress builds in Canada, Latin America
Bank of Nova Scotia increased its provisions for potential credit losses in the third quarter and said its KeyCorp stake will boost near-term profitability.
The Most Influential Women in Payments Next, 2024
The Most Influential Women in Payments: Next honors women 40 years old and younger who are making a major impact on their businesses, inspiring colleagues and changing the industry early in their careers.
FDIC fights latest challenge to the use of in-house judges
The Federal Deposit Insurance Corp. is trying to limit the impact of a Supreme Court decision that curtailed federal agencies’ use of administrative law judges.
The PAVE task force may be coming to a close, but the work has just begun
The interagency Property Value and Appraisal Equity initiative, which was tasked by the Biden Administration with rooting out bias in home valuations, appears to have run its course. But experts say it could be years before the group’s efforts bear fruit.
Judge sides with CFPB on challenge to small-business lending rule
A federal judge excoriated banks for inflating data in a challenge to the Consumer Financial Protection Bureau’s data collection on small-business loans.
FHFA may lower some Fannie Mae, Freddie Mac housing goals
The latest proposal for the two government-sponsored enterprises’ affordable housing targets scales down some benchmarks for a tough market, but also raises one.
MoneyGram names new chief digital officer to ‘fast-track’ tech
The cross-border payments company appointed its first chief digital officer in April 2023 in its push to design products more intentionally for consumers.
For community banks, rate cuts present positives and perils
Lower interest rates could bolster loan demand, credit quality and securities portfolios. But they could also curb lending profitability faster than they ease deposit costs, crimping net interest margins and eating into near-term profits.
Credit unions venture cautiously into AI to make operations smoother
A minority of American Banker’s Best Credit Unions to Work For report using AI. But such projects could help excite employees about their roles and eliminate routine work.