Bank earnings woes, Discover lawsuit and other issues facing investors
Mixed earnings results at Wells Fargo and the ongoing merger proposal between Discover Financial Services and Capital One Financial are creating added pressure for investors.
Synapse’s failure shows that regulation is no substitute for knowledge
Financial services supervisors should revisit the concept of regulatory sandboxes. Doing so would allow fintechs to gain needed experience in the world of banking, while fostering innovation.
Spread income growth and cost control drive Key’s profit higher
The Cleveland-based regional bank continues to benefit from strength in investment banking, but CEO Chris Gorman described loan demand as tepid.
CFPB says payroll advances are loans; major blow to earned wage industry
Payroll advances would be considered consumer loans under an interpretive rule by the Consumer Financial Protection Bureau that would require disclosures of annual percentage rates and fees under the Truth in Lending Act.
The 10 top-performing banks with between $10B and $50B of assets
See which bank topped American Banker’s annual ranking of the best-performing midsize institutions.
Ally starts seeing relief as old loans roll over
The Detroit-based auto lender has been dealing with an imbalance in deposit costs and loan yield since rates rapidly rose. Now, the bank’s fixed-rate loans from before are maturing.
Why Synchrony is cautious on underwriting even as consumers show discipline
The credit card company is seeing fewer customers fall behind on their payments. But with lower-income consumers still being pinched by inflation, Synchrony isn’t loosening its lending standards.
Citizens Financial again builds up reserves to shield against office losses
For at least the fifth consecutive quarter, the Providence, Rhode Island, company increased its allowance for credit losses on general office loans, which continue to be a problem area for banks.
The five fixes to proposed cyber regulations bankers want to see
An analysis of 13 comment letters from the financial industry highlights the most important changes banks want to see to rules proposed by CISA.
Hsu says OCC will update its state preemption standards
Acting Comptroller of the Currency Michael Hsu said the OCC will review its 2020 interpretation of preemption under the Dodd-Frank Act and explore more direct engagement, tailored federal regulation and supervision of nonbank fintechs.