Which banks were winners and losers in this year’s stress tests?
Large and regional banks again proved their resiliency in the Fed’s annual exams. But analysts noted that a few lenders faced some negative surprises — a development that may scuttle investor hopes for share buybacks by those banks.
Canadian bank’s cross-border merger approved ending a two–year wait
VersaBank plans to use the one-branch Stearns Bank Holdingford in Minnesota as a platform to expand a lucrative niche business acquiring loan and lease receivables from point-of-sale lenders.
Consumer groups to CFPB: Make banks fairness-test AI lending software
The Consumer Federation of America and Consumer Reports sent a letter to the Consumer Financial Protection Bureau urging it to require banks to search for less discriminatory models. Later the same day, the CFPB issued a report saying it’s doing just that.
Bank, credit union executives share how they built virtual branches
Leaders that have created virtual “branches” weighed in at American Banker’s Digital Banking conference on how to approach implementation and what results have been like.
Mortgage rates keep trending down even as 10-year yield rises
But economists seem to differ on what the latest movement in mortgage rates means for the summer home sales business.
Don’t let the crypto industry buy its way to new regulatory policy
The cryptocurrency sector is only the latest in a long line of corporate interests seeking to distort our democracy by converting their financial power into political power.
‘Sonic brand’ strikes the right tone with TD Bank’s ATM users
When TD Bank launched an audio brand identity across its communication channels early this year, the new jingle triggered a surprising reaction from consumers using the firm’s ATMs.
Surge in credit report lawsuits has banks, credit agencies scrambling
Banks and financial institutions face a barrage of lawsuits from consumers alleging they failed to investigate inaccurate information on a credit report. Industry blames the uptick in litigation on social media sites and the proliferation of credit repair companies.
LockBit stole a bank’s data, but it wasn’t the Fed’s
Evolve Bank & Trust acknowledged the ransomware group published customer data from the bank, but the number of affected people remains unclear.
Banks pass Fed stress test, but see bigger losses than last year
The Federal Reserve attributes the uptick in simulated losses in this year’s stress test examination to heightened risks on bank balance sheets and higher expense levels. Credit cards and corporate lending were top areas of concern for the central bank.