KeyBank nails CRA exam, Georgia Banking Association’s CEO to retire
KeyBank receives “outstanding” rating from the Office of the Comptroller of the Currency on its most recent Community Reinvestment Act exam; Georgia Bankers Association’s board elects a new incoming president and CEO; BNY Mellon hires a former GEICO executive; and more in this week’s banking news roundup.
Citi profit beats as companies, consumers on borrowing binge
Citigroup’s earnings topped analysts’ estimates as corporations tapped markets for financing and consumers leaned on credit cards.
JPMorgan Chase misses on net interest income, raises expense guidance
The company reported net interest income that slightly missed analyst estimates, a sign the benefit of higher interest rates may be waning amid pressure to pay out more to depositors. Costs rose on higher compensation and an FDIC assessment.
How Barclays and Carnival Cruise revived a waterlogged card program
With the cruise industry gaining steam after the pandemic, it no longer made sense to force passengers to sign up for a credit card with paper forms. The new process allows applicants to obtain credit they can use in any port — including Carnival’s upcoming private island in the Bahamas.
It’s time to rationalize the disparate regulatory treatment of crypto
Despite its game-changing potential, crypto adoption has remained relatively low, hampered by an unsavory reputation and lack of regulations. Advancements and clarity in regulations and oversight are needed.
Wells Fargo’s NII drops as pressure from depositors mounts
The company missed estimates for net interest income in the first quarter, a sign that muted loan growth and increased pressure to pay out more for deposits are eating into the benefit of higher rates.
This bank governance reform idea failed before. Will now be different?
Large U.S. banks have mostly staved off previous shareholder-backed efforts to ensure their CEOs also don’t lead their boards. The issue will soon be put to a vote at JPMorgan Chase, Bank of America and Goldman Sachs.
These banks are nearing $100B of assets. What did they learn from NYCB?
New York Community Bancorp took a massive loan-loss provision and slashed its dividend to meet tougher capital and liquidity requirements after rocketing by that asset mark. A half dozen regionals face tough questions about whether they’re better prepared than NYCB, which had to be rescued.
New twists in suit over CFPB’s $8 late fee favor credit card industry
Business trade groups are expected to prevail in getting an emergency stay to stop the Consumer Financial Protection Bureau’s $8 late fee rule from going into effect on May 14. However, the lawsuit would still have many steps to go after such a decision.
Fed approves $1.3 billion merger of two New Jersey banks
The Federal Reserve Board signed off on Provident Financial Services’ acquisition of Lakeland Bancorp. The newly combined bank will be the seventh largest in the state.