First Citizens is retaining SVB clients, but cites ‘headwinds’ to growth
Ten months after the Raleigh, North Carolina, company acquired a large chunk of Silicon Valley Bank, it says it is seeing good progress in keeping and winning back the latter’s former customers. But the ongoing slowdown in private equity and venture capital activity will challenge the unit’s growth.
OCC says Blue Ridge in ‘troubled condition’ over BaaS
The Virginia bank is one of three that have been publicly admonished by regulators this week due to problems related to their banking-as-a-service programs.
Capital One says credit deterioration has ‘run its course’
The stable outlook is an indication that — at least for some lenders — the much-feared cycle of cardholders defaulting on their obligations in the wake of the COVID-19 pandemic may not turn out to be so bad.
Stopping predatory rent-a-bank loans is good policy
The Center for Responsible Lending calls for states to continue to police high-cost lenders rather than facilitating their growth.
Virginia community banks merge, Michigan credit union acquires bank
National Bankshares in Virginia agrees to acquire in-state peer, Advia Credit Union in Kalamazoo strikes deal with Illinois bank, EBANX’s annual Beyond Borders study launches and more in the weekly banking news roundup.
California benefits contract shifts to Fiserv from Bank of America
Fiserv’s Money Network will officially start managing the state’s prepaid debit card program for distributing unemployment and disability benefits to 850,000 beneficiaries. BofA had been trying to exit its contract for several years due to financial risks.
Visa blames the weather for slower January sales
The card network said that recent weeks’ cold snap in key cities had a chilling effect on U.S. spending, and reaffirmed its sunny outlook for the year.
HSBC tells clients it won’t blacklist major polluters
The UK bank is the latest to articulate the shifting zeitgeist among financial heavyweights who are increasingly pushing back against calls to shun the fossil fuel industry. Their view is that jettisoning high-emitting clients from balance sheets won’t make those emissions disappear, and that bankers therefore need to work with polluters to help them decarbonize.
American Express CEO bullish on small businesses despite slow growth
Steve Squeri said flatness in the segment is an industry-wide trend, and the company is dedicated to the segment.
Press Release: FDIC Makes Public December Enforcement Actions; No Administrative Hearings Scheduled For February 2024
PRESS RELEASE | JANUARY 26, 2024 FDIC MAKES PUBLIC DECEMBER ENFORCEMENT ACTIONS; NO ADMINISTRATIVE HEARINGS SCHEDULED FOR FEBRUARY 2024 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in December 2023. There are no administrative hearings scheduled for February 2024. The […]