Huntington eyes growth markets as peers pare back
The Columbus, Ohio-based bank expects to hike expenses by about 4.5% this year as it ramps up investments in geographic areas and specialty banking verticals where it sees growth opportunities.
Fifth Third continuing Southeast buildout with 31 new branches in 2024
The expansion program, entering its sixth year, gives the Cincinnati-based company a regional profile few of its competitors can match, CEO Tim Spence said on a conference call with analysts.
Regulators say they have the tools to address AI risks
Bank regulators Friday said the existing laws governing safety and soundness and fair lending are adequate to address risks posed by artificial intelligence, noting that while AI may be used more to inform lending decisions, banks are ultimately responsible for compliance.
Ally is selling a unit to rival Synchrony. Analysts say it’s a win-win.
Investors drove up the stock prices of both companies after Ally Financial said it’s selling its point-of-sale lending business to Synchrony Financial. The deal is expected to help Ally focus on its bread-and-butter auto lending business, while also aiding Synchrony’s efforts to gain market share.
Capital rule’s impact on mortgage risk offsets worries industry
A common concern in housing finance reactions has been the lack of accommodation for strategies routinely used to manage credit, rate and liquidity exposures.
Jill Castilla reappointed to FCA, JPMorgan names ex-EY CEO to board
Citizens Bank of Edmond’s Jill Castilla is reappointed to Fed Advisory Council; Old National injects $1.2 billion into its existing community benefits program; former Ernst & Young CEO Mark Weinberger joins JPMorgan’s board; and more in our weekly banking news roundup.
Regions Bank says loan demand will stay muted in first half of 2024
The Alabama bank’s executives said commercial borrowers remain cautious amid high rates and economic uncertainty. During the fourth quarter, flat lending and higher deposit costs weighed down the company’s net interest income.
Press Release: FDIC Demands Five Entities Cease Making False or Misleading Representations about Deposit Insurance
PRESS RELEASE | JANUARY 19, 2024 FDIC DEMANDS FIVE ENTITIES CEASE MAKING FALSE OR MISLEADING REPRESENTATIONS ABOUT DEPOSIT INSURANCE WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today issued letters demanding five entities and certain associated parties cease and desist from making false and misleading statements about FDIC deposit insurance. The FDIC is demanding that […]
Wall Street counterattack on Gensler hits SEC’s foundations
When Gensler arrived at the SEC in 2021, he took on just about everything. Rules for stock-market trading, Treasury-security clearing, executive-pay disclosures, private equity, crypto, short-selling, climate-change risks, even AI: nothing seemed off limits. But now, three years later, to Big Finance, the verdict is clear: Gary Gensler overreached.
Basel ‘myths’ are all too real for the financial services industry
The leader of the Financial Services Forum takes issue with a recent BankThink article that challenged the industry’s claims about proposed rules for implementing the Basel endgame capital requirements.