Banks are losing share in rapidly growing HELOC market
The volume of home equity lines of credit expanded for the 14th consecutive quarter, driven largely by fintechs and other nonbanks that are accounting for more and more of the business.
Block’s quarterly earnings miss, but it projects a strong future
The payment and commerce company’s stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street’s earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.
Waller hedges on nonbank access to ‘skinny’ master account
Federal Reserve Gov. Christopher Waller said there was a popular “misunderstanding” Thursday regarding who can qualify for a “skinny” master account, noting that only firms with a bank charter would qualify for approval.
Chime raises revenue forecast after Q3 earnings report
The digital neobank is expecting spending to stay strong through current economic conditions, and a new credit card is projected to bring in increased revenue.
Neobank Varo’s losses deepen as deposits are cut in half
Analysts say the fintech must “grow like a fintech, but be profitable like a bank” as its capital base shrinks to its lowest level to date.
OCC’s Gould vows to ‘refocus’ bank supervision
Comptroller of the Currency Jonathan Gould said Thursday that a proposal to reimagine bank supervisory practices is meant to empower rather than handcuff supervisors by limiting the scope of their examinations.
Bank of America, JPMorganChase execs report returns on AI
A new research report this week found AI could ‘unlock’ $370 billion in profits for banks, though they’re not yet ready to capture it. But big-bank executives say they are already seeing measurable results from their generative and traditional AI investments.
Amerant parts ways with CEO after problem loans spike
Jerry Plush had helmed the South Florida-based bank for nearly five years before agreeing to depart this week. News of the leadership change comes little more than a week after Amerant reported a 43% increase in nonperforming assets.
Fed Gov. Barr says AI may cause ‘dislocations’ in labor force
Michael Barr said he believes artificial intelligence will have a positive long-term impact on the economy, though it may cause job losses in the short term.
Community banks are vital to the economy; lawmakers should act like it
Policymakers must avoid looking at community banks as institutions of the past that no longer have a place or function in our financial system and stop prioritizing large banks and technology companies.