Navy Federal’s loan growth far outpaces bank competitors
The world’s largest credit union reported a 5% increase in total loans in the third quarter while lending at the largest banks was almost stagnant. However, the Vienna, Virginia, institution’s charge-offs also jumped significantly.
Ex-Bank of China manager jailed for life over $322 million fraud
Xu Guojun, a former local branch head at Bank of China, was handed a life sentence over one of the Asian nation’s biggest bank frauds.
Mortgage rates likely to keep declining in the near-term
The Fed’s announcement is responsible for a 19 basis point drop in the 10-year yield over a two-day period, pushing the 30-year fixed under 7% for the first time since August, Freddie Mac said.
Wall Street makes zero progress in energy finance transition
The industry needs to get to a 4-to-1 ratio of clean energy versus fossil-fuel financing. At the end of last year, it was 0.73 to 1— little changed from 2021.
How generative AI is changing Klarna’s work culture
The Swedish payment company is using generative artificial intelligence to make its human workforce more efficient — but also expects the technology to fill in for roles it loses to attrition.
Bankers dodge full impact of Europe’s harshest ESG law to date
Under the Corporate Sustainability Due Diligence Directive, large companies face civil liability for environmental and human rights violations in their value chains. According to the compromise announced on Thursday, the financial sector will be temporarily excluded from the scope of the directive.
Amid innovation, cross-border payments are stuck in the Stone Age
As innovation in other domains accelerates, the inertia plaguing our international payment systems is a critical bottleneck, stifling U.S. businesses that choose to engage in global commerce.
Dramatic collapses made 2023 the biggest year ever for bank failures
The five banks that went under in 2023 had nearly $550 billion of assets, the largest total in a single year. Here’s a look back at how they unraveled.
Powell says Fed will stay the course on quantitative tightening
The Federal Reserve has allowed more than $1 trillion of assets to roll off its balance sheet. Chair Jerome Powell says he doesn’t believe reserves in the banking system are nearing a level that would cause the Fed to slow down or stop.
Upgrade says its secured card has trifecta of differentiators
The fintech is the second in two months to launch a secured credit card. Upgrade’s version will offer up to 3% cash back and elevate users to the unsecured version over time.