Bank of America is applying a familiar arsenal — including APIs and its popular virtual assistant, Erica — to online business banking, cross-border payments and cash management in an effort to modernize those services. ... Read full article
The deal is intended to better help credit unions and other financial institutions improve digital lending capabilities ... Read full article
The credit union regulator has held back in allowing the use of derivatives but has released a proposal that would remove red tape for some larger institutions. ... Read full article
Ray McGuire, one of Citigroup’s top investment bankers, has been vocal about his ideas for improving education and access to health care in low-income and minority neighborhoods. ... Read full article
The North Carolina company had promised regulators not to close large numbers of branches until December. Meanwhile, vendor contracts, leases and other hurdles have made it hard to accelerate efforts to offset a sudden decline in revenue. ... Read full article
The Illinois company will shutter 17 locations, or about 15% of its branches, early next year. ... Read full article
The Buffalo, N.Y., bank will pay $546,000 penalty, which will be passed on to the National Flood Insurance Program to help offset costs. ... Read full article
Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk. ... Read full article
The Southern California-based credit union would add a fourth branch in the Cowboy State if members of the merging credit union approve the deal. ... Read full article
Duncan-Williams, which serves institutional clients, will help South State expand its correspondent lending operations. ... Read full article
In a critical development in the global shift away from old benchmarks that was triggered by Libor's shortcomings, interest-rate swaps on more than $80 trillion in notional debt will transition this weekend to a new rate for determining their value. ... Read full article
Wells Fargo fired more than 100 employees suspected of improperly collecting coronavirus relief funds, according to a person with knowledge of the situation. ... Read full article
The bank has fired more than 100 workers for allegedly making fraudulent applications for SBA disaster loans; credit is holding up well so far, but that could change without more stimulus, Quarles says. ... Read full article
The Minnesota-based institution is allowing children of some employees to attend school virtually in their branches in order to make it easier for parents to work during the pandemic. ... Read full article
The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act. ... Read full article
Four of the nation's largest banks updated their progress in recent days on return-to-office plans. The takeaway: Most workers won't be back anytime soon. ... Read full article
CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan. ... Read full article
In a lawsuit filed Wednesday, the U.S. subsidiary of Toronto-Dominion Bank accused the data aggregator Plaid of improperly using the bank’s name, trademarks and logos when it gathers TD customers' data. ... Read full article
The New York bank, which is conducting a search for its next leader, also said it expects to report strong third-quarter earnings. ... Read full article
Spending is up and deferrals are down sharply, signaling that the economy has turned a corner, CEO Brian Moynihan said. The outlook stood in stark contrast to JPMorgan Chase, which set aside more funds to address potential exposure in consumer banking. ... Read full article
