BankThink

The bill introduced by Rep. Patrick McHenry, the top Republican on the Financial Services Committee, would expand CFPB authority to the credit reporting industry and require that certain adverse information be removed from a consumer’s credit history.

Wells Fargo is dropping the Abbot Downing name for managing ultrarich clients’ money as wealth and investment management head Barry Sommers remakes the unit.

The company is anticipating at least $175 million in losses in 2021, but its recent acquisition of Radius Bancorp will reduce funding costs and allow it to develop a full gamut of banking products that its CEO says will eventually yield big profits.

The social media platform skews toward a more youthful demographic, while credit unions' average member age has been stuck in the late 40s for decades. But even institutions that use it have concerns about security.

M&T Bank, Citizens Financial and Huntington Bancshares are playing it safe even as some of their counterparts have started to trim allowances in response to government stimulus efforts and rapid progress in the rollout of the coronavirus vaccine.