The new consumer deposit product will provide customers a snapshot of the carbon impact of their purchases and offer other incentives to entice the environmentally conscious.
Mortgages taken out to fund business operations can now be modified in bankruptcy. That’s a relief to borrowers — particularly with business failures expected to increase as the pandemic drags on — but a possible headache for banks and investors that hold the loans.
Trading revenues probably won’t be able to make up for looming credit losses going forward; consumer insolvencies have been held back so far by federal stimulus, which is set to expire.
Trump-appointed regulators gave the industry the green light to offer installment loans during the pandemic. But with concerns that the light could turn red in 2021, bankers remain extra cautious.
The Warsaw, N.Y., bank said it will close 10% of its branches and lay off 6% of its staff in response to customers’ growing preference for remote banking.
While rival banks reported increases in loans and deposits, thanks largely to their participation in the Paycheck Protection Program, State Street and Bank of New York Mellon saw their balance sheets shrink in the second quarter.
The Birmingham, Ala., company more than doubled its loan-loss provision from three months earlier and its chief financial officer said that more than half of its loans to oil and gas companies could eventually become criticized.
