News Topic: Consumer banking

Spence’s promotion to president could signal that the Cincinnati banking company is grooming him as a potential successor to Chairman and CEO Greg Carmichael. ... Read full article

Members of First Choice Community Credit Union will have access to mobile banking and other products once the institution becomes part of Credit Union of Ohio. ... Read full article

Deposits have piled up, curtailing overdrafts and other fees. The trend could force lenders to find other ways to make money — or start cutting to the bone. ... Read full article

The Oregon company unveiled a sweeping cost-cutting plan that includes more remote work opportunities and up to 50 branch closures. ... Read full article

Highlands Banking would be based in a community near the state's borders with Georgia and South Carolina. ... Read full article

The Cleveland company will exit indirect auto lending and close branches so it can devote more resources to mortgages, student loans and other relationship-driven, digital-friendly businesses. ... Read full article

Both the Federal Deposit Insurance Corp. and the American Bankers Association are encouraging the industry to offer basic products that could bring more unbanked households into the financial mainstream. ... Read full article

Citigroup is now the third, and largest, U.S. financial institution to offer the Mastercard True Name feature, which lets customers use their preferred name, rather than their legal name, on credit and debit cards. The cards are targeted specifically for ... Read full article

The family-owned bank from the South and the New York commercial lender each would fill a clear need for the other. First Citizens would gain business lending expertise and an online deposit-gathering platform, and CIT would get the cheap deposits it ... Read full article

Strong mortgage and capital markets activity helped offset credit costs and one-time items in the third quarter at Citizens Financial Group. In a period of low rates, CEO Bruce Van Saun says he’d like to buy more fee-generating businesses. ... Read full article

The events of 2020 have only served to accelerate a number of potentially disruptive trends among consumers when it comes to banking and financial services — What does the emerging future of consumer and retail banking now look like? ... Read full article

The combined company would be the nation's 19th-largest bank with roughly $110 billion of assets. ... 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

The Minneapolis company says the majority of branches earmarked for closing have already been shuttered for months due to the pandemic. Some of the savings will be plowed back into digital expansion. ... 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

Third-quarter net income dropped nearly 16% from a year earlier as revenues at the company's consumer unit declined at about the same pace and trading revenue gains were below estimates. ... Read full article

Revenue at each of Goldman’s four divisions rose from a year earlier, pushing earnings per share to a record that was almost twice as high as analysts predicted. ... Read full article

The company posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges. ... Read full article