News Topic: Consumer banking

The claim of alleged discrimination over immigration status is the latest legal headache for Wells Fargo. ... Read full article

Gains in the retail division helped drive overall profit to a record for a fifth consecutive quarter as mortgage activity surged and provisions for bad loans posted a surprise drop from the first quarter. ... Read full article

Total and core deposits fell in the second quarter from three months earlier at the Los Angeles bank as consumers sought higher yields, but CEO Matt Wagner said assuring proper funding for loan growth is a priority. ... Read full article

The likelihood of Fed rate cuts is causing banks to plan for less net interest income, but it would be a mistake for JPMorgan to back off its move into new markets and tech investments, Jamie Dimon says. ... Read full article

The company revealed its pretax losses for its forays into consumer and other digital banking services, which began in 2016 with the launch of a consumer deposit franchise and an installment loan product. ... Read full article

The company could rein in deposit costs, cut operational expenses and buy back more shares in anticipation of a Federal Reserve rate reduction. Other banks — especially big ones — could do the same. ... Read full article

Noninterest expenses fell 2% to $10.5 billion — almost $100 million lower than the average estimate from analysts. ... Read full article

Lenders have reduced their holdings of foreclosed one- to four-unit family residences to roughly $2.6 billion of homes, down from more than $14 billion in 2010. Economists expect the trend to continue, but there are red flags to keep an eye on. ... Read full article

Other executives are being considered, too, but the list is dwindling as JPMorgan’s Gordon Smith and other big names are said to be out of the running. Meanwhile, senior Wells executives have pushed to keep interim CEO Allen Parker. ... Read full article

PNC, which has been the city's dominant bank for decades, and other local banks could face pressure as industry heavyweights expand in the market. ... Read full article

The Gramm-Leach-Bliley Act is a successful privacy law that ought to govern all financial services providers, not just banks. ... Read full article

Pierre Habis, president of PurePoint Financial, explains how the digital bank and small network of paperless branches are meeting consumers’ needs. ... Read full article

The CFPB asked whether 10-year-old consumer protections against overdrafts are onerous or unfair, especially to smaller financial institutions, but banking industry officials largely said any changes could invite new problems. ... Read full article

Community banks need to focus more on how their employees talk about the bank and less on new competition moving in. ... Read full article

Huntington, Capital One and Citi are tops with consumers, but overall satisfaction scores have declined as users have been overwhelmed by the constant rollout of new features. ... Read full article

Other banks say they need to add branches to attract more deposits, but Capital One is sticking to its strategy of aggressively closing them and gathering the bulk of new deposits online. ... Read full article

Amala Duggirala, Logan Pichel and Kate Danella are all part of the executive leadership team reporting to CEO John Turner. ... Read full article

Among other things, Kai, the insurance firm's AI assistant, will tell customers how to avoid the bank's monthly fee. ... Read full article