News Topic: Consumer banking

Wells Fargo & Co. customers accused the bank in a lawsuit of forcing them to pay for unnecessary auto insurance that drove some of them so far into a financial spiral that their vehicles were repossessed. ... Read full article

Readers react to the CFPB’s final arbitration rule, a new potential hurdle for initial coin offerings, a housing finance reform proposal and more. ... Read full article

The new Citigold program for affluent customers is more than a product — it is the centerpiece of Citigroup's vision for the future, which will also rely on branch closures and sophisticated apps. ... Read full article

The bank is drawing renewed scrutiny after a lawyer’s unauthorized release of sensitive client details for tens of thousands of accounts belonging to wealthy customers of its brokerage unit. ... Read full article

Auto risks mounting. Mortgage market tightening. Are there any good risks these days in consumer lending? Regional bank executives insist partnerships with online lenders, unsecured personal loans and other niche efforts can work if done properly. ... Read full article

Call-center workers at Santander Consumer USA, concerned about what they deem aggressive collections tactics, are looking to unionize with the help of some big names on Capitol Hill. ... Read full article

Piecemeal settlement through mandatory arbitration masks widespread misconduct like Wells Fargo’s fake-accounts scandal. Class actions bring such systemic abuses to light, and should always be an option for consumer redress. ... Read full article

A profile of New York's superintendent of banking offers insight into her thinking on hot regulatory issues; the women behind the machine learning at Morgan Stanley and UBS see a future with better advice; plus, Jane Austen and the new Doctor Who. ... Read full article

In a sign of broader competition ahead, bigger banks are raising the interest they pay on deposits held by business customers. The big question is how hard will it be for banks to maintain margins and to stave off consumer demands for better rates. ... Read full article

Bank of America Corp.’s expected bonanza from rising interest rates has stalled. ... Read full article

The Pittsburgh bank is developing new products, simplifying old ones and modernizing its workplace based on detailed feedback from consumers, small businesses and employees in an attempt to create a bank they all like better. ... Read full article

The bank's Costco card portfolio boosted profits (again), as did internal growth from store-branded cards from Home Depot and Best Buy. Citi’s card business is avoiding — for now — the pain in the retail sector. ... Read full article

Citigroup Inc.’s bond traders and investment bankers are closing in on their rivals at JPMorgan Chase & Co. ... Read full article

While trading results reported Friday were worse than the firm had warned, 2Q earnings set a record and the company said it will increase loans this year at double the rate analysts expected. ... Read full article

What's more, loan officers' pay has dropped. At work behind these surprising trends is a blend of economic forces, technological change and pressure on banks to pay entry-level employees better. ... Read full article

The bank received conditional court approval to create a settlement fund of at least $142 million to cover 11 class actions filed after its fake-accounts scandal. ... Read full article

Energy sensors will let JPMorgan Chase master-control everything from office temperatures to sprinkler systems in an attempt to preserve the scale of its branch network but lower the costs. ... Read full article

As you'll see from this list, regional banks are doing a better job bolstering their reputations than the big banks are, according to the 2017 American Banker/Reputation Institute Survey of Bank Reputations. ... Read full article