Netspend customers kept from accessing paychecks; Sen. Elizabeth Warren rebukes Comerica over fraud in benefits program; FDIC poised to revamp deposit rules (about time, say banks); and more from this week's most-read stories.
The company is facing criticism after a big chargeoff on two properties, showing that investors have little patience when a risky business model shows signs of distress.
On paper, conditions would seem favorable for regional banks to pursue acquisitions in order to overcome organic growth challenges. But executives have poured cold water on that idea in recent days.
The custody bank was very profitable, and it raised its cost-saving forecast for year-end, but its nearly 3% increase in third-quarter noninterest expenses prompted an investor backlash.
The Stamford, Conn.-based company reported 9% growth in net interest income and 14% growth in loan receivables during the third quarter, attributing the improvements to addition of the PayPal Credit portfolio in early July.
Despite being barred from the securities industry by the SEC, LendingClub’s founder has found plenty of people to back his latest venture — and that’s a problem.
The Providence, R.I., company reported a 27% gain in profits thanks partly to a boost in fee income from its purchase of Franklin American Mortgage in August.
Strong net interest income and other factors made up for a drop in investment banking and other noninterest income at the Atlanta bank, which reported double-digit earnings growth.
The senator wants the Fed to retain its asset cap on Wells Fargo until the CEO is fired; industry groups call on regulators to reconsider or scrap plans to modify Volcker Rule.
