News Topic:

With an implementation deadline less than a year away, bankers will be pressed to detail how a new accounting rule for loan losses will affect reserves, earnings and capital. ... Read full article

The heads of three agencies reiterated their concern about the bank’s progress in fixing risk management and corporate governance flaws. ... Read full article

The Treasury secretary told the House Financial Services Committee that he has been in coordination with the U.S. bank regulators to soften the impact of the United Kingdom potentially failing to strike a deal on its exit from the European Union. ... Read full article

The agreement with U.S. and U.K. regulators is on top of the $667 million it paid to U.S. authorities in 2012 for its handling of transactions that violated economic sanctions against Iran. ... Read full article

The business, which has $827 billion in assets under administration, includes operations in the U.S., the Philippines and India, according to the buyer, Principal Financial Group. ... Read full article

PR campaigns won’t be enough to salvage the bank’s reputation after a series of scandals. Instead, it should look into adopting a new name, among other crucial steps. ... Read full article

Clayton is the latest to raise concerns about bank loans to highly indebted companies; Wells Fargo’s performance took a hit with its reputation. ... Read full article

Bank of America plans to raise its minimum wage to $20 an hour over two years. The baseline will rise to $17 on May 1 and then climb to $20 in 2021, the Charlotte lender said Tuesday in a statement. ... Read full article

The bank agreed to modify loans to struggling U.S. borrowers as part of a 2017 settlement. Instead, it’s receiving credit for financing new mortgages that likely would have been made anyway. ... Read full article

B. Riley FBR initiated equity coverage of the mortgage giant, citing housing finance reform proposals that could result in Fannie and Freddie Mac being released from conservatorship. ... Read full article

The San Francisco fintech, which uses artificial intelligence to make consumer credit decisions, has raised an additional $50 million. It also announced new partnerships with lenders and plans for a credit card. ... Read full article

The congressional hearing will be ripe with opportunities for lawmakers to raise flags on issues of diversity, deregulation and social policy. ... Read full article

The Federal Reserve Board unveiled a host of proposed changes to tailor U.S. supervision of foreign firms, as well as a proposal easing “living will” requirements for both domestic and overseas banks. ... Read full article

The bank’s biggest shareholder says Wall Street shouldn't yield its next CEO; concern that mistakes that led to the financial crisis are being repeated. ... Read full article

CEOs at Bank of Montreal and TD Bank Group say they are unlikely to touch the American cannabis industry until the laws change. ... Read full article

Since Wells Fargo’s phony-accounts scandal broke in 2016, the bank has appeared contrite in public. In private, it’s a different story. ... Read full article

The two banks will each give $15 million to the Foundation for the Carolinas, which supports affordable housing development in Mecklenburg County. ... Read full article

The bank is pledging to lend another $2 billion in a market where it has invested $3.6 billion in various community development initiatives since 2016. Most of the new funds will be used to make loans to small businesses that operate in low- and ... Read full article