In separate letters to President Trump and the head of the FDIC, the Senate Democrat said the merger cannot be approved until all five seats of the agency's board of directors are filled.
Money managers, which are critical to the success of State Street and Northern Trust, are aggressively moving cash into higher-rate products.
The Fed board unveiled a proposal Tuesday to standardize how investors owning less than one-quarter of a bank can determine who holds a "controlling" stake and therefore must register as a bank holding company.
Blue Lion Capital, which has been critical of the Seattle company in recent years, has nominated two individuals to become directors.
Under a new policy, a company subject to a civil investigative demand will learn from the agency about what conduct the probe is targeting and what legal provisions the firm may have violated.
Nearly a dozen shareholders disrupted opening remarks at Wells Fargo’s annual meeting in Dallas on Tuesday, pressing executives to answer for a series of scandals that have rocked the bank.
As the bank's board conducts its search for a new CEO, it should exclude Wall Street titans from any shortlist.
CEO Kessell Stelling said he thinks about Synovus' depressed stock price daily, even though his team is ahead of schedule cutting costs from a deal that closed in January.
Fifth Third Bancorp in Cincinnati also closed on its purchase of MB Financial and benefited from increases in corporate banking revenues and a slight improvement in credit quality.
Instead the online lender will refer commercial prospects to two partner companies as it seeks to focus on its core personal lending business.
Cathy Bessant, Bank of America’s chief operations and technology officer, offers her takeaways from the first meeting of the Council on the Responsible Use of Artificial Intelligence. She also shares some challenges banks are facing with cyber attacks and data encryption.
Change in strategy to lure new customers; new FHFA director wants to make Fannie, Freddie “stronger, healthier."
Leaders in bank innovation have ideas for improving financial services with high-speed, highly responsive 5G networks — ideas they say could be implemented relatively quickly.
The Salt Lake City bank saw growth across all lending categories and an improvement in credit quality. It also said it has finished the second of three stages in its multiyear conversion to new core-banking technology.
The deal also includes $525 million in deposits and $120 million in loans.
The bank is investing more in its digital capabilities, according to The Cincinnati Enquirer.
The fintech company, which was forced to rebrand its cash management product last year after misleading marketing caused a backlash, is seeking a national bank charter.
The two banks, which plan to complete their merger by early fall, have little geographic overlap, so they can keep lending teams in place and push for immediate loan growth, according to Craig Dahl.
The bank is expecting to benefit from the discount airline's first flights to the Aloha State even as a white-hot local housing market starts to cool.
The Minneapolis bank will open about 10 branches in North Carolina's largest city by the end of next year, adding to already intensifying competition among big banks.
Spokane Teachers Credit Union will transfer the assets and liabilities to a nearby branch.
President Trump said he won't nominate Herman Cain for a seat on the Federal Reserve Board after opposition from his own Republican party appeared to sink the former pizza company executive's hopes for Senate confirmation.
On Dec. 31, 2018. Dollars in thousands.
On Dec. 31, 2018. Dollars in thousands.
Columbia Banking CEO Hadley Robbins says he's confident the bank can grow on its own as the number of buyout targets in the Pacific Northwest dwindles.
The Trump administration is cracking down on national affordable housing programs because of concern over growing risk to the government's almost $1.3 trillion portfolio of federally insured mortgages.
In today’s political climate, banks have to monitor not just how they do business, but with whom they do it.
Banks say easing rules on people with some criminal records will diversify the applicant pool; deal with Synchrony may be near.
An industry working group might seek legislation to eliminate the need for investor consent in the shift to a new benchmark interest rate. But any legislative fix is almost certain to be challenged because choosing an alternative to Libor will inevitably favor one party in a transaction over another.
At a recent House hearing with large-bank CEOs, lawmakers’ focus on the compensation gap between the C-suite and lower-level employees echoed a broader discussion about pay inequity.
Whether JPMorgan tipped its hand on a succession plan; U.S. Bank hires its first chief digital officer; all eyes on CFPB as it modernizes its debt collection rules; and more from this week’s most-read stories.
Readers debate the Federal Reserve's potential entry into real-time payments, consider the Consumer Financial Protection Bureau's guidance for assessing fines, discuss the efficacy of financial education programs and more.
The special counsel’s long-awaited report describes three separate occasions in which Foresman, vice chairman of the Swiss company’s investment bank, had Trump-related contacts with Russians.
The Rhode Island bank’s deposit costs nearly doubled in the first quarter, but CEO Bruce Van Saun says it has to go on the offensive to sustain loan growth.
Alternative providers like courting new banks. De novos like the modern features many alternative providers offer upfront.
Measures of loan performance were generally better than expected at Ally, American Express, Synchrony and Sallie Mae. Their 1Q reports suggest that consumers remain able to meet their obligations despite a long run-up in debt.
The cold, hard truth of bank mergers is that rivals often steal top producers and convince customers the bigger bank won’t care about them anymore. The CEOs of the merging banks explain their retention efforts.
A big decrease in noninterest income outweighed cost controls during the first quarter.
If American Express is going to soar in the future, it plans to do so firmly attached to the new 11-year contract it has signed with Delta Airlines.
Corporations now have more access to consumer financial information than ever before. The question is whether banks will be the ones to help firms harness this data.
The Providence, R.I., bank reported increases in most fee-based lines and loan categories, and it continued to add deposits through its new digital franchise, Citizens Access.
The Alabama company recorded a $91 million loan-loss provision and raised deposit rates during the first quarter
Tens of millions of dollars of M&A costs and a decline in mortgage activity offset higher loan income in the first quarter at the two banks, which also offered a timeline for their rebranding and shareholder votes.
Price hit "a grim reminder" about impact of soft interest rates; despite bitcoin's plunge, blockchain could be prominent in Wall Street's future.
The move is an extension of a pilot project begun in the fall. T-Mobile says it sought to give customers a better deal on digital banking and stand out from its rivals.
It remains to be seen whether anti-money-laundering provisions will get a deeper look this Congress or whether political optics will divide lawmakers on moving ahead with changes.
Marianne Lake, seen in recent months as a leading candidate to replace CEO Jamie Dimon, got the post she may have needed to round out her resume — consumer lending chief. And Jennifer Piepszak, another rising star at the company, will take over as CFO from Lake.
EO Andy Cecere acknowledges that other banks have tried to broaden customer relationships and selectively expand into new markets before and struggled. But the sophistication of today’s online and mobile services could make all the difference this time, he says.
Interbrand will work with employees of both banks to develop a new brand and logo.
The Massachusetts Democrat said the agency could have used existing statutory authority to object to the bank’s appointment of now-departing CEO Tim Sloan.
CEO Joseph DePaolo lamented the tough funding environment after the New York bank said deposit costs jumped 90% in the first quarter. Signature was the second bank Wednesday to report a drag on profits from funding costs.
The bank has funded and deployed the company's software, which can be used to quickly bring new products to market and reduce the need for programmers and other expenses.
In her first policy speech since being confirmed as the agency's director, Kathy Kraninger promised less focus on enforcement actions and more emphasis on consumer education.
Asked whether the BB&T-SunTrust deal had sparked a desire to pursue deals, Andy Cecere emphasized a focus on digital upgrades and opening branches in new markets.
Bank of New York Mellon's clients shifted more of their deposits to higher-rate products. It was one of several trends that hurt the custody bank's bottom line.
Wells Fargo is once again flirting with something that no major U.S. bank has done in a decade: have a dividend yield north of 4%. Don't expect a celebration.
The Fed is stepping up transparency around its process for testing bank resiliency in a hypothetical crisis, but additional improvements are needed.
The Minneapolis bank reported mid- to high-single-digit improvement in those categories, but total loan growth was curbed by declines in CRE and other credit types.
Retail stars in bank earnings season as investment banking and capital markets sag; Dutch bank may be waiting in the wings if Deutsche can't close the deal.
TD and several other banks are licensing credit underwriting and fraud prevention technology from the fintech Avant to get their digital-lending products to market faster.
The findings of a new survey suggest that banks risk becoming irrelevant unless they match the speedier processes that are a key selling point for online lenders.
Civil rights activist Jesse Jackson is pushing a proposal that the billions banks have paid in fines be given to Americans who lost homes or suffered in other ways during the financial crisis.
Executives at the Tennessee banks are using the biggest bank merger in a decade to aggressively recruit lenders and clients in Southeastern markets.
Following the Federal Reserve Board, the FDIC signed off on proposed measures to ease resolution planning requirements and tailor supervisory standards for foreign banking companies operating in the U.S.
While NCUA lawyers fielded questions about the possibility of redlining, a three-judge appeals panel showed skepticism about other elements of the ABA's arguments against changes to credit union membership rules
Bank of America's Brian Moynihan had a lot to brag about in discussing 1Q results but faced questions about what he would do if economic growth slows and rates hold steady for a prolonged period. Other bank chief executives have gotten, or will get, similar questions this earnings season.
The administration’s move seems aimed at cutting down on regulation. But broader reviews by the White House under the Congressional Review Act could hinder rules the industry supports.
The Los Angeles bank reported a 5% decline in net income despite strong loan growth as deposit costs rose and fee income fell.
The Dallas regional assured analysts that it has ample sources of liquidity to cover declining deposit balances.
Adolfo Marzol, who has served as an adviser to HUD Secretary Ben Carson, will now report to the new director of the Federal Housing Finance Agency.