The USDA forecasted farm profits will plunge 26% this year, potentially creating credit quality challenges for lenders.

Lenders collected an estimated $25 billion in additional interest income last year by raising the average margin on annual percentage rates, or the amount above the prime rate, according to the Consumer Financial Protection Bureau.

The median interest rate that large credit card issuers charged consumers with good credit in the first half of 2023 was 28.2%, compared with 18.15% at smaller banks and credit unions, according to a study by the Consumer Financial Protection Bureau, which is on a campaign against excessive fees.

Car loan delinquencies are worsening across all age groups and income levels, as high interest rates and elevated car prices take a toll, according to the New York Fed. But executives at some large auto lenders remain relatively confident about their customers' ability to stay afloat.

The deal involving Southern California Bancorp and California BanCorp, expected to close in the third quarter, would form a $4.6 billion-asset lender with a footprint spanning San Diego, Greater Los Angeles and the San Francisco Bay Area.

The stable outlook is an indication that — at least for some lenders — the much-feared cycle of cardholders defaulting on their obligations in the wake of the COVID-19 pandemic may not turn out to be so bad.

The private student loan market is in flux after one major lender, Discover Financial Services, said it's leaving the sector. Sallie Mae is gearing up to compete for that business, much as it did when Wells Fargo pulled up stakes in 2020.

The private equity firm Caryle is buying a $415 million student loan portfolio from Truist Financial. It's also investing in a nonbank student lender called Monogram that works with banks and credit unions.

As part of a settlement with the Justice Department, Patriot Bank must invest more than $1 million of the total in a loan subsidy fund for minority homeowners and take other corrective steps in its everyday business. The bank denied any wrongdoing.

After a record-breaking year of reeling in business from failed banks and scared customers defecting from rivals, the largest U.S. bank expects it will keep getting larger.

Funding pressures moderated in recent months, but loan charge-offs climbed. With festering concerns about a vulnerable economy, the potential for elevated credits costs could loom large over the upcoming bank earnings season.

The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.

Morais, who leads the auto lender's consumer and commercial banking divisions, is preparing to leave as Ally Financial conducts a search for its next chief executive officer. She had been seen as a potential candidate to replace outgoing CEO Jeffrey Brown.

The company missed revenue projections, and it's trying to tap other funding strategies amid a "difficult lending environment."

As U.S. credit card balances continue to march above $1 trillion, the number of newly delinquent credit card users now exceeds the pre-pandemic average and millennials and those with student or auto loans are driving the increase in past-due payments, the New York Fed said.

Washington Trust shares plunged after the Westerly, Rhode Island, company disclosed it booked an office deal in the third quarter, boosting the size of its portfolio while other lenders are pulling back.

Charge-offs at the Detroit-based lender rose last quarter, as borrowers had a tougher time keeping up with their car payments. But so far, credit quality is staying within expectations, and company executives don't anticipate that the rest of the year will be much worse.

Following the end of a long moratorium for federal student loan borrowers, monthly payments are expected to total $18 billion. Much of that money will come from checking and savings accounts, which will put more pressure on banks' deposit bases.

Despite an industrywide rough patch, EverBank still sees promise in the niche business line. The Jacksonville, Florida, company has hired a pair of prominent industry experts to lead a new division tasked with serving investment funds.

The notes benefit from a step-up event concerning class D. If an optional redemption does not occur in the expected redemption date, then the interest rate on the class D notes will increase by 3.0%.