Special Program Root Tag

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.

The Pittsburgh-based regional bank expects to save $325 million next year as it reduces its staff by 4%. Executives said the cuts are necessary because revenue has fallen amid a surge in interest rates and a decline in loan volumes.

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.

At the Most Powerful Women in Banking conference, asset management leader Jenny Johnson discussed opportunities and risks for portfolio managers in 2023.

The share of residential property buyers that put themselves in the most optimistic category jumped notably in the latest edition of an RCN survey.

In a deal arranged by the Federal Deposit Insurance Corp., the Pittsburgh bank has bought a portfolio from the wreckage of Signature Bank. The purchase should help PNC expand its fund banking business, which helps private equity firms manage liquidity and finance investments in the short term.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg said despite earlier proposals for reforming deposit insurance following this spring's bank failures, congressional interest in major reforms has waned and prospects for legislative changes are dim.

Public policy experts debated the effect of rising rates on the mortgage market, the impact on homebuyers and ways that Fannie Mae and Freddie Mac could exit conservatorship at the National Mortgage News Digital Mortgage Conference.

With a week left in its 2023 fiscal year, the Small Business Administration has already approved 12% more 7(a) loans than last year. Larger banks were among the biggest gainers as a result, according to the agency's latest data.

Two federal agencies recently released a warning about a strain of ransomware called Snatch, which has adopted the successful tactics of other variants.