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Wells Fargo, U.S. Bancorp, Truist Financial and PNC Financial were among the banks that said they are raising their prime lending rates from 4.0% to 4.75%.
June 15
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The two regional banks announced plans to abandon nonsufficient fund fees and make other moves that will reduce the revenue they collect from cash-strapped consumers.
June 13
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The American Bankers Association’s credit conditions index fell sharply, as economists foresaw dampening loan demand. The weaker outlook lines up with major bank CEOs’ increased worries over a possible recession.
June 9
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The California tech giant's take on pay-in-four installment loans has a top-of-wallet positioning that banks and merchants are unlikely to be able to match.
June 6
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An American Bankers Association panel of experts predicted much slower economic growth, but agreed that the U.S. economy will avoid a recession over the next couple of years.
June 3
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The inventory shortage is beginning to ease, while demand is slowing due to high prices and rising mortgage rates.
June 3
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JPMorgan Chase CEO Jamie Dimon expressed even deeper concern Wednesday about the likelihood of an economic downturn than he has in recent months. Wells Fargo CEO Charlie Scharf was less pessimistic, but he still spoke of the “reality that the economy has to slow.”
June 1
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In a letter Tuesday to CEO Charlie Scharf, Senate Banking Committee Chair Sherrod Brown pointed to recent media reports and said he expected Wells Fargo to develop a plan addressing “weaknesses that have plagued the bank for almost a decade.”
May 31
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Mortgage companies selling loans to the government-sponsored enterprise will be able to use the information for one type of employment check as well as to validate income and assets.
May 27
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Executives at banks north of the border pointed this week to several potential U.S. economic snags, including inflation, the possibility of a housing market correction and soaring energy prices.
May 26
