Special Program Root Tag

Insurers and Uncle Sam are having trouble footing bills for mounting climate-related risks, particularly in regions prone to hurricanes and wildfires.

Huntington Bancshares has hired Shawn Lough, a veteran Truist Financial banker and West Point graduate, to help guide the sales strategy and goals of its consumer and business banking operation. It also expanded the duties of Digital Director Mark Sheehan to include deposits.

The Federal Reserve released its large bank requirements for 2023 based on the results from this year's stress test. Most of the banks tested will need to maintain or increase their tier one capital holdings.

The Consumer Financial Protection Bureau is investigating some of the bank's credit card practices, including refunds, billing errors and credit bureau reporting, according to a securities filing Thursday.

Even though delinquency rates were previously at extremely low levels, the recent uptick among poorer consumers is worth monitoring, New York Fed researchers said.

The San Francisco megabank plans to reinstate guidance that drew scrutiny following revelations that women and nonwhite candidates were interviewed for jobs that had been reserved for someone else.

The allegations against the $559 billion-asset bank are similar to those brought against Wells Fargo related to its 2016 fake-accounts scandal.

The McLean, Virginia, company is starting to “trim around the edges” of its auto portfolio, CEO Richard Fairbank said. That move stands in contrast with Capital One's leaning into its credit card business, which helped push marketing spending above $1 billion.

Unlike some of its peers, the Dallas bank says the U.S. economy is strong, clients are upbeat and lending momentum continues.

The latest expense guidance also stems from rising operating losses at the North Carolina bank. Cost-cutting was a key rationale for the 2019 merger of BB&T and SunTrust, which created Truist.

The slowdown in new single-family construction is one of several headwinds homebuilders find themselves facing this summer.

Like other mortgage lenders, the San Francisco megabank has been cutting staff since refinancing volumes started to fall. Additional layoffs are expected over the next couple of quarters, according to the bank’s chief financial officer.

The Tokyo-based company has named Masatoshi Komoriya executive chairman of the board of directors for MUFG Americas Holdings Corp. and its U.S. banking subsidiary. He begins his new role on June 30 while retaining existing executive duties.

This year’s stress-test results show large banks have more than enough capital to deal with a major economic crisis, but their capital requirements will likely go up anyway. That has some observers and industry officials concerned credit will tighten even as the economy teeters on the edge of recession.

Pushes for transparency on charitable donations and ghost guns, among others, were voted down.

Recent remarks from Federal Reserve Chair Powell suggest more upward movement is ahead.

Depreciation risk in parts of New Jersey, Illinois and California is growing, according to a first quarter analysis by Attom Data Solutions.

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%.