Banking

Four of the seven large banks that own Zelle's parent company, Early Warning Services, said they are reimbursing 15% to 55% of consumers that report fraud on their accounts, according to a report released by Sen. Elizabeth Warren, D-Mass.

TD Bank, the U.S. unit of the Canadian bank, has hired Christopher Fred as its new head of U.S. credit cards and unsecured lending. The bank's retail partners include Target and Nordstrom.

Taichung Commercial Bank said it would pay $82.1 million to buy American Continental Bancorp in suburban Los Angeles.

The same day Provident Financial Services announced it had agreed to buy Lakeland for $1.3 billion, the seller disclosed an ongoing fair-lending investigation by the Justice Department. Provident said it has "not heard anything" that would give it pause.

The all-stock acquisition of Lakeland Bancorp, expected to close in the second quarter of 2023, would create a combined bank with more than $25 billion of assets.

Technology is helping big banks gain market share and is more likely to drive consolidation in the years ahead than regional bank mergers.

The class-action lawsuit was brought on behalf of mortgage borrowers who were allegedly placed into forbearance during the early days of the pandemic without their consent.

The Consumer Bankers Association and the Center for Responsible Lending said the Consumer Financial Protection Bureau should renew its efforts to level the regulatory playing field between larger bank and nonbank companies that make installment and other kinds of personal loans.

More than 350 investors put money into Agility Bank, a de novo minority depository institution that opened in May. It raised nearly $41 million, well surpassing its $30 million goal.

The Minneapolis-based buyer had previously said the deal would close earlier in the second half. Some of the financial benefits, which had been expected to be realized next year, won't come to fruition until 2024, executives said Monday.

The North Carolina bank's insurance subsidiary agreed to pay $3.4 billion to buy BankDirect Capital Finance. The sale reflects opposing strategies by the two companies.

PACE financings expected to accelerate lending for energy-efficient projects under new Inflation Reduction Act: DBRS Morningstar report.

The Ohio bank, which has been releasing more information about its Scope 3 emissions, promised to take steps with customers and suppliers to reduce their collective impact on climate change.

The state Supreme Court heard oral arguments in a lawsuit involving one of the nation's largest debt buyers. At issue is how much detail the industry must disclose about what consumers allegedly owe.

After a decade of multibillion-dollar tech investments by banks, efficiency ratios have begun to improve and headcounts drop, some industry watchers say. Skeptics counter that other reasons are at play and that it's all hard to measure.

Federal Reserve Chair Jerome Powell's speech in Jackson Hole reaffirmed that the end of accommodative monetary policy is coming to an end. This is a boon to banks, but only those that have managed their balance sheets just right.

The Minneapolis company, which increased its minimum wage to $18 an hour in June, will bump it up to $20 in response to inflationary and competitive pressures.

Auto loan growth eased substantially in the second quarter amid competitive pressures from credit unions and other lenders.

The $369 billion directed toward climate preparedness in the Inflation Reduction Act is expected to reverberate through the economy for years to come and could supercharge private investment in the nation's clean energy sector. 

As regulators mull the Toronto bank's deal for First Horizon and broader guidelines around bank combinations, community groups called for stronger investment commitments from the two banks before they are allowed to merge.