The $17 billion-asset Suffolk-based company is convinced paying $120 million for an in-state rival is a more productive use of capital than share buybacks

The latest violations come as the bank expects to face more than $3 billion in regulatory fines for anti-money-laundering failures.

The bank faced credit setbacks in the nation's capital and margin pressure this year. But it made a series of hires to reduce risk and diversify its loan portfolio, preparing for a new era of demand as the industry awaits interest rate cuts.

After hikes pinched profits across the industry, a move in the opposite direction could be the start of a more promising trend. But bankers caution that the immediate effects of a September rate cut figure to be small.

REV Federal Credit Union in suburban Charleston, South Carolina, plans to acquire First Neighborhood Bank in West Virginia. It marks the 15th deal this year involving a credit union buying a bank, closing in on 2022's record of 16 deals.

Lower interest rates could bolster loan demand, credit quality and securities portfolios. But they could also curb lending profitability faster than they ease deposit costs, crimping net interest margins and eating into near-term profits.

The Federal Housing Finance Agency wants to update the dual mission of the Federal Home Loan Banks. Members of the private bank cooperative say their regulator has no authority to redefine the mission.

The Hammond, Louisiana, company, which announced changes to its business strategy, cut 71 jobs and reduced its dividend to 8 cents per share.

The buyer said the all-stock deal to buy The First Bancshares would create a combined bank with $25 billion of assets.

In a new survey of bank executives from IntraFi, 90% of respondents said instances of check fraud have increased in recent years and half want law enforcement to make check fraud a bigger priority to stop criminals from stealing checks in the mail.

Investment banking fees shot up at the nation's largest bank, thanks to rebounds in M&A and the equity capital markets segment. And despite higher credit costs in the company's card business, a top bank executive expressed confidence in the health of U.S. consumers.

The San Francisco bank's interest expenses continue to rise as depositors switch to higher-yielding options. At the same time, soft loan demand from business customers is putting a lid on how much interest Wells is collecting from borrowers.

The high court will determine how much deference judges should give to regulators in interpreting laws passed by Congress. The upcoming ruling has especially big implications for the Consumer Financial Protection Bureau, which has drawn the banking industry's ire.

In recent years, the wealth gulf between white and Black families has only grown. But there is hope that advances in fintech, such as wider adoption of artificial intelligence, can help.

Sandro DiNello, who briefly led New York Community Bancorp amid turmoil earlier this year, is staying on the company's board. But Joseph Otting, the company's recently installed CEO, is taking on the executive chairman position.

The retail giant has scrapped its credit card partnership with Capital One, its second public spat in recent years with a partner bank. Analysts say it may be a sign that Walmart wants to launch its own credit card on what it hopes will be a financial super-app.

The number of borrowers who are at their credit limits is approaching its pre-pandemic level, and the percentage of balances that are sliding into delinquency has hit its highest rate in more than a decade, according to new research. Still, card companies are generally expressing optimism about their credit outlooks.

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.

In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.

Consolidation has slowed since the pandemic, but UMB's agreement to buy Heartland Financial — the largest deal in three years — is one of several merger announcements in the past two weeks. Talks among other potential buyers and sellers are said to be picking up.