Banking

WeWork, once valued at $47 billion, needs to slash costs and shore up its finances as it tries to continue operating.

As U.S. credit card balances continue to march above $1 trillion, the number of newly delinquent credit card users now exceeds the pre-pandemic average and millennials and those with student or auto loans are driving the increase in past-due payments, the New York Fed said.

The coworking giant's spiral hit landlords along the way as it renegotiated and sought to exit many leases.

The withdrawal of pandemic housing relief and high home prices have heightened consumer strain, according to nonprofit Money Management International.

Rather than adding the option of using two rather than three prior to score updates, the company suggested the former functionality be added after or scrapped.

Consumer appetites for new loans have slowed in the face of record interest rates, but Sunlight Federal Credit Union's partnership with Avana CUSO helps identify commercial real estate opportunities in markets both local and national.

WeWork may file its Chapter 11 petition in New Jersey as early as next week, the Wall Street Journal reported, citing people familiar with the matter who it didn't name. 

As the holiday shopping season approaches, late payments on credit cards have surpassed their pre-pandemic levels, according to a new VantageScore report. The consumers showing signs of deterioration include not only subprime borrowers, but also those with prime credit scores.

In conjunction with an announcement last week, federal agencies will conduct training workshops to help developers, lenders and other stakeholders benefit from the Biden administration's housing supply plan.

Washington Trust shares plunged after the Westerly, Rhode Island, company disclosed it booked an office deal in the third quarter, boosting the size of its portfolio while other lenders are pulling back.

CEO Scott Sanborn said it's unclear when demand from banks to buy the fintech's loans will return.

The Hicksville, New York, company beat analysts' expectations on net interest income, but a pair of souring office loans contributed to a 68% increase in nonperforming loans from the prior quarter.

That's the higher-end estimate of people who will be eligible for government-related financing when expanded metrics are used as part of an initiative to expand access to homeownership.

The Consumer Financial Protection Bureau found that more consumers are being charged late fees, while determining that the average cardholder carried $5,288 in total credit card debt last year.

Speaking on a panel at the Future Investment Initiative summit in Riyadh, Saudi Arabia, the JPMorgan Chase chief voiced doubts that central banks and governments around the world could manage the economic fallout from rising inflation and slowing global growth.

The top five lenders have an average total origination volume of more than $9 billion through June 30, 2023.

Questions about how it will be implemented and whether the rest of the market will follow the agency's lead make the expense involved difficult to estimate.

American Bank of Oklahoma agreed to a consent order in August to settle allegations from the Department of Justice over redlining. However, the institution strenuously objected to references to the Tulsa Race Massacre in the agreement and asked that the language be stricken.

It's been a rocky few years for senior housing as the sector recovers from its COVID occupancy drop and its profitability takes a hit. But bankers see long-term opportunities amid an aging U.S. population and say their portfolios are healthy.