Banking

For the third time in five years, the Office of the Comptroller of the Currency issued an enforcement action against the beleaguered bank. It bars USAA from adding new products or loosening its membership criteria without evaluating the risks of getting bigger.

Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.

Consumer Financial Protection Bureau Director Rohit Chopra said it is "fundamentally unfair" that uninsured depositors at Silicon Valley Bank and Signature Bank got a reprieve from regulators while those at First National Bank of Lindsay did not.

The growth in mobile banking has lowered barriers to accessing the banking system, but the Federal Deposit Insurance Corp.'s National Survey of the Unbanked and Underbanked released Tuesday reveals that minority households are still disproportionately underserved.

Government, private companies and civil society must continue pushing the kinds of partnerships that put mobile financial technology into the hands of marginalized people around the world.

The Federal Deposit Insurance Corp. projected its Deposit Insurance Fund reserve ratio is expected to reach the statutory minimum of 1.35% by 2026 thanks to slower-than-expected insured deposit growth and a $7.5 billion increase in the DIF balance.

The military-focused company, which operates an insurer and a $111.7 billion-asset bank, has tangled with regulators during Wayne Peacock's tenure. He will retire in the first half of 2025.

The Indiana bank said it struck a $40 million cash deal to sell its insurance brokerage to the Hilb Group. It joined a growing number of lenders announcing such transactions.

The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.

For the first time, a fixed-income sector — private credit — topped the list of favored assets in Goldman Sachs Asset Management's annual survey of global insurance companies.