Banking

Arthur J. Gallagher & Co. has been a prolific acquirer, purchasing the insurance brokerages from multiple banks over the last year. Its management has indicated it has another $3.5 billion that it can use for more deals.

The market could find out next year how well foreclosure prevention innovations and home equity protect borrowers from growing strains on affordability.

Proceeds from the sale provide the bank with "flexibility to evaluate and pursue various strategic initiatives to redeploy capital in support of our core banking business," Evans CEO David Nasca said.

The Southeast regional bank plans to use the deal's sizable proceeds to pay down wholesale borrowings and restructure its securities portfolio. Numerous banks have made similar moves in recent months.

The FDIC launched a campaign Wednesday to educate the public about the importance of deposit insurance, a move designed to counter lingering concerns arising from this spring's bank failures and the resurgence of imitation banks.

Truist Bank has agreed to pay licensing fees to USAA for the use of mobile-check-deposit technology that USAA says it invented.

Chubb's Banks and the Digital Wallet Race: The Embedded Insurance Strategy looks to gauge how fintechs and banks view embedded insurance.

M&T Bank, Truist Financial and Eastern Bankshares are among the banks that have sold all or part of their insurance subsidiaries over the last year. Though the price is right, analysts warn that when interest rates decline, sellers will be without a key source of fee income.

In the six states where credit score matters the most, a driver with no credit pays on average 94% more for car insurance than a driver with exceptional credit.

In the five states where credit score matters the least, a driver with no credit pays on average just 11% more for car insurance than a driver with outstanding credit.

The top five cities in the ranking have an average total score of 64.06.

The card network has agreed to pay USAA licensing fees for the use of mobile deposit capture technology. USAA says it plans to keep trying to get other banks to do the same.

The top five cities in the ranking have an average total score of 61.78.

Banks are holding their fintech partners to a higher compliance standard as regulatory scrutiny of banking-as-a-service increases.

The Federal Deposit Insurance Corp. issued a cease-and-desist order to Unbanked, Inc. — a cryptocurrency-focused nonbank — for making false claims about FDIC deposit insurance coverage on its crypto-related products Friday.

The Consumer Financial Protection Bureau, the Treasury Department and the Department of Health and Human Services released a request for comment on medical debt financing products. At the same time, the White House said that the agencies will explore whether efforts to sign up customers are breaking the law.

Decision-making algorithms powered by machine learning are seen as the next frontier for a more nuanced approach to mortgage decisions but skeptics worry this will just be a new way to discriminate.

New loan acquisitions fell to their lowest level since 2020, but companies also grew shares of residential securities noticeably over the past three years, S&P Global Market Intelligence said.

Robert Trunzo, who has led TruState since 2014, will retire in October. The company, previously called CUNA Mutual Group, hired Terrance Williams to replace him.

Fintech VC funding flooded into consumer-focused companies in 2021. Now, the tides are changing direction.