Stearns Bank in Saint Cloud is working with the on-demand payment technology firm Reset to launch an earned-wage card for blue collar and immigrant families struggling with access to money.
What lies ahead for the banking industry this year? Here's what analysts and investors are tracking after the latest bank earnings reports.
The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
The Pittsburgh-based regional bank also emphasized expense control for the first quarter and throughout 2024 as it manages credit quality vulnerabilities and higher charge-offs, particularly among office loans.
First-quarter results at the companies were promising for other banks looking to reel in fees from capital markets activities as deposit costs put pressure on net interest income.
With high deposit and borrowing costs persisting amid the Federal Reserve's campaign against inflation, lenders face stress on their net interest margins and the potential of troubled loans ticking up.
MoneyLion saw continued financial growth in 2023, achieving four straight quarters of positive earnings. In 2024, it plans to develop a partnership with EY to bolster its enterprise services.
Canadian Imperial Bank of Commerce benefited from growth in its domestic retail business even as it set aside more money than analysts expected for potentially sour loans.
The Consumer Financial Protection Bureau says it is in favor of consumer choice, but its shifting position on earned wage access calls that commitment into question.