Core Viewpoint - Comerica Incorporated (CMA) has entered into an enforcement agreement with the Office of the Comptroller of the Currency (OCC) due to unsafe practices in risk governance and internal controls, resulting in a 5.7% decline in its stock price following the announcement [1]. Group 1: Compliance and Governance - CMA is required to establish a compliance committee to ensure proper board oversight and corporate governance as mandated by the OCC [2]. - The bank must implement a comprehensive data management plan to ensure accurate financial transaction reporting [2]. - Independent reviews are necessary for improving financial data collection and regulatory reporting to ensure compliance [2]. Group 2: Risk Management and Technology - CMA is mandated to create a third-party risk management program that integrates strong internal controls with an updated internal audit program for independent evaluations [3]. - The bank must address risks associated with outdated IT assets, including policies for managing technology assets and conducting risk assessments [3]. Group 3: Board Oversight and Accountability - The board of directors at Comerica is responsible for overseeing the implementation of corrective actions outlined in the agreement, including authorizing necessary measures and ensuring adequate staffing and training [4]. Group 4: Historical Context and Performance - Prior to the enforcement agreement, Comerica faced issues due to a failed technological update that resulted in significant overdrawing of accounts [5]. - The bank had also mismanaged the Treasury Department's Direct Express program, leading to compliance failures and breaches of contractual obligations [6]. - Over the past six months, Comerica's shares have increased by 16.1%, while the industry has seen a growth of 30.7% [6].

DALLAS, May 14, 2024 /PRNewswire/ -- The Points of Light, the world's largest nonprofit dedicated to accelerating people-powered change, has named Comerica Bank to its 2024 list of The Civic 50. It marks the ninth consecutive year and 10th time overall that Comerica has received the honor in the program's 12-year history of recognizing top community-minded companies in the United States according to its annual survey. The Points of Light, the world's largest nonprofit dedicated to accelerating people-powere ...

DALLAS, May 10, 2024 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) announced its plans to release 2025 quarterly financial results and host conference calls on the following dates: FOURTH QUARTER 2024: Wednesday, Jan. 22, 2025                  7 a.m. CT/ 8 a.m. ET FIRST QUARTER 2025:        Friday, April 18, 2025                          7 a.m. CT/ 8 a.m. ET SECOND QUARTER 2025: Friday, July 18, 2025                          7 a.m. CT/ 8 a.m. ET THIRD QUARTER 2025:      Friday, Oct. 1 ...

12th annual Hatch Off brings organic skincare business to Detroit DETROIT, May 10, 2024 /PRNewswire/ -- The winner of the 2024 Comerica Hatch Detroit Contest by TechTown has been crowned! G.L.A.M. Body Scrubs is the winner of the 12th annual Comerica Hatch Detroit Contest, taking home the $100,000 grand prize from Comerica Bank to open the brick-and-mortar business of their dreams.As the winner of the 2024 Hatch Off, G.L.A.M. Body Scrubs will receive technical assistance from TechTown and its partners, in a ...

DALLAS, May 1, 2024 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) announced that Floyd Kessler has been named to the new role of Executive Vice President, Chief Business Risk and Controls Officer. Kessler will report to Peter Sefzik, Chief Banking Officer.Kessler will lead the Business Risk and Controls Office for Commercial Bank, Marketing, Customer Experience, the Retail Bank and Wealth Management, helping drive transformation of risk and control functions across all of Comerica's revenue divisions. ...

DALLAS, April 30, 2024 /PRNewswire/ -- Comerica Bank announced today it is expanding its regional partnership with the Network for Teaching Entrepreneurship (NFTE) to multiple markets within its geographical footprint. This $100,000 investment will provide entrepreneurship education programming to more than 25,000 middle and high school students in under-resourced communities who participate in NFTE's Aspiring Entrepreneurs Program in California, Florida, Michigan and Texas. Comerica Bank announced expan ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-Q ______________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10706 ____________________________________________ ...

DALLAS, April 23, 2024 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) announced the results of four proposals at today's annual meeting of shareholders. Comerica Incorporated shareholders elected the following directors to the Board of Directors for one-year terms: Arthur G. Angulo                      M. Alan Gardner                     Barbara R. Smith Nancy Avila                             Derek J. Kerr                           Robert S. Taubman Roger A. Cregg                       Ric ...

Comerica Incorporated (CMA) reported first-quarter 2024 adjusted earnings per share of $1.29, beating the Zacks Consensus Estimate of $1.13. However, the bottom line plunged 48% from the prior-year quarter.Results were affected due to a decline in revenues and higher expenses than the year-ago quarter. A sequential decrease in loan and deposit balances was another headwind. Nonetheless, CMA’s strong capital ratios indicate its availability of adequate capital to use in order to deal with any unexpected loss ...

Comerica Incorporated (NYSE:CMA) Q1 2024 Earnings Conference Call April 18, 2024 8:00 AM ET Company Participants Kelly Gage - Director of Investor Relations Curt Farmer - President, Chairman and Chief Executive Officer Jim Herzog - Chief Financial Officer Peter Sefzik - Chief Banking Officer Melinda Chausse - Chief Credit Officer Conference Call Participants Ken Usdin - Jefferies John Pancari - Evercore ISI Scott Siefers - Piper Sandler Steve Alexopoulos - JPMorgan Chase Bernard Von Gizycki - Deutsche Bank ...