Allissa Kline

Billions of government and corporate dollars are pouring into minority banks and community development lenders, complicating the efforts of some investment funds that had similar goals. Still, banks owned and run by African Americans say the equity infusions are small in the context of the nation’s wide racial wealth gap.

More than 180 community development financial institutions and minority depository institutions will receive the federal funds under a pandemic-era program. “It’s a lifesaver,” a credit union CEO said.

The acquisition of MoffettNathanson is the latest in a string of moves by Silicon Valley Bank’s parent company to extend the reach of its investment banking arm into the tech sector.

For the third time since the start of the pandemic, the Richmond, Virginia, company will close branches to contain costs in what it calls a “challenging macroeconomic environment.”

Acting Comptroller Michael Hsu identified eight practices that he described as pro-consumer. While some banks have already acted on many of the reforms, they are by no means standard across the industry.

Coming out of the pandemic, traditional banks will have just two years to update their business models or they risk falling behind more innovative peers and aggressive upstarts, the consulting giant warns in a new report.

Formerly incarcerated people have long faced barriers to entering the mainstream financial system. Banks such as Old National and Bank of Hawaii are taking steps to help them, but the industry can do more, according to a new white paper from the American Bankers Association Foundation.

Adelphi Bank in Columbus, Ohio, would be just the nation’s fourth depository with a predominantly African American board of directors. “The hope is that we change lives,” said Jordan Miller Jr., who would serve as president and CEO.

After more than a year of collaboration, the Minneapolis bank is buying the company to enhance its corporate expense and travel management offerings.

If the French megabank retreats from the U.S. retail banking market, it would be the fifth foreign-owned company to do so in the past 12 months.

KeyCorp, Zions and Capital One are among the companies making big moves in a sector that is growing fast and viewed as recession-proof.

Even as the pandemic has hastened adoption of digital banking, industry officials say branches remain vital points of contact with consumers.

The establishment of the Office of Minority and Community Development Banking comes less than two months after the agency created an investment fund to match private investors with minority-owned banks and community development financial institutions.

Scott Anderson, president and CEO of Zions Bank, was recently elected chair of the American Bankers Association. In an interview, he encouraged Washington to scrutinize tech giants’ moves into financial services but expressed concern about some potential implications of financial agencies’ spotlight on climate change.

Deland Kamanga, the company's head of global markets, has been tapped to lead a unit with operations in both Canada and the U.S.

The deal for Michigan-based Flagstar Bancorp, announced in April, was originally expected to be completed by the end of the year. The New York bank’s CEO expressed optimism that it will still get regulatory approval.

During third-quarter earnings calls, Bill Demchak of PNC raised concerns about stablecoins, while Jane Fraser of Citigroup pledged that there will be accountability for fixing her company's regulatory troubles and Jamie Dimon of JPMorgan Chase sounded downbeat about the Biden-era regulatory environment.

The upstate New York company, which has agreed to acquire People’s United Financial in Connecticut, is the latest bank to negotiate a multibillion-dollar spending commitment with the National Community Reinvestment Coalition.

The third-party investigation will assess the bank’s progress on a pledge to spend at least $1 billion providing mortgages, small-business loans and other banking services in underserved neighborhoods.

Investment banking fees helped propel the Cleveland bank's noninterest income, which has been a focus for the last decade and continues to rise as a percentage of total revenue.