John Reosti

The California company agreed to acquire WestRiver Group in a move that will expand its debt fund business.

Lenders are worried that the Small Business Administration could use borrower responses to deny forgiveness for many Paycheck Protection Program loans that exceed $2 million.

As COVID-19 infections break records nationwide, some banks are once again closing lobbies. But many others are maintaining the status quo after instituting a host of safety protocols that didn’t exist in the spring.

Lenders want Congress to bring back incentives used during the last recession, such as bigger subsidies and reduced fees, to jump-start participation in the Small Business Administration's flagship 7(a) program.

Joseph Lebel's promotion follows a third-quarter loss as the New Jersey company company looks to get ahead of credit issues by selling high-risk loans.

The credit union regulator's November board meeting covered a variety of issues, including the voluntary self-assessment, disagreements on the budget proposal and the possibility of new insurance premiums in 2021.

Anchor Bank in Palm Beach Gardens was rescued by Bolivian investors after the financial crisis and began catering to South American clientele. Now it has agreed to buy a Broward County bank, setting the stage for its long-awaited, in-market expansion.

Wells Fargo, JPMorgan Chase and others cut back on 7(a) lending to focus on originating Paycheck Protection Program loans. Smaller banks such as Live Oak and Byline gained market share by targeting niche industries and originating bigger loans.

The company is looking to tap into a surge of homebuying tied to historically low interest rates.

Jane Allerman-Rey, the mutual's chief operating officer, will take on the new role in January.