Corporate governance

A new app will allow small-business clients to quickly apply for credit while expanded offerings for homeowners associations will help CIT build up its base of low-cost deposits.

The expansion comes after a year in which net income at the Nashville-based credit union dropped by more than half amid a rise in delinquencies and charge offs.

A letter from the Independent Community Bankers of America calls on lawmakers to curtail credit unions' bank-buying spree or at least take measures to ensure parity between the two sides.

The benefits include improved financial inclusion, the chairman of the NCUA argues.

The New York-based credit card issuer is expanding its board to 13 members with the addition of Karen Parkhill.

The Wall Street bank aims to double consumer deposits and triple outstanding consumer loans in five years. A checking account is slated for 2021, and more cobranded credit cards could be coming.

A deal bringing $16 million-asset RiverTrace CU into Call Federal Credit Union will take effect on Feb. 3.

A small number of institutions are beginning to add financial assistance for vocational training into their scholarship offerings, but that only accounts for a fraction of the industry's total giving for secondary education.

The deal will create a bank with $34 billion in assets and operations stretching from Virginia to Florida.

The company best known for student lending expanded into personal lending less than two years ago. Now it says it is refocusing on core strategic priorities.