Corporate governance

The higher charge on mortgages refinanced through Fannie Mae and Freddie Mac is supposed to cushion against a crisis but could contribute to one as the fees are passed on to struggling consumers.

The Missouri company 's deal for Clifford Bancshares is set to close later this year.

More than half of adult consumers who don't use their parents' credit union say it is because they have moved out of that market, according to a new study from Access Softek.

The Detroit regional relied on smaller teams, flexible deadlines and tightly defined tasks to convert the systems of Chemical Financial and rebrand.

MBFT Federal Credit Union serves just 131 members and holds less than $1 million in assets.

ViZ Bank would eventually have branches across several major U.S. cities, including Dallas, Denver and Atlanta. It would also offer a program to help former inmates build savings and establish credit.

Devon Bryan, who held similar jobs at KPMG and the Federal Reserve System, succeeds Brian DiPietro, who had been information security chief since 2016.

The Jacksonville, Fla.-based credit union said it needs the extra staff to handle an influx of member calls and to help with a planned expansion.

The Pennsylvania company recruited John Montgomery from First Bank in St. Louis to take the helm on Aug. 31.

Ulule is working with Bank of the West to build name recognition. It hopes to collaborate with other banks and credit unions as it vies with larger companies such as Kickstarter and GoFundMe.

The executive shuffle at the company continues as Credit Suisse America’s Paula Dominick is hired to replace Mike Roemer as chief compliance officer. It also hired or promoted four line-of-business chief risk officers and an enterprise testing leader.

NuMark and NorthStar Credit Unions plan to join forces later this year, with NuMark CEO Ann Dubie retiring once the deal has been completed.

The proposed combination would create a bank with $3 billion in assets in central Virginia.

The industry's return on average assets has already dropped substantially and there are predictions that could get even worse. Many institutions will have to deal with elevated provisions for loan losses and expense management to survive.

The coronavirus pandemic has created major credit issues at the Boston bank and stymied efforts to improve profits, fueling speculation that the onetime serial acquirer could be a takeover target.

MatlinPatterson, which once owned more than 60% of the Michigan company, has been paring back its stake in recent years.

Some institutions have long worked to recruit a diverse workforce and address discrimination but these initiatives have taken on greater importance as protests have highlighted racial inequality.

Many sellers are ditching the loans to avoid the cumbersome forgiveness process. For others, the Paycheck Protection Program was never a strategic fit.

The account would complement the existing Community Development Financial Institutions Fund and could be replenished annually if banks and credit unions use the funds to help when natural disasters and other crises occur.

The company will pay an undisclosed amount of cash for Marshall Financial, the parent of Citizens Bank.