Austin Bank of Chicago is rolling out a program that will sound familiar to credit unions. Saying it was struck by the number of customers asking the bank for loans of less than $500 whom it turned down and who then left the bank and got the loan from a payday lender, Austin Bank is introducing a loan product in response. In its case, the $227-million bank will offer a product that works like a credit line. Applicants can apply for three-year loans of $1,000 to $10,000. If approved, they are given checks to draw down on the line. Monthly payments are 3% of the principal and accrued interest until the balance is paid.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
July 3