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The Bethpage, New York, credit union plans to use the fintech’s risk models to improve loan decisioning.

Daily edition for February 28, 2022

Bank of America is under investigation in connection with its role as the administrator of a state program that was rife with fraud. The fiasco is one of several involving the prepaid card industry over the last 12 years.

The fintech chose its new name to reflect its non-financial offerings such as contact centers.

All Russian banks that have already been sanctioned by the international community are going to be restricted from Swift. That list can be expanded if needed, with an eye toward maximizing the impact on Russia and minimizing the impact on the European, officials said.

Amid Russia’s invasion of its neighbor, cybersecurity officials are warning about the potential for an unconstrained cyberattack on targets in Ukraine to spread around the globe.

The Boston-area mutual has agreed to acquire Patriot Community Bank, a single-branch lender based in Woburn, Massachusetts.

The bank’s unified digital plans include personalization and a customized mobile dashboard encompassing all the business a customer does with BofA.

The Consumer Financial Protection Bureau took a step toward addressing appraisal bias with a proposal that kicked off an interagency rulemaking on automated valuation models, which use reams of data to assess property values.

Goldman Sachs Group became the latest bank to be investigated over employee communications over unapproved messaging services.

Wall Street gets an automated nonfungible tokens machine, credit union arrivals and departures, and more in banking news this week.

James Bullard, the president of the Federal Reserve Bank of St. Louis, said the central bank hasn't moved fast enough to tame inflation. He is also urging colleagues to begin shrinking the Fed's balance sheet in the second quarter.

Following the departure of longtime chairman and CEO Dan Sheehan, the company has chosen Abel Iglesias, president of Professional’s bank subsidiary, as the new CEO. Meanwhile, director Herbert Martens has become nonexecutive chairman.

The $1.6 billion-asset institution says it has simply outgrown its old moniker.

Its modifications aim to help two government-sponsored mortgage investors manage risk and rebuild capital while retaining enough flexibility to fulfill their affordable housing missions, said the Federal Housing Finance Agency’s acting director, Sandra Thompson.