Finance

Fueling its market expansion, U.K. earned wage access startup Wagestream has raised £20 million (about $25 million) in a Series B fundraiser from several VC firms.

A report from the trade group shows that state-chartered credit unions saw greater first-quarter membership gains than their federal counterparts and posted lower rates of consolidation.

More than 70% of the industry now has access to the emergency liquidity source, according to the regulator.

Congress and the FDIC are considering easing limits on banks' holdings of such deposits, a move that could inadvertently lead to more expensive failures.

The company said its plan to shutter 12 locations reflects "increased client usage of online and mobile banking and a commitment to improve digital banking technology."

The class A notes, secured by legacy trust-preferreds and subordinated debt of institutions, carry an investment-grade A1 rating from Moody's. That rating is slightly lower than a prior Hildene CDO, due to elevated pandemic risk to bank profitability.

While elevated loan-loss provisions are expected to eat into all banks’ earnings, midsize banks could suffer more than their big-bank rivals because they have fewer revenue drivers. Meanwhile, investors will be watching closely for any signs of dividend cuts stemming from the Federal Reserve’s caps on payouts.

The Arkansas bank is selling its two branches in the state to Merchants & Marine Bancorp and FEB Bancshares.

The Main Street Lending Program is off to a slow start, while the PPP is extended five weeks to distribute the remaining $130 billion in loans; the European regulator is softening its stance to allow more deals.

The report from the regulator offers an industry-wide look at how credit unions have fared during the pandemic. Since the outbreak worsened in April and into May, credit quality could possibly worsen while earnings may sag even further.