Finance

Lending slowed, credit allowances mounted and return on assets as well as other performance ratios weakened, according to year-end figures from the credit union regulator.

A big funding source for the Paycheck Protection Program is set to expire on March 31. Its demise would pinch nonbanks that are originating and buying loans, especially if Congress continues the PPP beyond this month.

Six startups that seek to cater to Black and Hispanic consumers outside the financial mainstream are attracting heavy interest from investors. However, the new banks will vie with megabanks eyeing those same customers and with established minority-owned institutions suddenly brimming with new capital.

Lawrence Seidman will provide capital markets advice and financial analysis to the Pennsylvania company.

As the Federal Reserve continues to explore issuing a digital U.S. dollar, the Biden administration and key congressional leaders are endorsing the idea as a way to expand banking access for underserved consumers.

Stori raised new funding to expand access to credit cards via an in-app application, setting its sights on becoming the Ant Group of Mexico.

Citigroup restated fourth-quarter results after writing down a portion of a loan to Revlon it now owns after losing a court battle.

Ingenious Financial in Arlington, Va., is raising $200 million in hopes of buying an existing bank. Bank of Ingenious would focus on professionals such as doctors, dentists and veterinarians.

Bank of America will book a $400 million expense in the first quarter to account for a change in bonus policies that sparked anger among high earners.

The bank, formed in 2019 when investors bought and recapitalized Sound Bank, will use the funds to hire lenders and improve its overall infrastructure.