Finance

Keith Costello, who is looking to form Locality Bank, was president and CEO of First Green Bank when it was sold in 2018.

A new report from the regulator shows slower growth in membership and lending, as well as a decline in the number of credit unions reporting profits.

A new study from Black Kite outlines a variety of threats facing the industry and pinpoints the average cost of a breach at large and small institutions alike.

The company is still searching for someone to fill the roll on a full-time basis, but the $600,000 annual salary cap may limit the candidate pool.

Organizers of the proposed Our Community Bank still need to raise $18 million before opening.

The Indiana company said the move reflects a need to cut costs and customers' increased preference for digital channels.

The Honolulu company said the "non-public, fact-finding inquiry" by the Securities and Exchange Commission focuses on its calculations for earnings per share.

Payservices would use deposits largely to support its existing business. It has no plans to make loans.

Unify Financial is sponsoring a $300M securitization of prime auto loans. The $3.3 billion-asset institution is only the second CU to sell securities backed by auto loans since the NCUA gave the green light for credit union securitizations nearly four years ago.

Many in Washington have been in suspense about whether the Biden administration would favor a former Obama official or a financial inclusion advocate for comptroller of the currency. Mehrsa Baradaran, the candidate preferred by community activist groups, appears to have the edge.

Comerica, Regions and KeyCorp executives say their companies will proceed with caution despite the green light from the Federal Reserve to buy back stock in case they have to cover a surge in loan growth as the economy recovers.

Ten companies this week joined the American Fintech Council, which debuted March 3 after the Marketplace Lending Association and Online Lending Policy Institute combined.

HoldCo Asset Management, which gains two board seats from a standstill agreement, had expressed disappointment that the Boston company hired a CEO instead of pursuing a sale.

Government incentives and pandemic-fueled changes to habits create opportunities in the region.

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.