Finance

In placing the $6.6 million-asset institution in conservatorship, the regulator has taken charge of two credit unions in just the first two weeks of the year.

Fourth-quarter results were hurt by restructuring and customer-remediation charges, but the release of credit-loss reserves and the sale of a student-lending business gave an unexpected boost to net income.

Strong trading and investment banking fees also contributed to a 42% increase in profit to $12.1 billion in the fourth quarter.

The project will deploy $20 million as secondary capital to expand economic relief and financial inclusion, and follows a $1 million project last summer aimed at helping low-income consumers in Rust Belt cities.

Smaller financial institutions and fintechs need to work together to continue closing the unbanked gap through expanded digital banking capabilities.

Robert Kafafian says he's hearing more MOE chatter now than at any time in his decades-long career as a consultant. He cited smaller banks' need to cut costs, improve tech offerings and compete with bigger lenders.

The nation's third-largest credit union saw a huge lending spike in 2020, especially in its mortgage division, while membership grew by 159%, thanks in part to merger activity.

The Utah company, which serves more than 2,000 banks and credit unions, has grown rapidly because it helps financial institutions deliver the types of personalized financial advice consumers have increasingly come to expect.

U.K. fintech Rapyd, backed by Stripe, has raised $300 million in a Series D round to fuel its growth through acquisitions in payment processing, card issuing and disbursements.

Walmart's fintech venture with Ribbit Capital allows it to influence more technological developments in the retail industry.