Finance

The rule change will allow credit unions to raise more capital to help their members, not line the pockets of investors, as bank lobbyists claim.

Noninterest income has bolstered profits this year. But its growth is expected to slow over the next two years, making for a gloomy earnings outlook unless vaccine distributions and the economic recovery are relatively swift.

The company adds to a growing list of banks shutting branches to invest in technology offerings.

First Technology FCU, led by a former banker, stands ready to raise fresh capital by issuing subordinated debt. But first it must wait for a rule change from the National Credit Union Administration that's drawing fierce opposition from the banking industry.

As with most things related to 2020, COVID-19 will be a deciding factor as the Federal Reserve considers whether banks are able to increase their dividends or resume share buybacks.

The regulator is expected to finalize a rule this week allowing credit unions to issue subordinated debt to outside institutional investors. That's bad public policy, the American Bankers Association writes.

A new report from McKinsey says that cost-cutting alone won’t make up for the steep revenue declines brought on by low interest rates and sluggish loan demand. “For some banks,” argues the report’s author, “mergers might be the best way out.”

U.S. consumers wanting to use cash for online payments will have the option to do so through a collaboration between Paysafe and Incomm Payments.

Waterfall Bank, which has ties to an investment group that handles affairs for family offices, would be based in the Tampa Bay area.

Fundraising platform TapSimple has raised nearly £1 million (U.S. $1.3 million) in an investment round that will help it to continue to develop fundraising activity in what it describes as an increasingly cashless world.

Management teams are forging ahead with technology projects and bonuses for some employees despite a deep slide in net income this year.

The Pittsburgh company also sold a portfolio of indirect auto loans and repaid a large amount of Federal Home Loan Bank borrowings.

A program that lets firms bundle Small Business Administration loans is on hold while Congress spars over a new budget. The impasse is causing headaches for banks that rely on loan sales for fee income.

Credit quality has remained strong at credit unions, but there are hints that some of them — especially the smallest ones — could report lackluster earnings well into next year, according to the National Credit Union Administration's latest intel on industrywide finances.

Fintech success stories have encouraged investors to back more startups, but newcomers will be hard-pressed to attract enough customers to compete while keeping expenses down.

E-commerce and digital finance are expanding quickly due to the pandemic, economic downturn and plans for recovery — providing opportunities for VCs that back technology that powers faster, more digital payments.

Thousands of institutions could lose a safety net on New Year's Day if Congress fails to act before leaving for the holidays.

The company is looking to shutter 10 of its 63 branches over coming months, reflecting a shift in customer preferences.

The economic fallout from COVID-19 has highlighted systemic concerns about commercial real estate exposure, business debt and short-term wholesale funding, the Financial Stability Oversight Council said in an annual report.