Finance

Capital One Financial led a $170 million investment in the startup Hopper as the financial giant seeks to make a deeper push into travel.

The Arlington-based institution made gains across several metrics in 2020, including loan growth of 22%, driven in part by the mortgage refi boom.

In a continuation of its Series D round to fuel its global expansion for cross-border payment solutions, Airwallex has raised $100 million in capital, valuing the fintech at $2.6 billion.

MissionOG spots opportunities among firms that provide pandemic-era automation and a route for legacy financial institutions to compete with challenger banks and fintechs.

Legacy contracts using the London interbank offered rate — which is set to be phased out at the end of this year — were granted a reprieve to mid-2023. However, there is no wiggle room on when the rate will expire for new deals, said Federal Reserve Vice Chairman Randal Quarles.

The depositor-owned banks are discouraged from participating in the Emergency Capital Investment Program because they can't issue preferred stock to back loans for underserved communities. It's another reason to overhaul their capital rules, mutuals argue.

Fees from forgiven Paycheck Protection Program loans are providing a short-term lift, but balance sheets are shrinking and it isn't clear what will drive future growth.

The de novo, which raised $33 million in initial capital, will become the state's third new bank since the 2008 financial crisis.

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.