Finance

Dutchie, an online cannabis delivery service for dispensaries, has raised $35 million by attracting rapper Snoop Dogg, basketball star Kevin Durant and former Starbucks CEO Howard Schultz as investors.

Credit unions added more than $176 billion to savings balances in the first half of the year, according to new analysis from Callahan & Associates.

Dana Wade, a former OMB official, says a strong capital footing will help the Federal Housing Administration weather an uptick in delinquencies and ensure the mortgage market is viable once the economy recovers.

Vanessa Colella, innovation chief at Citi, says remote working has had a democratizing effect. She also touches on the types of technology Citi has been incubating, the startups it’s investing in and her efforts at fostering a culture of generosity.

Dana Wade, a former OMB official, says a strong capital footing will help the Federal Housing Administration weather an uptick in delinquencies and ensure the mortgage market is viable once the economy recovers.

ViZ Bank would eventually have branches across several major U.S. cities, including Dallas, Denver and Atlanta. It would also offer a program to help former inmates build savings and establish credit.

Jo Jagadish, who joined TD Bank in April as head of commercial products and payments innovation, spent her childhood moving from country to country, so she's used to a world without borders — the kind of world emerging from the capabilities of fintech and demands of the pandemic.

The Massachusetts company, which converted from a credit union to a bank in 2013, is laying off more than 40 employees with a focus on people working in its retail banking operations.

A pioneer in the commercial mortgage-backed securities market argues the HOPE Act would bail out savvy investors who don't deserve it. Barclays predicts that kind of attitude will make passage difficult.

The chairman of the National Credit Union Administration spoke candidly about his experiences as a Black man during a panel discussion that touched on issues including race and the pandemic.

Ulule is working with Bank of the West to build name recognition. It hopes to collaborate with other banks and credit unions as it vies with larger companies such as Kickstarter and GoFundMe.

The industry will have to grapple with pressure on net interest margins, interchange income and credit quality, said CUNA Mutual's Steve Rick during a virtual conference.

The company said it will use the new funding to accelerate its growth.

The Massachusetts company is laying off more than 40 employees with a focus on people working in its retail banking operations.

The new “adverse market fee” for refinanced mortgages resembles steps the companies took to combat the 2008 mortgage crisis. But critics charge it isn’t necessary and will hurt borrowers’ ability to tap into low rates.

The industry's return on average assets has already dropped substantially and there are predictions that could get even worse. Many institutions will have to deal with elevated provisions for loan losses and expense management to survive.

Theorem is marketing its first-ever securitization of unsecured loans. It uses machine-learning technology to gauge the risk of default, a growing concern during the pandemic recession.

The coronavirus pandemic has created major credit issues at the Boston bank and stymied efforts to improve profits, fueling speculation that the onetime serial acquirer could be a takeover target.

Many banks buy modeling tools from vendors to help detect new areas of risk, fraud and profitability without realizing their existing systems are capable of doing the same.

Richard Marotta left the Boston company less than two weeks after a goodwill impairment charge contributed to a large quarterly loss.