Finance

During its monthly meeting, the National Credit Union Administration board also approved a proposal to increase CU access to non-member deposits, a move bankers are already railing against.

The two lenders are bucking the trend for the overall industry, which saw year-over-year mortgage growth slide to a 17-year low in March, according to the Bank of Canada.

The McLean, Va.-based institution said that its capital hit a record $2.5 billion last year.

The pace is torrid now, but it could slow if bank stock prices keep rising and one prominent lawmaker’s proposal to restrict share repurchases gains traction.

Galileo Processing has created a digital banking product that seeks to provide wealth managers with the offering they generally lack: an in-house savings account that pays competitive rates.

Prepayments tied to repeated VA loan refinancing activity have had an adverse effect on Ginnie’s mortgage securities that persists despite countermeasures. The government bond issuer is making new plans to address the impact.

The company agreed to buy Charter Bank, which has four branches and $161 million in assets.

Credit unions on the Corda blockchain platform will be able to make payments via EFT with CU Pay, a product the CUSO plans to roll out next year.

American Bank & Trust opened after organizers raised more than $22.5 million.

Blue Ridge Bankshares will be based in Charlottesville, Va., after completing its $43 million purchase of Virginia Community Bancshares.

Banks are starting to lower their rates to savers, due to easier Fed policy and lower expected profits; Commercial lenders see big rise in non-performing loans.

Advancements are bringing improvements to risk and user experience, but global reach remains a top priority, writes Marc Recker, global head of institutional market management and cash management for Deutsche Bank.

The moves are part of a plan CEO Rajinder Singh discussed in a conversation with American Banker.

Amazon led a Series G funding round worth £475 million (about US$575 million) with three other investors for London-based food delivery company Deliveroo.

IAM Community Federal Credit Union in Enterprise, Ala., voted last year to rebrand as a way to attract more members under its community charter.

Heritage will have 17 branches around San Francisco when it completes the $200 million acquisition.

Some of the biggest venture capitalists in the field are backing a new digital currency being offered by a leading blockchain academic.

The company offers an operating system for financial applications akin to Apple's iOS, and more than 1,000 applications run on it.

A bill that would have capped payday loan rates at 36% failed to get through committee, but credit unions have pledged to continue to fight for the legislation.

Although the euphoria over blockchain has dissipated recently, many still see it as vital to the future of banks and the economy at large. Following are key issues being hashed out.