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The payment processing company will offer loans and deposit accounts to its small-business customers through a Utah-based industrial bank.

The bank’s new holding company, Amalgamated Financial Group, is the first publicly traded financial services company to become a public benefit corporation. It says the legal designation will help officers and directors balance the interests of shareholders and the public.

The bank's purchase of Sodak Home Loans in Sioux Falls, S.D., adds to a string of bank deals for mortgage lenders this year.

The pandemic is likely to dominate the discussion during CUNA’s online Governmental Affairs Conference, but perennial issues such as the industry’s tax exemption will also be spotlighted.

Four former employees and several clients of Washington Federal Bank for Savings face charges of falsifying records to conceal the embezzlement of $31 million prior to the bank's December 2017 collapse.

In an analysis of the pandemic's impact on the housing market, the agency said nearly 10% of households could be at risk of eviction or foreclosure despite government programs to enable homeowners to delay their payments.

While JPMorgan Chase’s chief executive would like the bank’s employees to get the COVID-19 vaccine, he said it’s unlikely to require the shots at least for now.

The company is emphasizing the software interoperability of the service it's launching that caters to banks, which are making huge investments in cloud computing. It will face off against big-tech rivals in the market like IBM, which touts the security and compliance features of its year-old offering.

Turnaround times on loans in the 504 program are stretching out for weeks as the Small Business Administration grapples with a spike in applications and responsibilities tied to the Paycheck Protection Program.

In adding Goldman Sachs veterans Omer Ismail and David Stark, the retail giant can enhance products such as Walmart Pay, Walmart+ and its fintech pact with Ribbit Capital.