Location Root Tag

A planned combination of Maine State Credit Union in Augusta and Midcoast Federal Credit Union in Freeport has been nixed despite receiving approval from regulators.

The Dunedin, Fla.-based institution reported an 18.8% surge in assets last year, along with substantial growth in commercial lending, thanks in part to the Paycheck Protection Program.

The country's banks and fintechs are still new to working together, giving Railsbank a chance to become a key player in open banking.

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

David Murphy, the credit union's vice president of risk and finance, will succeed Carol Adler, who is retiring.

Brim Financial contends there's an innovation gap for installment lending that favors larger lenders.

Two banking bills signed by Gov. J.B. Pritzker carry implications for payday lenders, auto title lenders, credit unions and nonbank mortgage lenders. Pritzker, a Democrat, said the bills will address racial-equity gaps in the state.

Paul Marsh resigned as president and CEO of the South Bend, Ind., credit union on Tuesday after 30 years there. An interim chief has been named and the board is searching for a permanent successor.

The fintech, which has applied for a California banking license and federal deposit insurance, aims to become a full-service online bank for 1 million Americans by year-end, says Ron Oliveira, its U.S. chief executive.

Timothy Collia will step down from the Portsmouth, N.H.-based institution later this year. A search for his successor is already underway.

The Rhode Island institution's next CEO has led lending operations at nearby Navigant Credit Union since 2017.

The State Department has added 14 Chinese lawmakers, including a member of the Communist Party’s ruling Politburo, to a blacklist under the Hong Kong Autonomy Act. Banks face sanctions if they do business with them.

Facing accusations of illegally using client accounts to move money to its U.K. headquarters from a Brazilian bank, Wise (formerly Transferwise) vehemently denied those actions and said it is the target of a smear campaign.

Longtime leader John Young plans to retire at the end of 2021, and the credit union has hired Humanidei to find a replacement.

After digging deep into member data, Randolph-Brooks FCU in Texas developed a marketing campaign aimed at persuading JPMorgan Chase clients to switch to the credit union's own card. It's an effort its peers could imitate.

Rakuten Inc. plans to raise 242 billion yen ($2.2 billion) by selling shares to investors including Tencent Holdings Ltd., Walmart Inc. and Japan Post Holdings Co., bankrolling expansions into AI, finance and mobile.

The nation's second-largest credit union is thanking all full-time employees for their work since COVID hit. But even as vaccinations ramp up, remote work will be the norm for several more months.

Until regulatory reforms are introduced, nonbanks won’t have direct access to Payments Canada's Real-Time Rail, a situation that risks stifling innovation.

Mark Kelly will step down next month as president and CEO of the Oklahoma City-based institution. He will be succeeded by the credit union's executive vice president.

EPI could potentially provide a bedrock for future European payments innovation. It arguably does not go far enough, says Icon Solutions' Michel Vaja.