The state’s banking regulator said that the online consumer lender made over 46,000 small loans to Bay State consumers without a license. The company surrendered its license to the state regulator as part of a 2011 consent order.
Only North Dakota has its own state-owned bank, but policymakers in other states say more public banks are necessary to fully meet society's needs. Among those who proponents say would benefit the most: small-business owners and legal marijuana suppliers and distributors.
With the state only months away from allowing the sale of pot for recreational use, its top cannabis regulator is urging policymakers to consider creating a public bank to provide services to growers and dispensaries that might otherwise have nowhere else to bank.
Bob Rivers, CEO of Eastern Bank, was praised and criticized after he called out a Boston sports radio station whose on-air personalities made insensitive remarks. The incident underscores why bankers must be mindful about the positions they take.
Capital One has been rolling out coffee shops where it can offer banking services — but are not considered branches. The cafes have been especially effective at gathering deposits, putting more pressure on community banks that have already been losing deposits to their larger rivals.