American Banker - September 2023

CREDIT CARDS' CLIMATE PROBLEM

The payments industry produces billions of cards each year, contributing to the massive amounts of plastic that end up polluting the planet. Key players have stepped up to adopt more environmentally friendly options.

With a slew of older executives nearing retirement, the credit union sector will have a big management void to fill. But finding and developing new talent will be easier said than done.

American Banker's annual reputation survey shows regional banks were hit hardest by this spring's bank failures. But there were a few bright spots, including digital-only firms and highly specialized firms.

Despite regulatory efforts, applications for traditional new banks often now require lengthier review periods for approval than in the last several decades. Here are some key ways to lighten this burden.

The National Credit Union Administration is addressing two of the main reasons why new institutions aren't being formed — making it easier for the organizers to raise the required capital and easing the burden of the application process, says Todd Harper, the agency's chairman.

Grace Law, a Hong Kong native, seized an opportunity to work in a Chase branch in New York City more than 30 years ago. Today, she seeks ways to ensure her community — immigrants who are frequently overlooked by banks — has access to financial services.