New England Federal Credit Union, the largest financial institution headquartered in the Green Mountain State, is combining with Vermont State Employees Credit Union to create an organization with $3 billion of assets.

Community lenders may choose to stop serving small businesses rather than absorb the expense of collecting information on race and ethnicity under a proposal by the Consumer Financial Protection Bureau.

Companies that have competed in the agency's program say it helped them accelerate new ideas for features and businesses.

Banks flush with liquidity are likely to keep deposit yields low even as the rates they earn on loans widen, which should result in higher net interest income. One industry analyst predicts “NII to the sky.”

Paywallet CEO DK Sharma has raised about $14 million for a system that facilitates loans of up to $10,000, with installments coming out of borrowers' pay. It's meant to be an alternative to payday lenders.

The OCC and CFPB are investigating Bank of America for allegedly failing to protect tens of thousands of cardholders who reported fraud or were blocked from accessing their money at the height of the pandemic, according to sources familiar with the matter.