Retail & Commercial

Pandemic era changes to credit reporting have dangerously distorted credit scores for mortgage borrowers. The market is in worse shape than we realize, writes a former Federal Housing Finance Agency director.

A judge postponed to Aug. 19 the scheduled sentencing date for Shan Hanes, the ex-CEO of Heartland Tri-State Bank who admitted to embezzling $47 million from the lender, leading to its downfall.

KeyCorp wasn't seeking capital but saw the benefits of Scotiabank's minority stake. The deal would enable the Canadian lender to step into the U.S. consumer market.

Fortuna Bank in Columbus would be the third U.S. bank specifically formed to be women-owned, according to its organizers. Supporters say it's another win toward obtaining gender-equitable capital access.

In a letter to JPMorgan Chase CEO Jamie Dimon, the Democratic senators said he should "put on hold any plans" to raise fees on checking accounts due to higher regulations.

On the heels of a recent downgrade by one analyst, the Uniondale, New York-based Flushing is being challenged by veteran investor Larry Seidman to consider a sale of the company.

The consumer lender has signed a nonbinding letter of intent to sell its credit card portfolio, which will simplify its business to personal loans and automated savings.

The pace of deal activity in 2024 is ahead of a year earlier, thanks in large part to summer momentum and a spate of all-stock deals. But an early August market rout created a new hurdle for dealmaking in the second half of the year.

Democrats Ritchie Torres and Gregory Meeks called on the New York Home Loan bank to follow the lead of its peers and use alternative credit scoring models for collateral to improve consumers' access to homeownership.

In short, if the early days of BaaS were driven by market opportunity, the coming days of BaaS will be driven by the operational apparatus and software to acquire and manage that opportunity.