Retail & Commercial

Almost 100% of small-bank executives who responded to a recent IntraFi survey say they expect the U.S. economy to fall into a recession by next year. The top reason why: an overcorrection by the Federal Reserve as the central bank tries to tame inflation.

The state’s Department of Financial Services seeks to prevent banks and credit unions from imposing three kinds of “improper or unfair” fees, including overdraft charges when the consumer’s account shows sufficient funds at the time of transaction.

The Texas company concealed no-cost repayment plans from borrowers and collected “hundreds of millions of dollars” in reborrowing fees, the agency said.

The bureau has dragged its feet for years in moving forward with the rule primarily because of the potential impact on credit availability for millions of small businesses.

Totem's digital banking app is the first created by and for Native Americans. The challenger bank will help each of its partner tribes offer uniquely branded apps that provide banking services, distribute government assistance and teach users how to build their credit.

A group of congressional Democrats, led by Rep. Carolyn Maloney of New York and Sen. Elizabeth Warren of Massachusetts, are optimistic that an overdraft bill will be taken up in the House later this month. 

GoHenry, one of many digital banks for kids and teens in the U.S., is based in London but is broadening its European presence with the acquisition of the French fintech Pixpay.

Anne Balcer, formerly of Forbright Bank, will take on the role previously held by Karen Thomas, whose retirement was announced last month.

Klarna Bank, which advertises itself as a way to spread the cost of the latest brands and smartphones, is shelling out loans for milk and gas with cash-strapped customers looking for ways to cover basic necessities.

The Nashville bank has recruited a veteran commercial lender in Asheville who had worked with First Horizon, and it has hired four more bankers in Chattanooga.