Retail & Commercial

Industry leaders in the spotlight this year include Citi's Jane Fraser, TD's Bharat Masrani and several others who are making big moves in cryptocurrency.

Branches across the country have closed temporarily, or switched to drive-thru service, as infections and quarantine rules have forced many bank workers to stay home.

First Premier Bank in South Dakota revamped its online sign-up process to allow customers to name the banker who referred them. This helps bankers overcome their reluctance about digital accounts and lets them start relationships with new customers.

The bank, which donated a total of $1.6 million in 2020 and 2021, endowed the new organization with $4 million.

Spain’s biggest lender accidentally made a second payment to about 75,000 people and firms who had been due payments from businesses with accounts at its U.K. unit.

Shares of Medallion Financial plunged Wednesday after U.S. regulators accused the New York-based lender to taxi drivers of seeking to illegally boost its stock price amid intense competition from Uber Technologies and Lyft. 

The community bank leverage ratio is set to revert to its prepandemic level of 9% on Jan. 1. Bankers say the move is premature and are supporting a bill that would keep the ratio at or below 8.5% through 2024.

Many previously unbanked consumers are flocking to the banks that provide accounts with no overdraft or debit card fees and minimum opening balances of $25, according to a new report from the St. Louis Fed.

The community bank said it would will not renew their employment contracts, which terminate March 20, but that it intends to keep them as executives.

The lender will start by cross-selling Digit's products, then gradually consolidate the two companies' platforms. Meanwhile, Oportun is working to put questions about its collections practices behind it.