Retail & Commercial

Credit unions are hoping for a return to normal credit card spending patterns sometime during the second half, but the pandemic has created a domino effect of complicating factors.

After the agency pulled back on fair-lending enforcement in the Trump administration, interim Director Dave Uejio has made clear his intent to use the “disparate impact” standard to launch more anti-discrimination probes.

Community banks say Vizaline’s software, which converts property descriptions into images, helps them catch errors before they close real estate loans without resorting to expensive land surveys. But traditional surveyors say the results are of questionable value.

Vast Bank in Oklahoma is one of the first to allow customers to purchase digital currencies, a market that has proved lucrative for fintechs.

Only 18% of businesses that received a Paycheck Protection Program or other loan from an online lender were satisfied with customer service, while 42% said they were dissatisfied. Banks, credit unions and CDFIs fared better in the Federal Reserve survey.

The paucity of distressed-loan sales indicates that most bankers are confident about the underlying health of their portfolios even as the pandemic lingers and loss reserves remain elevated.

A group led by Stephen Gordon has received conditional approval from the Federal Deposit Insurance Corp. to open Genesis Bank.

Canada’s fourth-largest bank is pressing ahead with big technology investments to cut costs and try to generate more revenue from existing customers, said Erminia Johannson, BMO’s head of personal and business banking for the U.S. and Canada.

The San Antonio-based company has promoted Paul Vincent to president of its banking unit. Neeraj Singh, previously chief risk officer for Citi’s U.S. consumer bank, has joined the parent company as chief risk officer.

The Los Angeles company agreed to buy $105 million of loans and a servicing portfolio that covers another $295 million in originations.