Retail & Commercial

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

The California company acquired Civic Financial Services, which makes loans to residential real estate investors.

Any business loan growth the industry sees this year will be closely tied to mass vaccination efforts and a broader economic recovery, meaning it may take until at least the third quarter for pent-up demand to translate into new opportunities.

More than 50 years since the passage of fair-lending laws, homeownership remains out of reach for many people of color.

Some big banks trimmed their stockpiles that guard against loan losses in the fourth quarter, but overall allowances fell less than many observers predicted. The trend will likely continue given uncertainties surrounding vaccine distribution and the economy.

The number of Paycheck Protection Program loans to U.S. small businesses more than doubled in the third week of the latest round of pandemic relief aid, as Bank of America and JPMorgan Chase each processed more than $1 billion in funding.

Gemini Trust now offers a credit card and an uninsured savings account for bitcoin holders that pays 7.4% interest. It is the latest example of a cryptocurrency company marketing banklike products.

Long hours by bankers and the streamlined resolution of Paycheck Protection Program loans helped lenders collect more fees than anticipated in the fourth quarter. It was a rare bright spot at a time when revenue is being pinched.

The U.S. unit of Toronto-Dominion Bank merged its corporate and specialty team with its commercial banking group, putting the fast-growing operations under the same leadership.

About 70% of Bank of America's customers are now “digitally active” and 17 million people use Erica, its virtual assistant. David Tyrie, who was recently promoted to head of digital, would like to get that rate up to 100%.