Retail & Commercial

Michael Moeser, senior analyst at PaymentsSource, talks to Brandon Thompson, EVP at Green Dot, about the drastic changes its audience has faced over the course of 2020.

President-elect Joe Biden will likely have to contend with a Republican-controlled Senate. That could have important implications for his approach to financial services policy.

Figure Technologies would only accept uninsured deposits, so it would not be subject to Fed or FDIC oversight. A major concern for banks is that the effort could open the door to incursions by bigger tech companies.

The Massachusetts company, which had a big second-quarter loss after writing down the goodwill tied to past acquisitions, will sell eight branches to Investors Bancorp and shutter 16.

The Georgia lender has hired bankers away from Wells Fargo to build a new ag lending team that will look to capitalize on soaring lumber demand in its home state.

The tech firm spun off by Avant, which licenses its lending software to banks, has now raised $140 million this year.

Investors are flocking to point of sale credit firms, which have emerged as a popular option during a time of economic stress. And market dynamics suggest more upside even as traditional payment competitors enter the fray.

Though there is some optimism about an economic recovery, two-thirds of respondents said they expect revenue to be flat of down next year and just 13% plan to be in hiring mode.

People with scores below 500 are often in communities that suffer the most from economic hardship and violence. Banks and regulators can do more to qualify them for financing, ultimately creating healthier local economies.

First Horizon, TCF and Webster are among the banks eyeing efficiency initiatives that could include more branch closings, layoffs and reduction of office space. Expect others to follow suit as low rates and tepid loan demand tied to the pandemic pressure revenue.