Retail & Commercial

Executives from a half-dozen major financial institutions avoided detailed commercial lending forecasts and gave a mixed outlook on consumer credit at an industry conference. And they called on Washington to pass an aid package targeted at the most troubled business sectors as soon as it can.

The agency's "no-action" letter is intended to provide more regulatory certainty for the bank after it announced a short-term credit product available to checking account customers next year.

Asked about the political uncertainty surrounding the undecided presidential race, Federal Reserve Chair Jerome Powell said the central bank isn’t wavering from its duty “to support the economy during this difficult time.”

The region now leads the nation in virus cases, and with winter lurking the fear is that the outbreak will only get worse.

If the deal is approved, the $6.4 million-asset credit union would drop its federal share insurance upon joining Towpath Credit Union.

Some customer fraud and a lack of cooperation from partners Huntington Bank and Dwolla prevented Beam Financial from returning funds to savers, says Aaron Du, the fintech's CEO. He says he’s trying to make things right, but Huntington and Dwolla are taking the dispute to court.

Referendums that legalized marijuana and sports wagering in several states could incentivize banks to do business with companies in these sectors. Payday loan and privacy measures that passed Tuesday also have implications for the industry.

The Pittsburgh-based institution can now serve more than a dozen municipalities in the Keystone State.

The agency said customers of SMART Payment Plan LLC could receive up to $7.5 million for statements that created a false impression about the service used for auto loans, but in a twist the bureau said it may pay most of the restitution.

Wells Fargo, JPMorgan Chase and others cut back on 7(a) lending to focus on originating Paycheck Protection Program loans. Smaller banks such as Live Oak and Byline gained market share by targeting niche industries and originating bigger loans.