Retail & Commercial

USAL Bancorp will have nearly $300 million in assets after it buys Escambia County Bank.

The bank has agreed to pay $97 million in customer restitution and a $25 million fine to settle allegations by the Consumer Financial Protection Bureau that it deceptively charged overdraft fees for certain ATM and debit card transactions.

The company will pay $156 million for a bank with a large Small Business Administration lending platform.

A group of eight Attorneys General filed suit against an FDIC final rule related to ‘rent-a-bank’ partnerships, mirroring a similar suit filed against the Office of the Comptroller of the Currency last month.

The slowdown in branch traffic brought on by the coronavirus outbreak has accelerated consumers’ adoption of online banking and other tech, meaning banks have no time to waste in digitizing their customer-facing applications, says Bruce Van Saun.

Lenders initially won't be able to pass on the cost of the Federal Housing Finance Agency's "adverse market fee" to borrowers whose rates on GSE-backed mortgages and refinances are already locked in.

The largest bank in the country is reportedly in negotiations to lease space from the U.S. Postal Service. One credit union group called the plan a Wall Street "power grab."

The higher charge on mortgages refinanced through Fannie Mae and Freddie Mac is supposed to cushion against a crisis but could contribute to one as the fees are passed on to struggling consumers.

The COVID-19 pandemic has teed up a growth opportunity for the buy now, pay later (BNPL) financial industry, as recession worries made people receptive to entering short-term payment plans that can fit in a budget.

The Missouri company 's deal for Clifford Bancshares is set to close later this year.