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The bank-backed peer-to-peer payment network enables Allstate to offer quick payouts to policyholders, and it is working to provide a similar service to other insurance companies.

Daily edition for November 03, 2021

The White House's latest budget proposal slashes funding for a program that would allow the Small Business Administration to make direct 7(a) loans. Lenders say the idea is still misguided.

A report by the agency found that consumers in majority Black neighborhoods were more than twice as likely as those in white neighborhoods to lodge complaints with the credit bureaus over information in their files. Meanwhile, disputes were less common among older borrowers.

A partisan split at a congressional hearing offered a preview of coming regulatory debates over the nascent sector. One key question is whether the consumer bureau will impose ability-to-repay requirements on installment lenders.

The establishment of the Office of Minority and Community Development Banking comes less than two months after the agency created an investment fund to match private investors with minority-owned banks and community development financial institutions.

President Biden said he’ll announce soon his choice of nominees for chair and other vacancies on the Federal Reserve, amid a scandal over stock trades by central bank officials.

The $8.7 billion-asset credit union has cut its charge for overdrafts from $25 to $5, following similar reductions by other financial institutions.

The Cooperative Bank in Massachusetts is working with the tech startup Carefull to monitor accounts for signs that older clients are being swindled by scammers — including people close to them.

Lawmakers from both parties are pushing for legislation to automatically substitute a new interest rate benchmark for the expiring London interbank offered rate in certain hard-to-amend legacy contracts.

The Indiana-based online banking pioneer is purchasing First Century, a similarly tech-savvy company, for $80 million. The deal would diversify its revenue and improve its prepaid card offerings for small businesses.

Maria Vullo, former superintendent of New York’s Department of Financial Services, plans to enter next year’s race for state attorney general, according to people familiar with the matter. 

With today’s generation of home buyers so rooted in a digital world, how will the financial services industry need to change to meet their needs? What new consumer technology will they need to adopt to meet consumers where they are? How will those approaches differ from how things have been done historically in the industry? Join us in a discussion with Blend’s Founder, Nima Ghamsari as we chat through how banks and financial institutions need to think through these questions.

The $47.6 million deal would help MidWestOne, which has been opening offices in other parts of the U.S., to expand closer to home in Iowa.

Daily edition for November 02, 2021

Mary Mack testified last week about the cultural problems she encountered after joining the bank's consumer unit in 2016. Recalling small group meetings she held with employees, she said: "People would stand up, and they were fearful."

Steve Ross, a community revitalization expert for Truist Financial, will lead a newly created team focused on social-impact investments and other tax credit investment services for Regions Financial in Alabama.

The Illinois bank is acquiring about 1,800 loans to insurance agents. As part of the deal, a team of Allstate specialists will join the bank's insurance agency finance business.

The state joins Illinois and Massachusetts in subjecting nondepository companies to state-level Community Reinvestment Act requirements.

JPMorgan Chase’s Daniel Pinto is moving to New York City as he prepares to assume the role of sole president and chief operating officer at the biggest U.S. bank.