Banking

Coastal Community Bank reported smaller profits in the second quarter as it prepared for a growth spurt. "We think we're winning the right business," said CEO Eric Sprink.

The online lender reached profitability ahead of schedule with a boost in loan volumes and increased its outlook for the year despite macroeconomic uncertainty.

Industry veteran Chris Ward has been tapped to lead the Canadian bank's new U.S. small-business banking department. "It's absolutely a growth opportunity," he said.

In an effort to compete with the vast resources of big banks, credit unions are partnering with fintechs to deliver banking products designed for children.

The New York-based digital-only bank is seeking to partner with more brands after a recent deal opened the way to serving millions of AAA customers.

High interest rates and tough economic conditions played a role in the credit woes that overcame BayFirst Financial's small-dollar lending effort.

Late-payment rates among U.S. borrowers rose again in the second quarter, according to a report from the New York Fed. The trend reflects a sharp increase in student loan delinquencies, which have been climbing as pandemic-era policies have expired.

Last year, scammers tricked 11,000 people — many elderly — to send them money through ATMs for Bitcoin and other crypto. The payments are often irreversible.