Banking

BMO hired former CEO of Citi Private Bank Halé Behzadi to accelerate the bank's growth strategy in California; Pennsylvania's Linkbancorp received regulatory approval to sell its New Jersey operations to a credit union; Dream First Bank announced plans to gain branches throughout Oklahoma; and more in this week's banking news roundup.

The midyear fee hike was necessary to reverse a revenue shortfall in the agency's 7(a) program, according to Administrator Kelly Loeffler.

The San Francisco bank announced Monday that it has shed its fifth regulatory order this year — this one related to loss mitigation practices in its home lending business.

A new Office of External Relations and Strategic Partnerships will continue the work of helping banks develop affordable credit for consumers lacking a credit score using untraditional methods of determining creditworthiness, the agency's acting head said.

The Senate voted 52-48 to overturn the Consumer Financial Protection Bureau's rule that would cap overdraft fees at many banks at $5.

After eight years of delay, the Consumer Financial Protection Bureau could still make last-minute changes to the payday rule, which sweeps in the buy now/pay later industry.

The Connecticut bank disclosed that Nasdaq waived a shareholder approval requirement so it could urgently raise more than $50 million. Patriot also said its finance chief would step down.

The Trump administration's plans for student loans could open the door for banks to grab market share as borrowers seek alternatives.

For the first time in four years, more small businesses reported a drop in income than an increase, according to a survey by the 12 regional Federal Reserve banks.

The North Carolina House of Representatives this week passed a measure that would allow credit unions to expand into geographic areas with few, if any, bank branches. Banks say such a change could open the door for credit unions to expand far beyond their limited missions.

The digital bank announced upgrades to its online and mobile platforms that let users see financial information from multiple accounts on one dashboard.

The law would have expanded the state's 12% interest rate cap in a manner that would have effectively banned fintech lending in the state.

The two financial institutions issued Avit tokens on the Ethereum mainnet, marking a first in the U.S.

The Mississippi lender said regulators have signed off sooner than expected on its $103.6 million acquisition of First Chatham Bank. The bank's CEO and deal advisers said the speedy approval bodes well for future M&A.

A proposal before Congress would incentivize the creation of new banks by offering capital relief. This would give de novo banks a competitive advantage over incumbent community banks.

Americans spent 49% more on overdraft-related fees in 2023 than previously estimated, according to new research, which finds that credit unions were largely responsible for the previously uncounted revenue.

In a speech, the Federal Reserve governor called for policies that would impose Truth In Lending-like disclosure requirements on lenders' products that cater to small businesses.

The Trump administration wants the Small Business Administration to shrink its workforce by 43%. At the same time, the agency is being asked to start managing the federal government's student loan portfolio.

The fintech, which specializes in low or no fee banking and early access to paychecks, is now offering three-month installment loans.

The top five bank holding companies have combined total consumer loan portfolios of more than $1.95 trillion.