Banking

Maine Harvest Federal Credit Union, which will serve farmers and the food industry, opened this week and aims to make $12 million in loans over the next six years.

Barely noticed in a corner of the financial markets, leveraged loans originally worth about $40 billion are staging their own private meltdown.

Credit unions have until Monday night to submit pictures for the popular Day in the Life of Credit Unions photo essay.

Following a two-year pilot, several Sri Lanka banks are rolling out co-branded credit and debit cards connecting LankaPay, the local payments network, with Japan’s JCB brand, extending the cards’ reach to any global merchant or ATM that accepts JCB.

Credit unions approved just 39.7% of small business loan applications in September, according to the Biz2Credit Small Business Lending Index.

The EU wants to protect the euro and ensure Facebook’s digital currency isn’t used for money laundering; the brokerage is partnering with six banks to offer 2% on account balances.

The information you need to start your day, from PaymentsSource and around the web. Today: Barclays cuts cash access at U.K. post offices; Taiwan offers incentives to use mobile payments; WEX expands; Japan allows political donations in crypto.

A strong economy, low-cost deposits and disruption from M&A are presenting opportunities.

The state's Democratic-controlled Legislature has enacted laws establishing data privacy rights, giving municipalities the ability to set up public banks, and requiring standardized disclosures on small-business loans, among other issues. Lawmakers elsewhere are taking notice.

Though synthetic identity fraud is down across the industry, there's been an uptick in such attacks targeting credit unions.

Delinquencies on indirect auto and home equity loans are trending up, while past-due rates on credit cards are declining, according to a recent report by the American Bankers Association.

The service will move customers’ uninvested cash from their Robinhood accounts into existing banks, which are already insured through the Federal Deposit Insurance Corp.

One bill would tax credit unions in the Sunflower State with at least $100 million in assets.

The banking trade group is asking for an en banc rehearing of its field-of-membership challenge before all 17 judges of the D.C. Court of Appeals.

The information you need to start your day, from PaymentsSource and around the web. Today: EU regulators question Libra; Payment startup pulls huge IPO; Sacramento Kings add blockchain; Stripe expands to Malaysia.

The German bank is trying to reverse its reputation for “lousy systems;” the Bakkt platform has failed to attract much trading in its first two weeks.

Futurist Lex Sokolin believes buying banking products will be like buying generic pain relievers on Amazon.

A combination of mutual and clashing interests has driven many players — credit unions, big banks, community banks and fintechs — to offer high-interest, digital-only savings and checking.

The industry had welcomed the Consumer Financial Protection Bureau plan allowing debt collectors to use electronic communication, but some worry about the effect of a court decision concerning email correspondence.

The firm’s financial woes are mostly a result of overspending, but they have raised questions about how banks’ commercial real estate portfolios might fare if the coworking sector implodes.