Banking

Citi’s chief lending officer to take over HSBC’s U.S. business; Pittsburgh banks brace for incursion of industry heavyweights; borrowing by nonbank leveraged lenders is growing (maybe too much); and more from this week’s most-read stories.

The Memphis-based developer of core processing software is now majority owned by three credit unions.

The fintech is moving ahead with a loan service after regulatory concerns stymied its deal for an ailing bank.

Other executives are being considered, too, but the list is dwindling as JPMorgan’s Gordon Smith and other big names are said to be out of the running. Meanwhile, senior Wells executives have pushed to keep interim CEO Allen Parker.

President says Facebook could face “full banking regulation”; big banks’ farm loan portfolios have shrunk more than 17% since 2015

The information you need to start your day, from PaymentsSource and around the Web. Today: Lobby group pushes PSD2 delay; Debit expands for car rentals; Dolphins embrace crypto; Hong Kong transit adds Apple Pay.

The autonomous vehicle lending market isn’t expected to peak for decades, but some CUs are already jumping in, and they could be at the forefront of rapid shifts in the automotive industry.

Readers react to the Fed warming up to CRA reforms, criticize the Democratic presidential candidates, defend Pittsburgh as a megabank attraction and more.

CUs in both states surpassed total asset milestones, but many business lines are growing at a slower pace than they were one year ago.

The Justice Department is investigating the bank for possible money laundering violations; the Fed chair says Facebook’s plan raises “serious concerns.”

The information you need to start your day, from PaymentsSource and around the Web. Today: Domino's tests no-cash stores; Fold adds crypto pay; Revolut adds office in Germany; Fintechs get licenses to anticipate Brexit.

As more credit unions deploy mobile video banking, some observers say if credit unions don’t hop on board now they could be left behind in the next few years.

A recent investigation found that institutions taken over by the National Credit Union Administration “are often the least willing to work with borrowers struggling to afford their loans.”

CUs in the Keystone State saw loan balances rise by 8.5%, while membership rose more than 3.3% to top 4.2 million.

The Gramm-Leach-Bliley Act is a successful privacy law that ought to govern all financial services providers, not just banks.

Powell sees need to "keep firms on their toes" while Quarles wants easier tests; €52 million paid to leaving execs nears total paid to board.

The information you need to start your day, from PaymentsSource and around the Web. Today: U.K. issues GDPR fines; Dutch authorities block using payment data for marketing; Uber gets a transit boost in Denver; FitPay expands its Flip app.

A growing number of credit unions are moving their headquarters to revitalized urban areas, and while some say that could help recruit new staff, it also carries the risk of being associated with gentrification.

Ribbon-cuttings for de novos have become more common as regulators have warmed up to the idea of granting new charters. These are the banks that have opened this year, along with more that are on track to do so.

Interest rates on CDs of six-months or longer have declined since a Federal Reserve meeting in June, according to Moebs Services.