Banking

Only one CU in West Virginia wants to enter the pot banking space, but they're going against the grain not just of the state's credit union league but an industry where fewer than 1% of institutions are serving that market.

Gregory St. Angelo was part of a loan and tax credits scheme with other senior executives that funneled him more than $50 million, federal prosecutors said.

New York Attorney General Letitia James said there is “no basis to believe” that the overdraft rule has harmed small banks and credits unions.

As policymakers mull ways to update the 42-year-old Community Reinvestment Act, economists at the San Francisco Fed have put forth a novel proposal.

Alexander Lopatine, who founded Nymbus and has joined Mbanq, says alternative providers are gaining the confidence of more banks. However, questions remain about their staying power in the fight with traditional vendors.

Shares in the U.K.-based small-business lender fell 29% Tuesday after it sought to recalibrate expectations about its growth trajectory. So far, the company has pulled back lending more in the U.S. than in its other markets.

Theresa LaPlaca, one of four new directors at the company, ran an office Wells formed to address issues tied to its sales and reporting practices.

Breaking from its playbook as a conservative lender, Provident Financial in New Jersey is working with a fintech to offer unsecured loans online.

The rush to hold hearings in both the House and the Senate reflects broad skepticism across the political spectrum about the social network's plan to develop an alternative payment system.

The $60 million acquisition will allow ACNB, which is based in Pennsylvania, to enter a new market.

The deal comes less than a week after the Louisiana company raised nearly $11 million.

The California company will pay $39.4 million for the parent of First State Bank of Colorado.

A California man says the company sent his medical information to a friend of his; the Big Four's monopoly may be coming to an end as Citi and others move in.

The information you need to start your day, from PaymentsSource and around the Web. Today: Paytm says it's not charging "convenience fees"; Flux adds restaurant technology; Austin upgrades transit pay; Revolut rounds up for donations; A new blockchain collaboration in Singapore.

The technology has become controversial for its potential for bias. Notre Dame professor Kevin Bowyer explains what his studies of this issue have found.

For banks and financial institutions, the wave of the future is using technology to optimize, not eliminate, their cash-handling processes, writes Diebold Nixdorf's Devon Watson.

Facebook’s plan to launch a cryptocurrency has raised concerns that state banking regulators may not be equipped to oversee large, international companies.

Other banks say they need to add branches to attract more deposits, but Capital One is sticking to its strategy of aggressively closing them and gathering the bulk of new deposits online.

The bank said it could record a $7 million charge in the second quarter after the client unexpectedly closed in May.

The ban, which came to light Monday, will remain in effect until either the final disposition of Stephen Calk’s court case or until it is terminated by Comptroller Joseph Otting.