Banking

Big-bank execs downplayed gloomy economic forecasts and said a commercial lending rally, niche M&A and smart tech spending will drive growth in 2019.

Whatever the central bank decides, it is sure to ruffle a lot of feathers in the industry.

The online lender has acquired NextGenVest, which uses AI and text messaging to advise high school and college students about getting loans. CommonBond’s goal is to better understand the distinctly different demographic group rising behind millennials.

Robert Rubino will join the New York company in February as president of CIT Bank and head of commercial banking.

The Anchorage-based institution said its decision to enter the pot banking space was driven partly by public-safety concerns in a cash-based industry.

The Fed wants more information on Treasury and mortgage-backed securities; will overlook compliance failures resulting from pilot programs.

The information you need to start your day, from PaymentsSource and around the Web. Today: Grab invests in travel IT; The U.S. government considers privacy coin surveillance; Camel expands payments in Latin America; Xinja plans to crowdsource; Fitness companies run a Touch ID scam.

Simone Lagomarsino, former CEO of Heritage Oak Bank, will succeed John Biggs next month.

Attorney General Barbara Underwood’s office is looking into whether merchant cash-advance companies engaged in fraud or abused the state court system.

The agency's semiannual report on risks in the industry focused heavily on the high volume of commercial loans as well as banks' exposure to nonfinancial corporate debt, which is near a record share of GDP.

The company, which helps banks develop high-tech products and services, has agreed to buy Gro Solutions after recently completing its deal for Cloud Lending.

Credit unions have hired executives away from banks for years. Now banks are returning the favor.

Few firms have been able to blend predictive virtual assistants, geolocation, data analytics and other cutting-edge technology into apps like TD Bank, which has more mobile users in Canada than anyone in finance.

Citizens Community Bancorp is selling its Rochester Hills, Mich., office to Lake Michigan Credit Union.

The credit union also reported increases in loans and membership.

The financial industry is not expecting movement on a lot of legislation given a divided Congress, but one measure is beginning to attract widespread attention.

Year to date through Sep. 30, 2018. Dollars in thousands.

On Jun. 30, 2018. Dollars in thousands.

Year to date through Sep. 30, 2018. Dollars in thousands.

Regulators are considering reforms to the Community Reinvestment Act, but it’s not clear that the law is needed anymore.