Banking

Banks were reluctant to offer services to an industry that had a hazy legal status. That’s about to change.

Maria Vullo is stepping down as head of New York's banking and insurance regulator after three years in which she created a national model for cybersecurity regulations at banks and fought back against federal attempts to chip away at payday-lending rules.

The industry's technology priorities and budgets are headed for a distinct shift in 2019. What's in: new initiatives in digital banking and analytics. What's not: new initiatives built on blockchain technology.

The industry’s technology priorities and budgets are headed for a distinct shift in 2019. What’s in: new initiatives in digital banking and analytics. What’s not: new initiatives built on blockchain technology.

Banks hoping to make working with the cannabis industry easier saw a positive sign this week when Congress removed the prohibition on a less potent substance.

The agency’s rate cap for banks that are less than well capitalized contains several flaws and poses problems for community banks.

Atlantic Equities’ John Heagerty cut his recommendation on JPMorgan Chase to neutral, saying the bank now “offers the least upside” to price targets among the major banks.

The online lender will roll out the business early next year with a focus on loans of less than $100,000.

Bank hit, but CEO Jes Staley escapes NYS fine for trying to unmask a whistleblower; Malaysia will pursue criminal complaints against Goldman in other countries.

The information you need to start your day, from PaymentsSource and around the Web. Today: Grocers enhance delivery; Apple Pay faces pushback in Switzerland; Western Union teases crypto support; Coinbase adds crypto-to-crypto conversions.

Gagan Kanjlia joins the Santa Clara, Calif.-based Silicon Valley Bank after spending two-plus years as the head of product for OnDeck, an online lending provider for small businesses. Before OnDeck, Kanjlia spent 14 years at Capital One.

Recent data from NCUA showed a lot of positives for the industry, but it also revealed some potentially worrisome trends.

Royal Bank of Canada's investment-banking division will advise on stock sales and arranging takeovers for companies in the marijuana industry, joining Bank of Montreal's BMO Capital Markets in serving an industry that didn't exist five years ago.

The move is sure to draw criticism from bankers because it would allow credit unions to compete for backing from private investors.

The sale should increase Shore's capital levels and allow it to expand its banking activities.

A U.S. District judge in Scranton denied the student lender's motion to dismiss the suit.

Digit, Chime and Pluto are among those said to be stepping into a void left by the banking industry. But designing helpful enough, yet flexible enough, financial safeguards for consumers is easier said than done.

Along with a core conversion, the Twin Cities-area credit union deployed new loan origination systems and online and mobile banking platforms.

Richard Harra was also fined $300,000 for painting a false picture of the bank’s financial health at the height of the financial crisis.

Colony will also gain a loan production office in Atlanta when the transaction closes.