Banking

The five-year, $50 billion agreement with community groups includes a pledge to open 25 branches in marginalized communities. TD is seeking regulatory approval for its acquisition of Memphis, Tennessee-based First Horizon.

After a shooting at its sponsoring university left three students dead and five in critical condition, MSU Federal Credit Union is providing mental health assistance to employees and has offered its support to the MSU community.

A pullback by the buyers of Upstart's consumer loans led to a "challenging year," CEO Dave Girouard told analysts. But he added that the company is in "late-stage discussions" with partners that are looking to make longer-term commitments.

A community bank in Missouri plans to offer fractional stock rewards later this year, while a small bank in Utah is winding down a similar program.

The San Jose credit union elevated Lisa Pesta, who joined the company in 2000, to replace the retiring Julie Kirsch.

Domestic banks borrowed $7.2 billion from the short-term lending facility in the third quarter of 2022, the highest level in almost two years. Banks with assets of $3 billion or less drove the increase.

A federal judge in California ordered the high-cost lender CashCall to pay $134 million in restitution and a hefty fine for collecting unjust gains from consumers. He had previously ordered no restitution but was reversed by the Ninth Circuit Court of Appeals.

The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. The company had previously partnered on its credit cards with Barclays.

Credit unions like to boast that they offer lower rates than banks, but many are bucking that trend to boost liquidity and offset other costs.

Acquiring First Miami Bancorp would give the Greenville, South Carolina-based buyer three branches and nearly $900 million of deposits in the Southeast's biggest banking market.

The American Bankers Association, Credit Union National Association and other industry advocates say the current July 1 deadline threatens the safety and soundness of banking sector.

For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth.

The program expected to fund 1,500 businesses but since its debut, New York City's Department of Small Business Services received over 10,000 applications.

Two proposals by Democratic state senators would force companies doing business in the Golden State to report greenhouse gas emissions and disclose climate-related financial risks. The banking trade group opposed similar efforts two years ago.

The agency should be asking why, in today's America, there is anyone who wants a full-service checking account but can't get one.

In the aftermath of Louisiana's largest bank failure, Ashton Ryan Jr. was convicted on all 46 counts against him. U.S. Attorney Duane Evans called the case a "theft of epic proportions."

Banks that previously based more of their incentive compensation decisions on loan production are recalibrating this year. It is the latest sign of how competitive the deposit market has gotten.

The New York City Banking Commission will now require banks seeking access to municipal deposits to provide detailed plans about how they are combatting discrimination. The commission is also implementing a public comment process as part of its process for determining which banks are eligible.

The appointment of Mung Chiang should lead to more robust oversight, sharper questions and overall stronger corporate governance, First Merchants CEO Mark Hardwick said.