Banking

Like banks, credit unions seek growth in deposits, loans and other products. The starting point for many is to get more members in the door, executives say.

The Minneapolis company previously disclosed an investigation by the Consumer Financial Protection Bureau in connection with its management of prepaid cards for unemployment benefits during the pandemic. Now the bank says the agency is considering a potential enforcement action.

A Piper Sandler survey of CEOs found a majority expect to expand their balance sheets this year. They also foresee increases in nonperforming credits, with office loans a key area of weakness, as well as heightened pressure on net interest margins.

Toronto-Dominion Bank is on the hook for $1.2 after settling litigation over its connection to a massive Ponzi scheme, and Independent Bank Group in Texas agreed to pay $100 million. A third bank, HSBC, settled for a smaller amount.

AlumniFi, built by Michigan State University Federal Credit Union and Nymbus, has partnered with fintechs to help its college-grad users improve their finances and pay down debt.

Nothing demoralizes a good employee like seeing managers tolerate a bad one.

It's long been understood that there's a digital divide between Black banks and credit unions and other depositories. A new Urban Institute analysis looks at the prevalence of online banking services and mobile apps — and finds a chasm between the haves and have-nots.

A decline in deposits at many banks is putting upward pressure on loan-to-deposit ratios, a key metric of liquidity. The sharpest increases have come at banks with between $3 billion and $10 billion of assets.

Jodie Harris is leaving the Community Development Financial Institutions Fund this spring to be president of the Philadelphia Industrial Development Corp.

TD Bank gets approval to buy a U.S. brokerage, Western Union adds installment payments, and American Express is awarding $1 million in grants to restaurant operators. These stories and more in banking news this week.

Employees at LMCU's Bonita Beach Road location in Florida announced their intent to organize to address claims of being overworked.

Reducing access to funding would harm both homebuyers and communities across the country.

The Fort Wayne-based credit union hired David Shadburne to replace Greg Mohr, who is retiring.

The rise of e-commerce during the pandemic has fueled demand for warehouse space as companies look to move their products closer to their customers. While a slight slowdown is now under way, bankers still see plenty of business ahead.

Executives at Wayne Savings Bancshares and Main Street Financial grew progressively more comfortable with the idea of a deal during six months of talks, Wayne Savings CEO James VanSickle says.

Attorney General William Tong is asking state lawmakers to grant his office more power to investigate consumer complaints after problems marred M&T Bank's integration with People's United Financial.

Firms under $1 billion of assets that never had a chief risk or credit officer, for example, are creating these roles — and in some cases filling them with executives who were displaced by a merger at their last employer.

The Consumer Financial Protection Bureau has taken an important step in saying that it would work to root out unfair practices in all banking services. This is will help ensure all customers are treated fairly.

The Consumer Financial Protection Bureau is attempting to make broad changes to its authority and expand what counts as discrimination. This could lead to banks to cease offering important services.