Banking

Community Financial Credit Union is partnering with the hosts of "Bargain Block" to renovate low-cost homes and help prospective buyers qualify for their first mortgage.

BMO, PNC and Citigroup are all paying rates around 4% on high-yield digital savings accounts. To be eligible, though, customers must live outside of the banks' branch networks.

Federal Reserve Gov. Michelle Bowman told a group of Tennessee bankers that the review is warranted but says many banks already have plenty of capital. She also touched on ESG, transparency and central bank digital currencies.

Federal Home Loan Bank of Chicago has a new CFO, while Visa's CFO plans for retirement. These stories and more in banking news this week.

Brady Torgerson, former president of First Security Bank-West, was sentenced to two years in federal prison after pleading guilty to fraud at two banks.

The National Credit Union Administration said 28 credit unions in North Dakota have failed to provide proof that they have a legal right to nearly $14 million related to the Corporate Stabilization Program.

Banks expect strong global consumption of U.S. oil and gas, driven in part by the supply strain that followed Russia's invasion of Ukraine.

After months of speculation, Truist Financial has agreed to sell 20% of its insurance brokerage subsidiary to the private-equity firm Stone Point Capital for $1.95 billion. The deal was touted as a way to provide capital for expansion and increase earnings over time.

The National Credit Union Administration board approved a rule that will require credit unions to notify the agency of a breach within 72 hours.

Andrew J. Mullins III succeeded Kelly Smith as president and CEO this month. Smith has been interim CEO since 2019.

About 3% of borrowers in their 20s and 30s became seriously delinquent on their credit card payments last quarter, significantly faster than older consumers. The picture was similar in auto lending, according to research by the Federal Reserve Bank of New York.

The bank was one of the last major holdouts to bow to expense pressures that have left no one immune.

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.