Banking

The Austin-based credit union chose its chief strategy officer, Michael Ver Schuur, to be its next president and CEO.

Grupo Mexico is close to lining up financing to back a more than $7 billion bid for Citigroup's Mexican retail bank Banamex, according to people familiar with the talks.

The bank establishes a committee with the express purpose of addressing employee misconduct. But as the problem of unauthorized customer accounts grows, it stops meeting.

LevelField CEO Gene Grant says its strategy for merging with Burling Bank is super-conservative, despite an intention to serve the digital-asset community. "We've taken everything out of the business plan" that might give regulators pause, he says.

Yolo Federal Credit Union has served only Yolo County, which has 221,000 residents, since 1954. It's now able to reach Sacramento County, which has 1.6 million people.

Bank of Montreal, which just completed its $16.3 billion takeover of Bank of the West, expects to be able to gain share even in U.S. markets where the firm only has a sparse branch presence.

The bank, which is beleaguered by digital-asset portfolio forced loan charge-offs that led to a loss in the third quarter and for the full year, climbed to a net income of $2.7 million for the fourth quarter.

A plan released Wednesday by the Consumer Financial Protection Bureau was more aggressive than anticipated, leading to share price declines at Synchrony Financial, Capital One and Bread Financial. "This skews toward the worst-case scenario," one analyst wrote.

In a reversal from five years ago, six of the eight biggest U.S. banks by branch count now offer the loans, which observers see as safer alternatives to payday loans.

The current interest rate environment advantages banks over their fintech competitors. That can't be allowed to stifle invention.

JPMorgan Chase is planning to launch a digital bank in Germany as its second international consumer outpost, a move that will create a launchpad for the biggest U.S. bank to further expand in Europe.

As companies downsize and restructure, American Banker is tracking these decisions to help our readers understand how their industries are adapting.

Consumer Financial Protection Bureau Director Rohit Chopra plans to propose a rule to set late fees at reasonable levels and no longer peg late fees to inflation.

The scandal's roots stretch back more than a decade. In a corporate environment that doesn't welcome bad news, problems fester.

The Nebraska Bankers Association says legislation to prevent the state treasurer from depositing public funds in banks that would use them to fund environmental or social causes is "too vague."

The San Mateo, California-based online consumer lender has now laid off some 500 employees in recent months. The downsizing reflects broader challenges in the tech industry, but it also comes as Upstart struggles to get enough funding for its loans.

The Long Island company is closing 69% of the retail home lending offices previously operated by Flagstar Bancorp. New York Community recently acquired Flagstar for $2.6 billion.

In this month's roundup of American Banker's favorite stories: Development of central bank digital currencies gains momentum, ongoing lawsuits against JPMorgan Chase and PNC address the banks' liability and more.

The Virginia Beach-based credit union recently launched Chartway Ventures to invest in fintechs and other organizations.

The Radnor, Pennsylvania-based financial technology company made an unsuccessful bid to buy a bank. Now it is shifting into expense-reduction mode.