Banking

Smaller credit unions' focus on interest rates and service may not be enough to overcome a lack of tech resources. All categories below $1 billion of assets lost members in the third quarter compared to a year earlier, despite a 4.4% rise in membership industrywide.

Credit Suisse Group is close to an agreement to buy Michael Klein's advisory boutique after several rounds of tense negotiations, according to people briefed on the talks.

A new Risk Management Association survey found that 84% of small lenders cite credit quality as a leading worry for 2023 because of the likelihood of a recession.

When U.S. banks fell like dominoes during the Great Depression, the cause was often a classic run: Depositors withdrew cash en masse amid fears that lenders were amassing huge losses on bad loans and investments. The cryptocurrency era just put a new twist on that.

The Consumer Financial Protection Bureau's outline for upcoming regulations reflects the efforts of Director Rohit Chopra to reduce credit card late fees and overdraft fees.

The Chicago-based institution partnered with MANTL to streamline how credit unions onboard new customers in multiple channels.

About half of small businesses nationwide are now classified as financially unhealthy: They have difficulty paying bills on time, inadequate cash reserves or insufficient insurance. Eytan Bensoussan, founder and CEO of NorthOne, a neobank for small businesses, shares his thoughts on how banks and fintechs can help these customers survive.

The Tupelo, Mississippi-based institution hasn't made a bank deal since 2018, but it has acquired two asset-based lenders in the past 10 months.

Mid Minnesota Federal Credit Union named Bob Gerads, formerly of Falcon National Bank in Minnesota, to succeed Chuck Albrecht as president and chief executive.

The parent company of Silicon Valley Bank has tapped Kim Olson, a former bank supervisor who most recently worked at Tokyo's Sumitomo Mitsui Banking Corp., to oversee its risk department.

Credit card interest rates are expected to reach a four-decade high this year, a positive for lenders poised to benefit from the increased income while painful for consumers facing escalated borrowing costs.

The top five have over five billion dollars in total loans and leases as of June 30, 2022.

John Deese stepped down as president and CEO of the West Palm Beach credit union, effective Dec. 31.

The California bank, which owns the technology underlying the Diem stablecoin from Meta, said its deposits plunged 68% in the fourth quarter but that it has more than enough cash on hand to weather the storm.

Rising interest rates and the potential for weakening economic activity could result in moderating loan demand in the new year. Some bankers are already being more selective in their lending.

Student borrowers in the U.S. are struggling to keep up with other kinds of debt even while college payments are frozen, and a surge in delinquencies is likely if the government's debt-relief plan fails, according to a new study.

Minority depository institutions have limited budgets and staff to upgrade their technology. Some are turning to secondment programs and like-minded fintechs to tackle these problems.

A new app for people with a criminal past and a challenger bank "of immigrants for immigrants" are among the neobanks forging their own path in the banking world.

The accident killed the plane's pilot, Utah businessman Nathan Ricks. The Seattle company has named an interim chief while Beardall recovers after surgery.

Land of Lincoln Credit Union in Decatur has agreed to acquire Colchester State Bank in Colchester.