Banking

The Small Business Administration must be prepared to effectively oversee any new lenders it allows in its flagship 7(a) loan guarantee program to guard against fraud and other risks, Democrats and Republicans on the Senate Small Business Committee warned.

The app, Magnusmode, includes illustrated instructions for depositing a check, using an ATM and more. M&T Bank was its first U.S. bank partner.

Mitsubishi UFJ Financial Group is in talks to invest about $200 million in Akulaku, an Indonesian online lender backed by Jack Ma's Ant Group, according to people familiar with the matter.

Dort Financial Credit Union in Grand Blanc, Michigan, has agreed to buy Flagler Bank in South Florida. The deal would allow Dort "to better serve our members who spend winters in Florida," its CEO says.

The acquisition of Malvern Bancorp in Pennsylvania would provide added heft in suburban Philadelphia markets. It is easily First Bank's largest-ever M&A deal.

HSBC Holdings will no longer finance new oil and gas fields or related infrastructure in a move that climate activists say puts it ahead of many peers in addressing global warming.

Remote deposit capabilities have vastly improved banking services for residents of villages in western Alaska. But unreliable service means some face difficulties when trying to access their banking apps or make payments.

Micron's planned semiconductor chip factory near Syracuse along with IBM's expansion project in the Hudson Valley could inject as much as $120 billion into markets inside the footprint of the combined NBT Bancorp and Salisbury Bancorp. NBT CEO John Watt calls the economic investments a "transformational opportunity" for the region.

Employees of a Lake Michigan Credit Union branch say they're fighting to organize after upper management failed to respond to their complaints about pay disparity, COVID-19 benefits and more.

Regulators are chastising banks for compliance lapses among their fintech partners. But some say the software companies that connect them share some responsibility.

By March 1, financial institutions that are exempt from federal reporting requirements must provide information to state regulators about how much revenue they collect from overdraft fees.

The institution's Impressia Bank will be dedicated to the professional and financial advancement of women business owners and entrepreneurs.

Citing "unsafe and unsound practices," the National Credit Union Administration has temporarily taken charge of Richmond City Employees Federal Credit Union.

The overwhelming majority of top leaders at large U.S and Canadian banks expect a prolonged downturn in 2023, according to a recent survey. Almost none of them expect it to be particularly harsh, though.

Nonbanks would have to inform the CFPB of any state or local court decisions against them involving consumer financial products, under a new proposed rule. That information would be pooled with data about federal violations and be made available to the public.

The West Virginia-based Summit would gain 10 branches in Maryland and Delaware through its $54 million agreement to buy PSB Holding Corp.

Goldman Sachs Group aims to cut at least a few hundred more jobs as the Wall Street titan restructures its struggling consumer business and braces for an uncertain economy in the year ahead.

The U.S. Supreme Court expanded a planned showdown over President Biden's student-loan relief plan, saying it will hear arguments from two borrowers who contend they are being unfairly excluded from the full scope of the program.