Banking

The University of Maryland program announced a 10-year partnership with SECU in Maryland, and Seton Hall University's program will partner with Affinity Federal Credit Union in New Jersey.

Citigroup appointed Grant Carson to manage its operations in Russia as a stand-alone entity as the U.S. bank reduces its business in the country following President Vladimir Putin's invasion of Ukraine.

The all-stock acquisition of Lakeland Bancorp, expected to close in the second quarter of 2023, would create a combined bank with more than $25 billion of assets.

A deluge of password resets in 2021 led the bank to rethink its digital banking authentication process.

Most Americans are more indebted than ever, underscoring a persistent and widening wealth divide in the U.S.

President Biden's decision to forgive some federal student debt will cost at least $400 billion over 10 years, the Congressional Budget Office estimated, which would wipe out the $238 billion in deficit reduction from his tax and climate plan. 

Following an outcry, the Philadelphia company said its chairman and CEO, Harry Madonna — who would receive a $1 million windfall if the bank is sold — won't be part of the strategic review committee set up to evaluate any bids.

The Bank of England's stress tests are meant to provide an unlikely "tail risk" scenario designed to test the resilience of British lenders. The current U.K. market turmoil means this year's scenario is looking increasingly plausible.

The online lender approved Black applicants at lower rates than non-Hispanic whites, according to a law firm that monitors its artificial intelligence models. Upstart said it's an industry leader in fair lending but acknowledged room for improvement, calling disparities "an industry-wide challenge."

Vermont State Employees Credit Union is attracting new cannabis clients so rapidly that it had to press the pause button to add staff. Another New England lender, Needham Bank, is building its own pot banking business through acquisition.

Reports of the death of branch banking have been greatly exaggerated.

Citigroup is seeking a second and perhaps final round of bids for its Mexican retail arm Banamex by the end of October in what could be one of the year's biggest banking deals, according to people familiar with the matter. 

Five days after the storm, Puerto Rico's largest bank is operating more than 90% of its branches, even though almost 60% of households are without power. Diesel-powered generators are a key reason why.

Federal credit union boards would be able to dismiss a problematic customer in a streamlined process under the National Credit Union Administration's tentative plan.

The parent company of Silicon Valley Bank has hired a law firm to assess its "Access to Innovation" effort. That program aims to provide support, including more funding, to startups and venture firms that were started by women and members of certain minority groups.

Klarna Bank, months after announcing major job cuts and taking a $39 billion hit to its valuation, is planning to restructure parts of its business further to suit a slower-growing, smaller operation, people familiar with the matter said. 

The Saginaw credit union named Derrick Barber as its new president and chief executive. Barber will succeed Gerald Hutto, who will be retiring.

Some of the Revlon creditors that were accidentally sent more than $900 million by Citigroup asked a federal appeals court for a rehearing, after it ruled that they had to give the money back.

These standout performers all reported a three-year return on average equity above 14%. Two of them topped 20%.