Banking

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%.

The Federal Housing Finance Agency soon will commence a review of the Federal Home Loan Bank System. For the process to be successful, the actual users of the system and the institutions that will be the most impacted by any changes to its mission, mandate or role need to add their voice to the conversation.

Citigroup is targeting India as one of its top markets to expand in globally as risks mount in China and other regions, the bank's global co-head of investment banking said.

On paper, the deal was a no-brainer: a $15 billion debt financing that would net banks hefty fees and kick off a year of mega-acquisitions even as central banks tightened the spigots on their pandemic support. Yet eight months after agreeing to finance the leveraged buyout of Citrix Systems, Wall Street is now staring at a very different picture.

Leading institutions with assets between $10 billion and $50 billion say growth strategies outside their traditional geographic bounds drove strong returns in 2021 and have steeled them for this year's challenges.

The company says it will streamline its United Kingdom operations to focus on private banking and wealth management to serve affluent clients in that market.

JPMorgan Chase Chief Executive Jamie Dimon said that the U.S. needs to invest in the fossil fuel industry to reduce greenhouse-gas emissions in the long term and protect economic growth.

Bank of America continues to spend on its people and is looking to add more investment bankers even as inflation pushes expenses higher, Chief Financial Officer Alastair Borthwick said.

From avocado-toast debit cards to pumpkin spice-themed loans, financial institutions are running culinary initiatives to bring consumers to the table.

BayFirst Financial Corp. said it initiated the process of shuttering its out-of-state network of residential mortgage loan production offices.