Banking

Drake Bank in Minnesota is working with the fintech B Generous to test whether installment loans can help bring in larger donations to nonprofits.

The cybersecurity crisis arising from super-fast computing is approaching more quickly than the industry and its regulators may realize.

Federal Reserve Chair Jerome Powell's speech in Jackson Hole reaffirmed that the end of accommodative monetary policy is coming to an end. This is a boon to banks, but only those that have managed their balance sheets just right.

A decade ago, Think Finance partnered with Native American tribes in an effort to avoid state interest-rate caps on consumer loans. After the company's legal woes finally ended this month, court documents shed light on its rapid rise and steep fall.

The Houston banks have set a new deadline of Nov. 1 to finalize their deal, marking yet example of banks' facing a longer-than-expected decision process by the Federal Reserve. CBTX's chief said last month the wait has been "very frustrating."

Sen. Elizabeth Warren, who lobbied hard for President Biden to forgive $50,000 in student loan debt per borrower, said his much smaller plan can still address racial and gender wealth inequality and help tame inflation.

The Minneapolis company, which increased its minimum wage to $18 an hour in June, will bump it up to $20 in response to inflationary and competitive pressures.

President Biden's plan to provide relief for student loan borrowers will cost about $24 billion per year, the White House now says, a figure markedly lower than private estimates.

Auto loan growth eased substantially in the second quarter amid competitive pressures from credit unions and other lenders.

Barstow Community Credit Union, which is merging with the much larger Frontwave, has seen a string of losses in recent years.

Customers told the Consumer Financial Protection Bureau that bank customer service practices need a lot of work, but banks say more regulation would only make matters worse.

The Canadian bank, which reported its quarterly earnings Thursday, recorded $22 million in charges related to its acquisition of First Horizon. Executives say they still expect the deal to close no later than January.

From consumer credit to deposits to inflation, President Biden's move to excuse up to $20,000 in student debt per eligible borrower will have ramifications throughout the banking sector.

Four consumer organizations joined the Independent Community Bankers of America in opposition to the automaker's push for an industrial bank. They cited consumer privacy concerns and the risk of mixing commerce with banking.

The combination of Klamath Public Employees Federal Credit Union and Pacific Crest Federal Credit Union would create an organization with more than $335 million of assets and roughly 24,000 members.

Kathleen Orovitz will be the Rhode Island credit Union's next president and chief executive, succeeding Gary Furtado, who announced his retirement in June.

The megabank had previously announced plans to shed consumer and commercial banking units in Russia, which invaded Ukraine in February. The revised plan is expected to cost about $170 million over the next year and a half.

The state's lottery program has begun referring the 30,000 people a year who buy winning tickets to credit unions for financial advice.

The new law relies partly on U.S. companies paying higher taxes to raise money for climate change and health care initiatives. Here's how banks will be affected.

The Center for Responsible Lending, the Woodstock Institute and other left-leaning groups argue that the $13.4 billion merger will harm low-income communities, reduce small-business lending and add to systemic risk.