Banking

Daniel D. Robb of Jonesburg State Bank takes over as chairman of the American Bankers Association, which elected officers and board members for 2022-23 at its annual convention.

KServicing, a SoftBank-backed small-business loan servicer, filed for bankruptcy after the company, which holds old loans made by the online lender Kabbage, was weighed down by allegations of overly lax lending under the U.S. government's Paycheck Protection Program.

Analysts are watching to see if more lenders join the ranks of First Northwest in Washington state and Orrstown Financial Services in Pennsylvania, which laid off staff or closed branches to offset rising wages and other expenses.

In a report published Tuesday, the nonprofit Finance Watch estimates that the 60 largest global banks have about $1.35 trillion of credit exposures to fossil fuel assets.

HSBC Holdings is exploring a sale of its operations in Canada, the latest move to streamline the lender that is seeking to head off a call by its largest shareholder to split up.

Canadian Imperial Bank of Commerce named Chief Risk Officer Shawn Beber as the new head of its U.S. division and tapped Susan Rimmer to lead the company's global corporate and investment banking franchise.

Centric named Rodney Parker as its new CEO. He succeeds Chris Craighead, who retired after 30 years as the credit union's leader.

Financial institutions of all sizes — from JPMorgan Chase to SouthState to Fairwinds Credit Union — have reopened many branches, rolled out mobile banking units as well as reemployed pandemic-era digital and loan-forgiveness strategies in parts of Florida and South Carolina devastated by the powerful hurricane.

Four of the seven large banks that own Zelle's parent company, Early Warning Services, said they are reimbursing 15% to 55% of consumers that report fraud on their accounts, according to a report released by Sen. Elizabeth Warren, D-Mass.

The National Credit Union Administration shuttered Paducah Teachers Federal Credit Union in Kentucky after it was declared insolvent with no chance for recovery.

TD Bank, the U.S. unit of the Canadian bank, has hired Christopher Fred as its new head of U.S. credit cards and unsecured lending. The bank's retail partners include Target and Nordstrom.

The new offering is the latest step in the Minneapolis bank's push to provide digital tools that will help build deeper relationships with commercial clients.

Tally Technologies, a startup that automates credit card payments, has tripled its valuation to $855 million in a funding round led by Sway Ventures.

The industry is largely missing out on a huge segment of the market for financial services.

Discovery Federal Credit Union in Wyomissing has promoted its chief information officer, Michele Smith, to succeed Edwin Williams as CEO. Smith assumed her new role effective October 1.

Taichung Commercial Bank said it would pay $82.1 million to buy American Continental Bancorp in suburban Los Angeles.

Small business banking can be BIG for the financial institutions willing to tap the opportunity in this fast-growing market.

A new report from American Banker's parent company finds that traditional banks are vulnerable to competition from online banks and fintechs such as PayPal and Square. It recommends that banks build deeper relationships with small-business owners by adding more products to their traditional suite of offerings.

When local prosecutors in Los Angeles investigated fake accounts at the San Francisco bank, they were hampered by a provision of state law that prevented them from issuing subpoenas before filing suit. That problem has been remedied under legislation signed by Gov. Gavin Newsom.