Banking

For too long, Community Reinvestment Act enforcement has relied on income to serve as a proxy for race. This must stop.

BayFirst Financial in Florida is using gross — not net — income to calculate how much credit smaller enterprises can be granted. Company officials say the Paycheck Protection Program used that approach with great success, but others contend the practice is risky for private-sector lenders.

Membership at the Virginia credit union has grown rapidly in recent years, including an 11% spurt in the first half of this year, thanks to a charter switch, heavy marketing spending and generous deposit rates.

The San Francisco fintech collected $1.6 billion in deposits during the second quarter after buying a small bank earlier this year. Though SoFi pays relatively high rates to its depositors, CEO Anthony Noto said the company's funding costs are far lower than they were before the bank acquisition.

The agency must take a principles-based approach rather than trying to cover every possible issue in detail.

Equifax said some consumer credit scores were changed because of a computer error that has since been rectified.

Toronto-Dominion Bank is looking to bolster its stateside capital markets business with the acquisition of Cowen. The deal comes even as the Canadian banking giant awaits approval of another merger that would make it a top-six U.S. bank.

Equifax provided inaccurate credit scores on millions of U.S. consumers looking for loans, The Wall Street Journal reported, citing bank executives and people familiar with the matter it didn't identify. 

Even though delinquency rates were previously at extremely low levels, the recent uptick among poorer consumers is worth monitoring, New York Fed researchers said.

Ford Motor Co.'s application for an industrial loan company charter with the Federal Deposit Insurance Corp. will compel the regulator to articulate its stance on future applications.

The Massachusetts bank used data analytics to improve onboarding, cross-sell more effectively and prevent attrition.

The Biden administration is poised to put its stamp on the banking regulatory landscape, but there are few slam-dunk solutions that will satisfy both the industry and a vocal Democratic base.

As the industry manages high turnover, more companies are expressing dissatisfaction. Among firms that switch to a new bank, the previous bank's lack of knowledge about their business is an increasingly common reason, according to a recent survey.

Previously, many credit union CEOs were hired because they worked for the institution’s sponsor. Today the industry has become far more complex, and boards find they have to pay up to recruit candidates who can meet these demands.

Citigroup’s Mexican unit, Banamex, is likely to attract offers of about $7 billion to $8 billion as the field of bidders narrows, according to people familiar with the matter.

The digital commercial bank has been fleshing out its business lines and technology over the past year. Its new capital raise will help further those efforts.

Union Savings Bank's new technology is helping the bank compete with larger competitors and attract younger customers, its leaders say.

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.

Data as of Mar. 31, 2022. Dollars in thousands.