Banking

When Walden Mutual opens this year, it will end a decades-long dry spell for de novos owned and governed by depositors.

The combined Mountain West Credit Union Association and the Northwest Credit Union Association are taking a new name to reflect a wider area of membership.

HSBC Holdings is in talks to sell its Russia unit to local lender Expobank, according to two people with knowledge of the discussions.

Chaz Rzewnicki will succeed current president and chief executive Allan Kemp McMorris later this year.

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

The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But consumer advocates warn the use of that data could harm the very people it’s supposed to help. 

The fast-paced rise in rates should be good for banks — until it isn't. The higher interest earned on loan payments will at some point be offset by higher interest paid on deposits. The only questions are: When, and by how much?

The Singapore-based crypto lender that announced a freeze on withdrawals on Monday said it has signed a tentative agreement to be acquired by rival Nexo.

The Federal Reserve’s aggressive rate hikes are leading corporate clients to demand higher deposit rates, according to industry consultants. Some banks are better positioned than others to weather the changing landscape.

Community development financial institutions will receive low-interest loans from Bank of America and use that money to fund the development of primary health care centers in communities of color and rural areas.

Klarna Bank is in talks to raise new equity at a valuation as low as $6 billion, a fraction of the $45.6 billion it commanded last summer as it became Europe’s most valuable startup, according to people with knowledge of the matter.

The Consumer Financial Protection Bureau ended special regulatory treatment of the financial services company’s earned wage access products. Payactiv says it requested the action after a disagreement with the agency.

The U.S. retail arm of Bank of Montreal plans to reduce the charge from $36 to $15, following the approach taken by M&T Bank and Huntington Bancshares.

Agencies supervising lenders should make it clear that the transition to less discriminatory algorithms won’t be used to punish banks for their previous use of older, less effective systems.

Workers Credit Union installed a life-size hologram of “Olivia” in specialized locations to offload some mundane customer service tasks. It’s also catching the attention of passersby.

The National Credit Union Administration’s orders addressed concerns of misappropriated funds from institutions in New Jersey and California, and supervisory issues with a credit union in New York.

The buy now/pay later startup Zilch has raised a further $50 million, upping the total raise for its Series C fundraising to $160 million as it plans bolster U.S. expansion plans. 

It took 100 years, but St. Landry Homestead Federal Savings Bank decided on a drastic name change — to Catalyst Bank — to end confusion with a local rival and signal its loftier aspirations.

The top five had a combined portfolio of nearly half a billion dollars.

Firms owned by people of color have suffered more over the last two years than those owned by whites, according to a survey by the Federal Reserve Banks. Asian American-owned firms reported the biggest increase in financial challenges.