Banking

The boards of the Cornerstone League and the Heartland Credit Union Association are moving forward with due diligence to possibly combine the organizations, which serve credit unions in five states.

Kent Oram will step down on Dec. 31 after more than 15 years as president and chief executive of ICCU.

JPMorgan Chase, Bank of America and Wells Fargo will account for more than $2 billion of the lost revenue, according to a new report from The Pew Charitable Trusts.

Participants in the sale of banks to credit unions may need to do a better job of due diligence and gauging the receptivity of their regulators to such deals, experts say in response to the cancellation of VyStar Credit Union's agreement to buy Heritage Southeast Bank.

The U.S. Department of Education agreed to erase nearly $6 billion in student loans for borrowers who filed a class action lawsuit against the government after attending for-profit colleges that were found to have misled students.

Canadian banks fell more than 20% from their record high set in early February as recession fears send investors fleeing.

Rep. Ed Perlmutter, the bill’s chief sponsor, said the decision would allow people to “continue to be killed” as cannabis companies’ cash is targeted by crime.

Rakefet Russak-Aminoach, who led the Israeli bank for seven years, now funds and helps build fintechs that work with other fintechs and banks.

The $2 billion-asset buyer could gain more than $300 million of deposits in the Magnolia State.

The legislation, sponsored by Rep. Carolyn Maloney, D-N.Y., is said to have been withdrawn from consideration by the House Financial Services Committee because it lacked the necessary Democratic votes to pass.

In global news this week, Walmart and Payoneer team up for U.K. e-commerce, metaverse banking advances in Italy, Stripe expands its global bank transfer footprint, and more.

The Consumer Financial Protection Bureau issued a proposal that could ultimately lead to tougher limits on what banks and other issuers charge cardholders for late payments.

The buyer, which is based in North Carolina, said buying GrandSouth Bancorp would give it more than $1 billion of assets and eight branches in South Carolina.

JPMorgan Chase is laying off hundreds of home-lending employees and reassigning hundreds more this week as rapidly rising mortgage rates drive down demand in what had been a red-hot housing market.

Inter is listing on Nasdaq and plans to offer banking and payment products tailored for immigrants in the States.

Missed payments are rising among nonprime credits as higher prices on other goods leave consumers with less money to pay back their car and truck loans. The uptick may be a sign that the stellar credit environment for lenders is starting to turn.

Court-appointed custodian Alfred Putnam is seeking an extension of nearly three weeks to give more groups time to nominate candidates for a vacant board seat at the Philadelphia bank and solicit proxies from investors before a special meeting.

The bank is providing dedicated space within its headquarters for clients to collaborate with product designers to develop new ideas.