Banking

The state-sponsored entity plans to launch a $250 million “community decarbonization fund” to finance electrification, energy efficiency and onsite power projects in disadvantaged communities.

The founder and CEO of Piermont Bank recently won recognition as a Digital Banker of the Year from American Banker. She discusses her approach to working with fintechs.

Regulatory pressure and business exigencies have spurred foreign banks to draw down their presences in the United States in recent years. But Spanish bank Santander has been going the other way, expanding its U.S. business presence.

VyStar's deal for the $1.7 billion-asset Georgia bank, the largest bank to agree to be sold to a credit union, was terminated after numerous delays and difficulties in obtaining regulatory approval.

The Consumer Financial Protection Bureau is scrutinizing “rent-a-bank schemes” that charge borrowers high interest rates, the agency’s deputy director said Wednesday. Consumer advocates have long pushed for limits on such partnerships between banks and nonbank lenders.

Democratic Sen. Elizabeth Warren cited a report that found then-acting Comptroller Keith Noreika chose to privately reprimand the Canadian bank for consumer abuses, rather than issuing a fine.

The Dallas bank is joining the branch-consolidation trend that has accelerated during the pandemic, announcing plans to shutter 22 branches in Michigan, Texas and California.

In global news this week, U.K. regulators examine branch closures, Apple complies with Dutch App Store rules, a pan-Nordic payments system prepares for launch, and more.

Citigroup and Bank of America have teamed up with five other banks to form Octaura Holdings, an electronic trading platform for syndicated loans and collateralized loan obligations.

Credit unions enjoyed especially strong loan demand from car buyers — helping to push overall loan growth to twice the rate of what banks saw in the first quarter — following a lull stemming from pandemic-era setbacks.

Community development financial institutions proved themselves indispensable during the COVID-19 pandemic. They have earned a seat at the table.

The mobile technologist has brought many user experience upgrades to the Arkansas bank. That has earned him a spot in American Banker's Digital Banker of the Year coverage this year.

An aging workforce will likely force banks to reconsider the employees they recruit, especially for executive roles.

Companies such as Biz2Credit, Episode Six and VizyPay look for people from varied backgrounds and pitch their flexibility (or, sometimes, strong office culture) in bids to find great employees.

The Consumer Financial Protection Bureau sent a mass email to thousands of the bank's customers and former employees to gather information about the possible creation of phony accounts. Critics — including a federal judge — say the CFPB asked leading questions and may have overstepped its bounds.

Benson Porter will conclude more than 10 years at the helm of BECU, the fourth-largest credit union in the country.

Consumer Financial Protection Bureau Director Rohit Chopra wants to determine if people are able to get prompt responses from the 175 banks and credit unions with more than $10 billion of assets.

The digital-only Canadian bank plans to expand throughout the U.S. after acquiring a single-branch subsidiary of Stearns Financial Services.

Paul Taylor, one of the company's directors, will become president in anticipation of succeeding Matthew Wagner, who has been chief executive for 22 years and plans to retire at the end of 2023.

Edwin L. Williams, who has been at the helm since 1997, will step down as president and chief executive at the end of the year.