Banking

It took less than a day for Citigroup’s now-infamous payment error to Revlon lenders to come up in the cosmetics giant’s bankruptcy.

Fumbi Chima, who was previously Adidas' chief information officer, has introduced robotic process automation and other systems to make it easier for the fourth-largest U.S. credit union to work with fintechs and improve member service.

Some policies could save consumers more than $2 billion annually.

Canadian Imperial Bank of Commerce expects its U.S. commercial banking and wealth management business to provide the fastest sales growth over the next three years.

VersaBank, which recently announced a deal for a tiny Minnesota bank, says volatility will increase demand for its loans. “Traditionally, we’ve grown rapidly when our point-of-sale financing partners have trouble raising financing,” said CEO David Taylor.

Mary McNiff, who was in charge of corporate compliance functions until last month, will now serve as chief operating officer of Citigroup's institutional clients group. She will report to Paco Ybarra, CEO of the division.

To keep customer relationships "sticky," Langley Federal Credit Union will roll out a bill pay feature this summer that tries to mimic the advantages customers get by going directly to the biller site.

Most banks’ interest income will rise following the Fed policy shift. But the rate increase also boosts the likelihood of a recession that could hurt borrowers and drive up loan losses.

OneAZ Credit Union built a vendor diversity database, based on a program from Arizona State University, to guide its spending at small businesses. It plans to allow other financial institutions to access this system as well.

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.