Banking

Despite high inflation and a tight labor market, median compensation at certain banks hasn’t budged much, according to a new report from a left-leaning group. “We can give people a more fair reward for their labor,” one of the co-authors said.

Harper, who was initially chosen to replace Debbie Matz as chair after her retirement, will lead the National Credit Union Administration until 2027.

The nonprofit First Step Alliance is working to launch Diverge Federal Credit Union, which plans to offer loans to cover the costs of gender affirmation surgery for individuals and adoption for same-sex couples.

The products MSU Federal Credit Union in Michigan is developing for transgender and nonbinary members also appeal to international and indigenous people, who often go by names that don't match their birth certificates.

The Consumer Financial Protection Bureau ended the first “no action letter” agreement with a fintech that had provided immunity from regulatory actions.

Young community banks are using a range of options for digital banking platforms.

Codat, a software startup that connects small businesses with financial institutions, raised $100 million in an equity funding round led by JPMorgan Chase’s growth-equity arm.

The Alabama bank hopes that its new InvestPath platform, which combines automation and personal interaction, will attract first-time investors.

Ray Skinner, who was most recently chief executive of Town & Country Bank in Missouri, will lead MNB Holdings, which owns Mission National Bank.

Some of the riskiest loans given to millennials and Gen Z shoppers for clothes and electronics — and neatly repackaged for investors — are dropping in value.

JPMorgan Chase CEO Jamie Dimon and Bank of America Vice Chairman Paul Donofrio were among the high-level executives who last year received multimillion-dollar retention payments. The awards — sometimes known as “golden handcuffs” — were driven by the most competitive job market in recent history.

U.S. consumer borrowing surged again in April, following a record jump a month earlier, fueled by rising prices and the continued strength of American consumers. 

The credit card issuer Synchrony Financial recently used FICO’s top competitor in a $1 billion deal. The choice is significant for VantageScore, but FICO remains the dominant credit score in the securitization market, according to analysts.

Arlington Community Federal Credit Union is combining with InFirst FCU, whose chief executive is retiring at the end of this year.

Gary Furtado will retire from his position as president and CEO of Navigant Credit Union, a position he has held since 1987, by the end of the year.

Amid a falling population in its home state of Pennsylvania, the bank is focusing more attention — and dealmaking — on the increasingly populous and affluent Raleigh-Durham market.

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

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

Bill Partin will step down on Dec. 31, having spent nearly 10 years as Sharonview’s president and chief executive.

The two banks, which recently pushed back the deadline for their $2.6 billion merger, pledged Monday to ditch nonsufficient-funds fees, among other more consumer-friendly changes.