Banking

Hanscom Federal Credit Union in Bedford, Massachusetts, has chosen Peter Rice to succeed David Sprague, who announced his retirement last year.

DoorDash, the U.S.’s biggest meal-delivery service, is launching a financing arm to offer business loans to restaurants on its app.

Large and regional banks are not only slashing overdraft fees, they’re introducing small-dollar loans to help customers cope with income shortfalls. The policy changes made recently by just five banks could save consumers as much as $2 billion a year, according to a new analysis.

The largest U.S. banks will be tested against a hypothetical massive surge in unemployment and a crash in commercial real estate in the Federal Reserve's annual stress tests, according to scenarios announced Thursday.

"In many cases, these are fees where there's not even a service provided or where the bank or financial institution doesn't even do any work,” Rohit Chopra of the Consumer Financial Protection Bureau said Thursday in public remarks.

The Pennsylvania bank expects to generate $1 billion in loans this year from new lines of business focused on broker-dealers, insurance companies and more.

Lisa Schlehuber, who has led the Indianapolis credit union since her appointment as chief executive in 2005, will step down on April 15.

Village Financial Credit Union expects to begin operations this year after it receives additional capital and a charter. It plans to serve a part of Minneapolis that has no traditional banks or credit unions but is overrun with payday lenders.

The Federal Trade Commission recently issued an advisory opinion that could make it easier for consumers to recover their legal costs from banks in situations where they were defrauded by a car dealer.

The board of directors has hired Kyle Gurzynski to succeed longtime chief executive Patty Preuss, who plans to retire on April 29.

With their costs soaring, farmers may need credit to make ends meet. Bankers see this as a chance to offer more loans, but worry that some borrowers may not be able to make their payments.

The company has agreed to pay at least $3.75 million to resolve allegations that it violated the District of Columbia’s 24% interest rate cap.

One group seeks a change in leadership, the other a sale of the Philadelphia community bank, which is led by Vernon Hill. Both are ratcheting up their campaigns against the board.

Banks that rank high on a Fintech Similarity Score made the most government-backed small-business loans outside their local area, a study found.

Borrowing on plastic climbed by $52 billion in the fourth quarter, the New York Fed found, as consumers splurged on holiday shopping and inflation drove up the cost of goods and services. It's the biggest jump in the 22 years the data has been tracked.

PSCU is working with EnaComm to build web and mobile applications for prepaid cards.

Buffalo, New York-based M&T is the latest bank to announce changes that will save customers money but also reduce service-fee revenue.

The sale of Wilmac Corp. led the one-branch Wilmac Employees' Credit Union to combine with Belco Community Credit Union.

The March hearing, to be hosted jointly by the Federal Reserve and the Office of the Comptroller of the Currency, is coming at a time when lawmakers and community groups are pressing federal agencies to apply more scrutiny to bank mergers.

Stablecoins are unlikely to be the future of payments despite their growing market value in the last two years, according to a Federal Reserve Bank of New York blog post.