Banking

Brian Knight of the National Association of State Credit Union Supervisors will prioritize collaboration with the National Credit Union Administration in his efforts to help state-chartered institutions stay competitive with federally chartered credit unions as well as community banks and fintechs.

The standard charge for customers who overdraw their accounts is $30 or more. Analysts say one megabank’s decision to slash the price will pressure competitors to take similar steps.

Citigroup announced Tuesday that it plans to exit retail banking in Mexico, less than a year after Fraser said “there’s a lot to like in the franchise over the longer term.” She explains her new thinking.

The companies will use funding obtained from private investors to develop or expand products that help business owners send and receive money more quickly and manage their operations.

South Carolina Federal Credit Union and G.H.S. Federal Credit Union plan to combine into an institution with roughly $3 billion of assets and more than 176,000 members.

The Louisiana-based company is among a growing number of community banks that have taken on new talent in the wake of competitors' consolidation.

Darrick Weeks takes over from Tom Knothe, who has been interim chief executive since June 2021.

Apollo Global Management has launched a new direct lending platform that offers individual investors access to large corporate loans, making it the latest non-bank lender to try to take advantage of soaring demand for private credit.

The nation’s second-largest bank by assets is the latest to roll out changes that will reduce its overdraft revenues. But in cutting its fee from $35, BofA is taking a different tack than many competitors.

Hundreds of bankers and credit union executives are seeking exemptions and changes to a Consumer Financial Protection Bureau proposal to collect race, ethnicity and gender information about small-business borrowers that they describe as burdensome and unworkable.

The $3 billion-asset company is expecting to add seven branches in the northwestern part of the state, and to expand its commercial lending business in the Toledo market, with the acquisition of Comunibanc Corp.

The CFPB sued three executives of a Colorado debt collection firm for allegedly selling debts to third-party collectors who threatened consumers with arrest, jail or lawsuits in order to get paid.

Last reelected by a more than 21-point margin, Ed Perlmutter is now 26th House Democrat to leave Congress rather than endure the 2022 midterms.

The Change Company, a lender to Black, Hispanic and low-income borrowers, was set to merge with the former quarterback’s blank-check company. Steven Sugarman, a onetime Banc of California chief, says his company is now in talks with other investors and inviting banks to use a new digital marketplace for its loans.

Matt Stephenson, who has worked at Rogue since 2004, will succeed Gene Pelham, who is retiring at the end of March.

Some community banks and credit unions worry that by hiring out-of-state workers to fill their many job openings, as other employers have done, they could erode community ties.

The National Credit Union Administration has invited feedback from executives after exams, given them a freer hand to partner with cryptocurrency firms and made it easier to start new credit unions, Kyle Hauptman says in touting the agency’s efforts to modernize itself.

The largest U.S. banks have made progress in detailing the risks posed by climate change, but it's clear the industry will have to do more. As federal regulators prepare to impose new obligations, banks are pushing back against calls for more aggressive measures such as capital requirements and increased risk weighting for fossil-fuel lending.

Both traditional financial institutions and neobanks — including NorthOne, Novo and BMO Harris Bank — are developing technology to meet the needs of younger small-business owners.

Newity was founded to buy and administer Paycheck Protection Program loans. Now that the program has ended, the company is teaming with a bank on a platform that offers Small Business Administration 7(a) loans.