Banking

Banks and credit unions need to do more for (and assume less about) customers who are over 50, says Theo Lau, founder of the advisory firm Unconventional Ventures.

The Secured Overnight Financing Rate has benefited — amid the phaseout of Libor — from positive comments by regulators. Is a multirate environment, which some banks would prefer, still possible?

The combination of Community 1st Credit Union in Ottumwa and HomeTown Credit Union in Shenandoah will bring together more than 68,000 members and 21 branches. The merged entity will have over $980 million of assets.

Portsmouth Schools Federal Credit Union hadn't reported a profit in years and its losses through the first three quarters of 2021 exceeded $200,000.

Hafize Gaye Erkan stepped down just weeks after the bank's founder, chairman and co-chief executive, James Herbert, announced a medical leave of absence. The San Francisco company named an interim CEO and said it will conduct a search for Herbert’s successor.

Pomona Postal Federal Credit Union, which the National Credit Union Administration placed into conservatorship in November, has merged with the Credit Union of Southern California.

The new business line is part of a broader expansion plan the Pennsylvania bank announced in 2021.

Industry leaders in the spotlight this year include Citi's Jane Fraser, TD's Bharat Masrani and several others who are making big moves in cryptocurrency.

Branches across the country have closed temporarily, or switched to drive-thru service, as infections and quarantine rules have forced many bank workers to stay home.

First Premier Bank in South Dakota revamped its online sign-up process to allow customers to name the banker who referred them. This helps bankers overcome their reluctance about digital accounts and lets them start relationships with new customers.

The bank, which donated a total of $1.6 million in 2020 and 2021, endowed the new organization with $4 million.

The addition of one new prohibition order from the National Credit Union Administration brings the year's total to 25.

The National Credit Union Administration has given its first guidance on handling Bitcoin and other digital assets in an effort to encourage credit unions to work with fintechs to offer new services.

Spain’s biggest lender accidentally made a second payment to about 75,000 people and firms who had been due payments from businesses with accounts at its U.K. unit.

Barry Nelson will step down as the president and CEO in April.

Large banks explored the concept more than five years ago before quietly moving on. The advent of stablecoins and general acceptance of blockchains have helped make it more practical for some regionals.

Shares of Medallion Financial plunged Wednesday after U.S. regulators accused the New York-based lender to taxi drivers of seeking to illegally boost its stock price amid intense competition from Uber Technologies and Lyft. 

The community bank leverage ratio is set to revert to its prepandemic level of 9% on Jan. 1. Bankers say the move is premature and are supporting a bill that would keep the ratio at or below 8.5% through 2024.

Many previously unbanked consumers are flocking to the banks that provide accounts with no overdraft or debit card fees and minimum opening balances of $25, according to a new report from the St. Louis Fed.

The community bank said it would will not renew their employment contracts, which terminate March 20, but that it intends to keep them as executives.