Banking

The mission of the North Carolina company, founded by banks to archive digital images of checks, has evolved over the last 20 years. It is migrating to a public cloud to help it expand beyond check services.

President Biden extended the pause on federal student loan repayments by another three months as the U.S. faces a fresh wave of COVID-19 cases from the omicron variant, removing a near-term threat to millions of Americans’ finances.

These executives are adapting to changing customer demands amid rebounding M&A and coronavirus-related challenges.

A dispersed workforce presents added cybersecurity challenges resulting from employees accessing their organization’s networks through a home connection. This new reality reinforces the need for financial institutions to transform their digital infrastructure to guard against breaches.

The Consumer Financial Protection Bureau sued LendUp in September, alleging that the digital payday lender consistently misled customers about the benefits repeatedly using its loan products.

Credit unions are looking for approval to hold digital assets like Bitcoin directly, after a federal regulator clarified they can provide cryptocurrency services to customers by partnering with third parties. 

The state Department of Financial Protection and Innovation issued a cease-and-desist order against Nano Banc, saying the troubled bank violated an earlier consent agreement when it replaced five board members and appointed a new CEO without the regulator’s permission.

Unity of Eatonville Federal Credit Union will spend its first year focusing on auto lending and deposit services.

Kit Snyder, who has led Consumers since 1983, will be succeeded by Scott Sylvester, the credit union's chief operations officer.

Eli Tinsley, the bank's chief banking officer, was promoted to president and chief executive.

Experts discuss the proliferation of chief diversity officers across the industry and what it may mean for future progress in diversity.

The Oklahoma bank is eager to take the ground some competitors are ceding in oil and gas financing.

Darryl White has made no secret of the Canadian company’s intentions to expand its U.S. presence, and the deal for San Francisco-based Bank of the West would give it a foothold in the nation’s largest and richest state.

Alloy Labs Alliance, a consortium of community banks, is working with the fintech Payrailz on a project called "Chuck" that would route peer-to-peer payments over different networks, based on which is least expensive for each transaction.

Some established financial technology companies like Robinhood are said to be refusing to accept funds from accounts at young digital-only banks that they say are growing too fast to deter fraud. The companies being blocked respond that it’s an unfair, scattershot approach.

The acquisition would give Avadian, which is based in Birmingham, two more locations in its home state and increase its assets to approximately $1.2 billion.

On Sep. 30, 2021. Dollars in thousands.

Ravi Mallela will step down as chief financial officer in early January. Chief Risk Officer Ralph Mesick will serve as interim CFO while the company searches for Mallela's replacement.

The combination of First Service Credit Union and People’s Trust Credit Union would create an institution with over $1.3 billion of assets and more than 98,000 members.

The consumer bureau asked for public feedback about payment platforms as part of a focus on the Silicon Valley giants’ financial services aspirations. But comment letters so far have been dominated by users complaining that they lost money on the big-bank-owned peer-to-peer network.