Banking

Bank of America is under investigation in connection with its role as the administrator of a state program that was rife with fraud. The fiasco is one of several involving the prepaid card industry over the last 12 years.

The fintech chose its new name to reflect its non-financial offerings such as contact centers.

The Boston-area mutual has agreed to acquire Patriot Community Bank, a single-branch lender based in Woburn, Massachusetts.

The bank’s unified digital plans include personalization and a customized mobile dashboard encompassing all the business a customer does with BofA.

The Consumer Financial Protection Bureau took a step toward addressing appraisal bias with a proposal that kicked off an interagency rulemaking on automated valuation models, which use reams of data to assess property values.

Wall Street gets an automated nonfungible tokens machine, credit union arrivals and departures, and more in banking news this week.

Following the departure of longtime chairman and CEO Dan Sheehan, the company has chosen Abel Iglesias, president of Professional’s bank subsidiary, as the new CEO. Meanwhile, director Herbert Martens has become nonexecutive chairman.

The $1.6 billion-asset institution says it has simply outgrown its old moniker.

Brad Bolton, incoming chairman of the Independent Community Bankers of America, wants the advocacy group to push back against overly broad policymaking and credit unions' tax status, while opening the door to cannabis banking.

The Federal Reserve and the FDIC are weighing changes to their policies for reviewing mergers and acquisitions, and that’s creating a sense of urgency among bankers to cinch deals now.

Buying BT Holdings in Texas will take the Louisiana bank close to the size where it would face increased regulatory scrutiny and a reduction in interchange revenue.

Cheryl DeBoer will step down in early 2023 as president and CEO of the $2.7 billion-asset credit union, which has not yet named a successor.

The $2.3 trillion-asset company plans to scrap the charges by this summer. It joins Capital One and Ally in doing away with the fees, which face pressure from Biden-era regulators.

The Houston bank negotiated the agreement with the National Community Reinvestment Coalition after closing its merger with BancorpSouth. That deal created a lender with $50 billion of assets and operations in nine states.

Royal Bank of Canada is still benefiting from the pandemic-era boom in capital markets.

Municipal Credit Union was first placed into the custody of the National Credit Union Administration in 2019, after its former chief executive was charged with fraud and embezzlement.

New England Federal Credit Union, the largest financial institution headquartered in the Green Mountain State, is combining with Vermont State Employees Credit Union to create an organization with $3 billion of assets.

Community lenders may choose to stop serving small businesses rather than absorb the expense of collecting information on race and ethnicity under a proposal by the Consumer Financial Protection Bureau.

Banks flush with liquidity are likely to keep deposit yields low even as the rates they earn on loans widen, which should result in higher net interest income. One industry analyst predicts “NII to the sky.”

A busy end to the year for Barclays’ dealmakers helped offset a slump in trading activity and lift the British bank to its highest annual profit on record.