Banking

Like many smaller financial institutions, Centra Credit Union in Indiana is trying to reduce its tech-maintenance burden by shifting some applications to the cloud, starting with data analytics.

Coming out of the pandemic, traditional banks will have just two years to update their business models or they risk falling behind more innovative peers and aggressive upstarts, the consulting giant warns in a new report.

Hiring fewer front-line workers but paying them more could improve customer experiences, strengthen employee retention and reduce stress for managers.

Bank of Montreal’s heavy focus on commercial lending is paying off as businesses in the U.S. and Canada ramp up borrowing. 

The $129 million deal for Rahway-based RSI would give Columbia a stronger presence in Union and Middlesex counties.

Cornerstone Community Financial Credit Union in Auburn Hills received approval from state regulators to enter new markets in its home state and in Ohio.

The combination is a bid to offer members expanded access to financial services and a larger network of locations.

Charlie Watts was most recently chief financial officer for Colorado Credit Union, a role he held for the past eight years.

Fiserv, FIS, Jack Henry and Finastra, the top U.S. core banking software providers, are stepping up efforts to let banks plug innovative technology from younger fintechs into their legacy systems.

The commissioner of the Tennessee Department of Financial Institutions said Orion Federal Credit Union's deal for Financial Federal Bank violates the Tennessee Banking Act.

The new omicron strain is prompting more financial institutions to extend mask mandates in the workplace and remote work schedules.

Formerly incarcerated people have long faced barriers to entering the mainstream financial system. Banks such as Old National and Bank of Hawaii are taking steps to help them, but the industry can do more, according to a new white paper from the American Bankers Association Foundation.

The agreement resolves a lawsuit over consumer loans that had annual percentage rates as high as 198%. Chicago-based OppFi denied allegations that it engaged in unfair lending practices.

As its first major gift, Truliant contributed to the Winston-Salem State University Foundation to support the Mathematics and Science Education Network program.

Rohit Chopra, the new director of the Consumer Financial Protection Bureau, announced enhanced monitoring of overdraft programs and said the agency plans to crack down on executives responsible for conduct that violates consumer laws.

The Denver company said it would pay $56 million for Legacy Bank in Colorado and pick up nearly $500 million of assets.