Banking

The speed of money movement represents the future - success for those who deliver, challenges for those who don't

The small Pennsylvania regional signed up four cryptocurrency services companies as customers this week. CEO Sam Sidhu says the bank's new platform is helping it win business in this highly specialized market.

Hunt, who joined the CBA in 2009, has been a vocal critic of the federal student loan program and the Consumer Financial Protection Bureau’s leadership structure. He plans to leave the trade group next summer.

The Burlington-based institution has extended its charter to provide services to all counties in Vermont.

Amid a spate of deals in 2021, community banks are actively recruiting from merging rivals that are focused on closing and integrating acquisitions.

The White House's latest budget proposal slashes funding for a program that would allow the Small Business Administration to make direct 7(a) loans. Lenders say the idea is still misguided.

A report by the agency found that consumers in majority Black neighborhoods were more than twice as likely as those in white neighborhoods to lodge complaints with the credit bureaus over information in their files. Meanwhile, disputes were less common among older borrowers.

A partisan split at a congressional hearing offered a preview of coming regulatory debates over the nascent sector. One key question is whether the consumer bureau will impose ability-to-repay requirements on installment lenders.

The $8.7 billion-asset credit union has cut its charge for overdrafts from $25 to $5, following similar reductions by other financial institutions.

The Cooperative Bank in Massachusetts is working with the tech startup Carefull to monitor accounts for signs that older clients are being swindled by scammers — including people close to them.

The Indiana-based online banking pioneer is purchasing First Century, a similarly tech-savvy company, for $80 million. The deal would diversify its revenue and improve its prepaid card offerings for small businesses.

The $47.6 million deal would help MidWestOne, which has been opening offices in other parts of the U.S., to expand closer to home in Iowa.

Mary Mack testified last week about the cultural problems she encountered after joining the bank's consumer unit in 2016. Recalling small group meetings she held with employees, she said: "People would stand up, and they were fearful."

The Illinois bank is acquiring about 1,800 loans to insurance agents. As part of the deal, a team of Allstate specialists will join the bank's insurance agency finance business.

FV Bank will let users hold crypto and traditional currencies in the same account. It says it can do that because it’s licensed in the U.S. territory as a bank and a digital-asset custodian.

Since the pandemic began, many members of small credit unions have defected to banks that offer better digital products and services. The credit unions are focusing on in-person banking or catering to small businesses and other niches to rebuild their customer base.

On Jun. 30, 2021. Dollars in thousands.

On Jun. 30, 2021. Dollars in thousands.

On Jun. 30, 2021. Dollars in thousands.