Banking

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.

The relaxation of Community Reinvestment Act and fair-lending enforcement by the OCC after President Trump took office deprived minority and low-income applicants in Memphis who sought credit from the bank for far too long.

Scott Anderson, president and CEO of Zions Bank, was recently elected chair of the American Bankers Association. In an interview, he encouraged Washington to scrutinize tech giants’ moves into financial services but expressed concern about some potential implications of financial agencies’ spotlight on climate change.

The closing date for the Florida credit union’s purchase of Heritage Southeast Bank was pushed into 2022 to allow more time for regulatory approval.

If law enforcement concludes that the company's devices were used in a cyberattack on U.S. companies, banks may need to change the way they choose, test and monitor point-of-sale equipment.

With two new prohibitions, the total now stands at 22 for the year so far.

The Texas bank, which has spent six years reducing its exposure to fossil fuel companies, aims to bottom out at around 5% of its total loan portfolio.