Banking

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.

Rising debt-to-income ratios were behind almost a third of refinance rejections among those 65 and older, according to an analysis from the Urban Institute.

Fifty-three percent of community bank executives who participated in a recent survey said they’d spurn a takeover offer by a credit union, even if it was the highest bid. The findings underscore the rivalry between the two sectors at a time of rising consolidation.

Steve Steinour, the Ohio bank’s CEO, said the slowdown in car manufacturing due to the global chip shortage will continue to stifle loan demand in the months ahead.

Some big tech firms “have sought to gain greater control over the flow of money in our economy,” Consumer Financial Protection Bureau Director Rohit Chopra told senators. His comments came after the agency demanded information from large tech companies about their payment offerings.

The changes, which have implications for succession planning at the Toronto-based company, include elevating U.S. CEO Greg Braca to a new role. Leo Salom, wealth management group head, was named as Braca’s successor.

The community lender, which emphasizes an environmental, social and governance mission, plans to beat the Paris Climate Agreement's timeline by five years.

GreenState Credit Union has announced three bank deals this year. Its CEO says purchasing banks can be easier than merging with rival credit unions, though the state's banking regulator has made it difficult to do so within Iowa.

Amazon, Google and other technology giants entering financial services should be subject to the same supervision banks are, Rohit Chopra said in his first congressional testimony as director of the Consumer Financial Protection Bureau. He also said he wants to focus enforcement on large firms that harm many people rather than chasing small companies.

Collaborations among rival banks and fintechs can be mutually beneficial, Vanessa Colella says. A recent example is a small-business loan portal Citi created that other banks can use.

The deal for Michigan-based Flagstar Bancorp, announced in April, was originally expected to be completed by the end of the year. The New York bank’s CEO expressed optimism that it will still get regulatory approval.

The National Credit Union Administration has approved Capital Federal Credit Union in Lubbock, Texas, to serve people of color and underserved communities in its state.