Banking

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.

The Concord-based credit union has hired Anthony Emerson as its next president and chief executive. He was most recently leader of IC Federal Credit Union in Massachusetts.

The credit card issuer benefited from consumer loan growth in the third quarter, but investors seemed spooked by increases in its marketing and technology costs.

Lending momentum is building and tourists have come back, but the coronavirus is a lingering concern for a state that relies heavily on vacationers.

Community banks don’t need to match the biggest banks’ digital offerings or advertising budgets. Where they can compete, and win, is by delivering more personalized service.

The credit bureau's $638 million deal to buy the ID verification firm is its second M&A agreement in a little over a month to broaden its line of products and services that help customers combat fraudsters and identity thieves.

The card network is working with new partners such as FIS and Moneris to connect banks, fintechs and merchants on its Visa Installments Solution platform. Its goal is to provide access to a broader spectrum of consumers than these companies can reach in one-off deals, CEO Al Kelly said.

The recent order by Director Rohit Chopra — issued just days after he was sworn in — demanding that Amazon, Facebook and others hand over information about their payments products is being interpreted as a sign that the consumer bureau wants to take a more active role in regulating the tech giants.

The California bank sued a former executive for allegedly taking trade secrets and using them to build a rival fintech. A recent interim ruling frees Aeldra Financial to move ahead with fundraising while the case continues.