Banking

The Los Angeles company, set Thursday to complete a merger with a special-purpose acquisition company and raise more than $3 billion in a stock offering, plans to develop new banking and cryptocurrency-related services this year, CEO Jason Wilk says.

The new name, Navy Federal Investment Services, reflects a wider range of products than the previous handle, Navy Federal Brokerage Services.

Banks and credit unions that cater to members of the armed forces are partnering with fintechs or patenting their own tools to help users convert currency, borrow money and handle financial matters in environments with unreliable internet service.

The credit bureaus plan to add repayment data for installment loans, a move that can inform credit decisions and help answer regulators' questions about how such borrowing affects consumers' financial health.

The last three months of 2021 were strong for most lenders, which will report results soon. But the outlook for the coming months has been clouded by the spread of the newest coronavirus variant, which has many banks grappling with staffing shortages and branch restrictions.

Jennifer Ventimiglia, who joined Fortera in 2015, will also become chief executive after Tom Kane retires from this role.

Bank of America hired Benjamin Saunders from JPMorgan Chase for its financial institutions investment banking business.

Personalized advice, embedded finance and virtual branches are among the initiatives financial services companies have on their drawing boards for the coming year.

On Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

David Ratliff will lead all corporate and institutional client coverage teams in the Asia Pacific region, including corporate banking, financial institutions, and the global institutional client group, according to an internal memo.

Banks and credit unions need to do more for (and assume less about) customers who are over 50, says Theo Lau, founder of the advisory firm Unconventional Ventures.

The Secured Overnight Financing Rate has benefited — amid the phaseout of Libor — from positive comments by regulators. Is a multirate environment, which some banks would prefer, still possible?

The combination of Community 1st Credit Union in Ottumwa and HomeTown Credit Union in Shenandoah will bring together more than 68,000 members and 21 branches. The merged entity will have over $980 million of assets.

Portsmouth Schools Federal Credit Union hadn't reported a profit in years and its losses through the first three quarters of 2021 exceeded $200,000.

Hafize Gaye Erkan stepped down just weeks after the bank's founder, chairman and co-chief executive, James Herbert, announced a medical leave of absence. The San Francisco company named an interim CEO and said it will conduct a search for Herbert’s successor.

Pomona Postal Federal Credit Union, which the National Credit Union Administration placed into conservatorship in November, has merged with the Credit Union of Southern California.

The new business line is part of a broader expansion plan the Pennsylvania bank announced in 2021.

Industry leaders in the spotlight this year include Citi's Jane Fraser, TD's Bharat Masrani and several others who are making big moves in cryptocurrency.

Branches across the country have closed temporarily, or switched to drive-thru service, as infections and quarantine rules have forced many bank workers to stay home.