Banking

First Premier Bank in South Dakota revamped its online sign-up process to allow customers to name the banker who referred them. This helps bankers overcome their reluctance about digital accounts and lets them start relationships with new customers.

The bank, which donated a total of $1.6 million in 2020 and 2021, endowed the new organization with $4 million.

The addition of one new prohibition order from the National Credit Union Administration brings the year's total to 25.

The National Credit Union Administration has given its first guidance on handling Bitcoin and other digital assets in an effort to encourage credit unions to work with fintechs to offer new services.

Spain’s biggest lender accidentally made a second payment to about 75,000 people and firms who had been due payments from businesses with accounts at its U.K. unit.

Barry Nelson will step down as the president and CEO in April.

Large banks explored the concept more than five years ago before quietly moving on. The advent of stablecoins and general acceptance of blockchains have helped make it more practical for some regionals.

Shares of Medallion Financial plunged Wednesday after U.S. regulators accused the New York-based lender to taxi drivers of seeking to illegally boost its stock price amid intense competition from Uber Technologies and Lyft. 

The community bank leverage ratio is set to revert to its prepandemic level of 9% on Jan. 1. Bankers say the move is premature and are supporting a bill that would keep the ratio at or below 8.5% through 2024.

Many previously unbanked consumers are flocking to the banks that provide accounts with no overdraft or debit card fees and minimum opening balances of $25, according to a new report from the St. Louis Fed.

The community bank said it would will not renew their employment contracts, which terminate March 20, but that it intends to keep them as executives.

The combined entity would operate under the Genisys name and hold roughly $4 billion of assets.

The $50 million subordinated debt issuance is large for a credit union and likely the first of its kind to receive an investment-grade rating. It comes days before a National Credit Union Administration rule will take effect to enable a wider range of credit unions to raise capital through debt offerings.

The credit union is looking for its next leader after longtime CEO Bill Lawton announced he will retire this summer.

The lender will start by cross-selling Digit's products, then gradually consolidate the two companies' platforms. Meanwhile, Oportun is working to put questions about its collections practices behind it.

To strengthen ties with entrepreneurs, Citizens Bank of Edmond in Oklahoma and the de novo Genesis Bank in California offer co-working, education and other resources.

Banks that help customers avoid missing important payments are providing a valuable service for which they should be compensated. Though some banks use deceptive practices, customers are willing to pay for a transparent service.

The new state law, signed by the governor Wednesday and backed by the financial services industry, is intended to make notary services more accessible for older people, those with disabilities and residents of rural areas.

Before joining TAPCO, Justin Martin was executive vice president and chief operating officer at Verity Credit Union.

The trade group chose Brian Knight to succeed longtime leader Lucy Ito, who announced her retirement earlier this year.