Banking

By partnering with the London-based fintech, Andrews Federal Credit Union will enable members to send transfers to 80 countries.

Total loans increased 6% from a year earlier, driven by gains in the company's asset- and wealth-management arm and corporate and investment bank, though consumer and commercial lending fell. Fees from advising on merger and acquisition deals almost tripled.

Executives at Umpqua Holdings and Columbia Banking System said the deal could progress more slowly than usual because of a perceived approval backlog at the Federal Reserve. The two Pacific Northwest-based banks are seeking to combine into a $50 billion-asset company.

JAM Fintop's Banktech fund, which is backed by community banks, has invested in Monit, a small-business predictive analytics company. Two of the banks have expressed interest in using its product.

More banks are boosting salaries to lure and keep workers in a highly competitive hiring market, but the pressure is on to trim expenses elsewhere to offset the pay hikes.

Silvio Tavares, the former chief executive of the Digital Commerce Alliance, will lead the credit-bureau analytics firm.

Bank of America is giving businesses new ways to transfer money to their customers with the rollout of a system called Recipient Select.

Columbia Banking System would be the surviving holding company and retain its Tacoma, Washington, headquarters and the banking unit would be based in Portland, Oregon, and operate under the Umpqua Bank brand.

Banks, credit card issuers and debt collectors all supported the Consumer Financial Protection Bureau’s revised regulations. But they face a steep learning curve in complying with the rules, which take effect Nov. 30.

Laurie Butz, a senior vice president at another Wisconsin credit union, will replace longtime CEO Tom Young, who is retiring.

The Silicon Valley consumer lender first applied to become a national bank during the Trump administration. But the bid stalled amid criticism from consumer advocates and a leadership change at the OCC.

During the pandemic, the use of digital assistants by low- to moderate-income consumers has soared. One reason: Those seeking loan modifications or fee waivers see the technology as less intimidating than humans.

Climate First Bank in St. Petersburg, Florida, is offering loans for condominium improvements that will reduce carbon emissions while fortifying buildings against serious weather events. More banks may implement similar programs in the years ahead.

Allowing the Small Business Administration to originate, rather than just guarantee, loans would provide much-needed capital to startups and mom-and-pop shops that many banks, credit unions and other lenders view as risky credits.

A new state law effectively bans the deposit of state public assistance funds into certain accounts that charge the fees. Supporters say it prevents companies from exploiting a loophole in existing prepaid card rules, while firms that will likely be affected say it limits options for underserved consumers.

Acquiring Watonga, which runs Cornerstone Bank, would raise the buyer's asset size to roughly $1.4 billion.

The Rhode Island company unveiled a feature that gives depositors extra time to bring their account balances positive. It also plans to launch an overdraft fee-free account early next year.