Banking

The feature in its mobile banking app is helping the company connect with millennials and members of Gen Z, and it has led to 1 million appointments with bankers, BofA's chief digital officer says.

Unvaccinated employees also will face higher payroll deductions to cover the cost of testing and health insurance, starting next year, the bank said.

The new pilot program is only operating at four of more than 30,000 post offices nationwide. But it's drawing loud criticism from the banking industry and Republican lawmakers, along with strong praise from congressional Democrats.

Housing will still be a priority of the Consumer Financial Protection Bureau, but newly confirmed Director Rohit Chopra is also expected to investigate discrimination in the Paycheck Protection Program and bias in AI-powered lending algorithms.

David Pickney, who joined the institution in 2010, saw Texas Trust grow from six branches to 22 and more than double its assets to $1.7 billion.

Commercial borrowers are leaning more often on alternative lenders that provide better speed and flexibility. At the same time, some banks are turning their backs on what has long been a bread-and-butter business.

On Jun. 30, 2021. Dollars in thousands.

The Onondaga, New York-based buyer agreed to pay $82.8 million for Elmira Savings Bank.

The acquisition of Sabal Capital Partners, which has been growing its footprint in commercial mortgage-backed securities lending, will help the Alabama bank build out its capital markets business.

The tech company has abandoned plans to offer checking accounts in partnership with banks and will instead focus on being a technology provider for them. Citigroup says it will press ahead with aspects of the digital banking project on its own.

Bank of America’s online-banking platform went down for several hours Friday, leaving thousands of customers locked out of their accounts before service was restored.

The move is one of several the company announced this week and appears to position Anthony Restel, the current chief operating officer, as a potential successor to CEO Bryan Jordan.

The Iowa credit union's deal for Home Savings Bank in Madison, Wisconsin, is the 11th this year to feature a credit union buying a bank.

Having the U.S. Postal Service offer bank accounts is a bad idea for many reasons, including privacy concerns. The USPS, which has reportedly spied on Americans' social media accounts, cannot be trusted with a window into their finances.

Eagle said it would pay $41.3 million for First Community Bancorp. It would be the bank's fourth purchase of a Montana bank since 2018.

By limiting the credit offered to new borrowers during the pandemic, banks created an opening for installment lenders like Affirm, Afterpay and Klarna.

If Congress fails to resolve the partisan stalemate by a crucial Oct. 18 deadline, the consequences for the financial industry may be higher borrowings costs, reduced credit supply and plummeting Treasury bond values.

Banks generally did not curtail loans to existing cardholders last year despite mass unemployment, according to new research by the Consumer Financial Protection Bureau. The results contrasted with what happened during the Great Recession.

The companies said they are still waiting for the Federal Reserve to approve the deal, which was announced nearly a year ago and was scheduled to close by Oct. 15. The new deadline is March 1.

The company has agreed to buy Fortune Financial, which would give it a toehold in the St. Louis area.