Banking

The companies each recently rolled out new contactless checkout technology as they attempt to turn Amazon Prime and Square Cash into platforms that let consumers pay for goods, save money, take out loans at the point of sale and conduct other financial services all in one place.

Community Owned Federal Credit Union in Charleston is the third institution that the National Credit Union Administration has closed this year.

The U.S. subsidiary of Japanese banking giant Mitsubishi UFJ Financial Group has entered into a consent order with the Office of the Comptroller of the Currency that requires it to improve its information security protocols, hire more IT staff and create a board-level committee to monitor its progress.

On June 30, 2021. Dollars in thousands.

Anthony Taylor was recently honored for his hard work in helping build Ascend into one of the largest credit unions in Tennessee. Taylor says he jumped at the opportunity to give back to the credit union that decades earlier welcomed him and other Black consumers when they struggled to find affordable credit elsewhere.

Citizens Financial Group's acquisition of Investors Bancorp — one of the biggest banking combinations announced so far this year — may never have happened if the pandemic hadn't interrupted the seller's merger talks with another bank.

More than a third of installment borrowers are delinquent, according to new research. Fintechs and the banks that are following them into the market are willing to tolerate the credit risk — for now — because of BNPL’s rapid growth and the fee income from merchants.

With tricked-out conference rooms, online career development tools and blocks of time for chitchat, Ally and Citizens are strengthening connections between colleagues during phased returns to the office.

JPMorgan Chase will launch a digital retail bank in the U.K. next week, the first step in the firm’s plans to expand its consumer business overseas.

Josh Wooley succeeds Glenna Jarvis, who retired in June as president and CEO. Wooley had worked at a larger credit union across the Kansas state line.

The agency organized a vehicle seeded with $120 million from anchor investors — including Truist and Microsoft — enabling minority-owned banks and community development financial institutions to seek capital for development projects in underserved areas.

Credit unions expanded perks and benefits for workers whose personal lives and jobs were rocked by the pandemic. The added costs are bearable and will be necessary to keep employees over the long term, executives say.

The all-stock acquisition of South Dakota-based Great Western would create a regional bank with $32 billion of assets and more than 300 branches in 14 states.

After exiting the business roughly 20 years ago, the San Antonio bank is working with tech consultant Infosys to help it build out a digital consumer lending business that will include home loans.

Executives at JPMorgan Chase, Capital One and U.S. Bancorp all spoke this week about plans to take on upstarts that offer interest-free financing on consumer purchases. The increased competition figures to result in tighter margins across the category.

The Cincinnati bank, which last month closed its purchase of the health care lender Provide, has raised its estimate for the unit’s 2021 loan volume.

The White House and key lawmakers want to allocate $4.5 billion for smaller 7(a) loans that would be made by the Small Business Administration. The financial services industry says the government should collaborate with the private sector rather than compete with it.

The $6.2-billion asset bank said President Logan Pichel will add the title of CEO on Oct. 1, succeeding Steve Trager.

Buying the point-of-sale loan provider would give Goldman Sachs access to a network of millions of consumers and thousands of merchants that the bank would have difficulty building on its own, said Stephanie Cohen, its global co-head of consumer and wealth management.

Rodney Hood, a member of the National Credit Union Administration's board, detailed plans, such as the formation of an Office of Innovation and Access, to foster collaboration between credit unions and the tech community.