Banking

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.

The deal to buy Happy Bancshares enables Arkansas-based Home to expand into Dallas and Austin and could provide a springboard for more acquisitions in the Lone Star State.

Large banks have received CRA credit for Paycheck Protection Program loans and all types of modifications two to three times more frequently than small banks. The latter need to press examiners to recognize the contribution they’ve made to their communities.

The California bank historically lost technology industry clients as their needs became more complex. That could change now that it has hired 10 senior bankers and plans to recruit more.

Mike Warrell most recently headed Solano First Federal Credit Union in California.

The Chicago City Council approved a measure to boost transparency around the lending practices of the city’s banks and help address homeownership disparities in the nation’s third most-populous city.

The acquisition would add to Goldman's consumer banking platform a company that offers payment plans to help consumers finance home-improvement projects or health care needs.

In the wake of Hurricane Ida, the latest storm to batter the Gulf Coast, John Hairston is grappling with the consequences of a warming planet. He suggests that it's imperative for banks and their regulators to be part of the solution.

Meridian Trust Federal Credit Union and Western Heritage Federal Credit Union plan to combine into an institution with more than $600 million of assets and roughly 40,000 members.

Elizabeth Warren asked the Federal Reserve this week to force the spinoff of the bank’s nonbanking operations. Wells, which was recently hit with another $250 million fine, countered that it has made significant progress in improving its risk management and addressing misconduct.

Pentagon Federal Credit Union bought its own Cessna, citing safety considerations and the cost of commercial air travel during the pandemic. But the purchase has fueled bankers' criticism of how credit unions use their tax exemption.