Banking

Customers have been particularly frustrated with midsize issuers for failing to adjust their rewards programs to reflect changing behavior and generally being less responsive than large issuers, according to a new report from J.D. Power.

Many customers in health care and other sectors remain resistant to new technologies. Here's how banks are trying to persuade them to adopt more efficient payments and back-office systems.

After the state’s mask mandate was lifted, Michigan First Credit Union said it would no longer allow masks in its stand-alone branches, citing security concerns. Following an outcry from some members, the credit union updated its rule to allow clear face coverings.

The bank's earlier decision to stop accepting applications for the consumer loan product had sparked a backlash among customers and lawmakers.

CEO Thomas Cangemi is pushing to modernize a bank that for decades was focused largely on multifamily lending. The company has already agreed to buy the mortgage lender Flagstar Bancorp and its partnership with Figure Technologies, a blockchain-focused fintech, has the potential to make that acquisition more productive.

The central bank wants financial institutions to enable additional routing options for online purchases, a change industry advocates say would strain the resources of smaller card issuers.

The Pittsburgh bank's commitment covers areas that include renewable energy, clean transportation and green buildings.

The choice of Greg Young as the next president and chief executive comes nearly a year after Karl Yoneshige announced his plans to retire from the role.

The incident, which may have exposed customers’ account information to other customers, was caused by a technical glitch, the company wrote in a notice posted on a state attorney general's website.

Credijusto, the first fintech in Mexico to buy a bank, plans to cater to a market that traditional banks often overlook: smaller businesses engaged in commerce between the two countries.

Paul Camp will join the company in November to run its new Global Treasury Management division. Wells Fargo says the goal in combining its treasury management and global payments units is to improve service for clients doing business in multiple countries.

Many credit unions with less than $100 million of assets struggle with marketing and technology. Larger ones are willing to lend support, and the Credit Union National Association is working to dispel fears that prospective mentors are simply looking for takeover targets.

The Los Angeles company is bundling a wide range of services like Digit, Dave, Chime, Wealthfront and Moneylion to compete with traditional banks on more fronts.

Year to date Mar. 31, 2021. Dollars in thousands.

On Mar. 31, 2021. Dollars in thousands.

On Mar. 31, 2021. Dollars in thousands.

The nation’s second-largest credit union hired Jim Hayes to succeed Mike Lord as president and CEO. Hayes was most recently president and CEO of the $2.2 billion-asset Andrews Federal Credit Union in Suitland, Maryland.

The Credit Union National Association initiative helps promote eligibility requirements to potential members. It has added six new participants in Georgia.

Community development financial institutions and minority-owned banks have long faced funding challenges, but billions of dollars of investment — spurred by Black Lives Matter protests — have given them an opportunity to increase lending by a factor of 10. Here’s how they can do it.

Minnwest Bank, which focuses largely on agriculture lending, said it will “become more sophisticated" with its mortgage and consumer lending services by acquiring Roundbank.