Banking

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.

Holders of the card, issued by Synchrony Financial, receive 3% cash back on medical visits, veterinarian bills, gym fees and certain other health-related expenses.

Despite spending billions, many banks fail to deliver on the human aspects of the customer experience that deepen relationships and drive customers into action.

New research from American Banker and Monigle reveals which banks, credit unions and challenger banks are turning customers into fans — and which ones have work to do.

Cypress Bank & Trust is poised to open in Palm Beach, and longtime banker Stephen Gordon just launched Genesis Bank in Newport Beach. Meanwhile, two more groups have filed for de novos in August, bringing the list of pending applications nationally to 16.

The credit union tapped Kenneth Orgeron, its chief operating officer, to serve as acting CEO.

The billionaire entrepreneur, Dallas Mavericks owner and "Shark Tank" co-host has always been outspoken. In a recent interview, he shared his thoughts on the shortcomings of the Paycheck Protection Program, the problem with bank consolidation and the future of cryptocurrency.

Three credit unions have announced deals to acquire community banks in the past week. The latest is the Wisconsin-based Royal, which is buying the $441 million-asset Lake Area Bank.

Board diversity is one of the reasons that credit unions outperform banks in hiring women for the role of chief executive. “It starts at the top," says Jan Page, president and CEO of Community South Credit Union in Florida.

The combination of Orion Federal Credit Union and Financial Federal Bank is the seventh credit union-bank merger announced this year.

The expanded credit access in its automated mortgage decisioning goes into effect in mid September.

The credit union has promoted Michael Crowl, the organization’s executive vice president of member experience, to be its first president.

It may seem odd that Citigroup has created an online lending platform that matches small businesses with minority-run and other banks for no financial benefit. Yet company executives and observers say it makes sense.

Small increases in commercial real estate loan volumes, particularly at midsize banks, may be indicators that the sector has weathered the worst of the pandemic. Construction loan originations, which tend to fall sharply during a recession, are leading the way.

Despite clear evidence to the contrary, the mortgage insurer continues to insist that credit unions have the same risk profile as nonbank lenders. It’s now threatening to exclude nearly a quarter of credit unions from being qualified issuers of the securities it backs.