Banking

Laurie Butz, a senior vice president at another Wisconsin credit union, will replace longtime CEO Tom Young, who is retiring.

The Silicon Valley consumer lender first applied to become a national bank during the Trump administration. But the bid stalled amid criticism from consumer advocates and a leadership change at the OCC.

During the pandemic, the use of digital assistants by low- to moderate-income consumers has soared. One reason: Those seeking loan modifications or fee waivers see the technology as less intimidating than humans.

Climate First Bank in St. Petersburg, Florida, is offering loans for condominium improvements that will reduce carbon emissions while fortifying buildings against serious weather events. More banks may implement similar programs in the years ahead.

Allowing the Small Business Administration to originate, rather than just guarantee, loans would provide much-needed capital to startups and mom-and-pop shops that many banks, credit unions and other lenders view as risky credits.

A new state law effectively bans the deposit of state public assistance funds into certain accounts that charge the fees. Supporters say it prevents companies from exploiting a loophole in existing prepaid card rules, while firms that will likely be affected say it limits options for underserved consumers.

Acquiring Watonga, which runs Cornerstone Bank, would raise the buyer's asset size to roughly $1.4 billion.

The Rhode Island company unveiled a feature that gives depositors extra time to bring their account balances positive. It also plans to launch an overdraft fee-free account early next year.

The bank is giving virtual reality headsets to branch employees, which they'll use to practice conversations in private before they happen in real life.

The credit union is working with CUSO Financial Services, a unit of Atria Wealth Solutions, to add secure document uploading and other features to its website.

Democratic Gov. Gavin Newsom signed legislation that establishes a commission to analyze the possibility of offering federally insured, fee-free bank accounts.

Through these partnerships, lenders can diversify their portfolios and even help members recoup their investment by selling or gaining credits for excess energy.

The announcement of a new loan marketed by JPMorgan Chase and tied to the Secured Overnight Financing Rate raises hopes that the leveraged-loan market is finally making a real attempt to ditch Libor.

Risk managers are generally not seen as innovators, but Houston's team is playing a critical role in supporting the development of groundbreaking new products aimed at improving customers’ financial health.

It took prodding from Husic, Centric's CEO, to convince the bank's lenders to offer Paycheck Protection Program loans to noncustomers. More than 1,200 of those borrowers are now Centric customers.

A leading voice for community banks, Stewart is a past chair of the American Bankers Association and serves on the board of the Seattle branch of the Federal Reserve Bank of San Francisco.