Banking

The fintech, which arranges point-of-sale loans in partnership with merchants, was fined $2.5 million by the Consumer Financial Protection Bureau and ordered to refund up to $9 million to consumers who received loans they never applied for.

It will be Christopher McComish’s second tour as a bank CEO. He led Scottrade bank for two years, between 2015 and 2017.

Citigroup plans to exit Venezuela by selling its remaining business there, ending more than a century of operating in the South American country.

Stopera retired in 2019 after 39 years at Capital Communications Federal Credit Union in Albany, New York. In 2003, the credit union founded the CAP COM Cares Foundation, which donated about $4 million and over 30,000 volunteer hours to families in the region.

Though the Paycheck Protection Program is winding down, the Small Business Administration has prolonged several other pandemic relief programs. Community banks can help local businesses sort through their options.

Lakeland is paying $244 million for 1st Constitution Bancorp. The combined bank would be the fifth largest by deposit market share in New Jersey.

U.S. Treasury Secretary Janet Yellen signaled she’ll prod multilateral development banks to rein in their lending for fossil fuels, part of a global effort to make the financial system greener.

Income share agreements, which allow college graduates to repay tuition financing as a percentage of their future income, have come under fire lately from consumer advocates for questionable marketing and other potential legal violations. Some hope a partnership between a Virginia bank and an ISA provider will give the product more legitimacy, while others worry it just masks risks for borrowers.

The San Jose, California, bank will take a hit to second-quarter earnings to settle claims arising from an alleged Ponzi scheme.

Cullen/Frost Bankers will allow customers to access deposits two days early as traditional lenders look to drum up business by mimicking their financial-technology rivals.

In the midst of its merger with CIT Group, First Citizens in North Carolina has hired an in-house chief counsel with experience in corporate integrations.

Wells Fargo said it’s shutting down all existing personal lines of credit and will no longer offer the product to its customers.

The Treasury Department is awarding $1.25 billion to 863 community development financial institutions through the Rapid Response Program, which allows banks and credit unions to earmark funds for mortgages and business loans in underserved markets.

Prosecutors have rested their case against onetime bank CEO Stephen Calk, who allegedly approved millions of dollars in loans in exchange for a potential job in the Trump administration. Federal Savings Bank employees have testified against Calk, whose lawyers have sought to shift blame to underlings

The Purchase, New York, credit union named Jeffrey Pachter as its next CEO. He succeeds Bruno Sementilli, who is retiring next year.

Parker will take over for Tim Collia, who steps down after 19 years at the helm of the New Hampshire organization.

Sam Susser, who built a family business of more than 630 convenience stores in the state, thinks he can find similar success in community banking by courting small commercial clients that larger rivals have outgrown.

Shoppers surveyed in the U.S., U.K. and Australia cited concerns about debt and fees, along with a general lack of knowledge about how installment loans work, as reasons for their skepticism.

The Ohio community bank generated 76% of its 2020 revenue from the three-year-old business line. But mortgages are cyclical, and the bank wants to step back before things get rough.

As the popularity of health savings accounts grew, the Chicago bank decided it needed a more competitive product that tracks spending and uses artificial intelligence to maximize benefits. The high-tech Lively will help BMO soup up its offering.