Banking

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.

On Mar. 31, 2021. Dollars in thousands.

Pressure is mounting on banks to rein in overdraft fees. The behavioral psychologist Wei Ke says there are programs they can put in place that would be fairer to account holders and still generate income.

Fringe Benefits Design in Bloomington, Minnesota, will become a consultant of the buyer's Benefit Plans Administrative Services unit.

The Spanish bank’s U.S. holding company said it will pay a premium to purchase the publicly traded shares in Santander Consumer Holdings. The proposal is subject to the approval of the auto lender’s board of directors.

The number of grievances about evictions and federal student loans declined between January 2020 and May 2021. Nonetheless, the Consumer Financial Protection Bureau warned financial firms that poor customer service can undermine government efforts to provide aid.

Fraudsters use different tactics based on their intended victims, and banks like Republic Bancorp and Wells Fargo are targeting the kinds of notices they send — and which channels they direct them to — in response.

The company will increase annual base salaries by up to $25,000 in an effort to retain younger staff facing burnout from working long hours during the pandemic.

Mark Schroeder will step down as chief executive after 22 years. He will be succeeded by Neil Dauby, the Indiana bank's president and chief operating officer.

Community banks support legislation that would exempt them from paying tax on interest earned from farmland loans, arguing it would make them more competitive with government-backed lenders and expand access to credit in rural areas.

Tens of millions of consumers diligently pay their rent, utilities and other bills every month yet have no credit history. Supplementing traditional credit scoring with such data will promote equity and upward economic mobility, says the CEO of Experian North America.

The deal is expected to generate for significant cost savings that could Mid Penn could then use to fund its expansion in the Pittsburgh market.