Banking

Financial services companies are set to be exempt from a global plan to make multinational firms pay more tax to the countries where they operate, in a win for U.K. Chancellor of the Exchequer Rishi Sunak.

Rep. Carolyn Maloney of New York, the No. 2 Democrat on the House Financial Services Committee, is trying again to bar banks from charging customers more than once per month for overdrawing, and to set other limits.

Credit unions have gotten stronger support from their regulators to do business with pot companies, but banking agencies are showing signs of softening just as more states legalize marijuana.

Kikoff, whose investors include Golden State Warriors' star Stephen Curry, provides applicants with a no-fee $500 revolving line of credit they can use to purchase personal finance books and courses from its online store. The company then reports this payment activity to some credit bureaus.

Even as lockdowns ease, the trend toward remote work poses challenges for building owners and the banks that lend to them.

The buyer is acquiring Westchester Bank Holding Corp. in White Plains, New York, for $220 million. While a relatively small deal for Valley, it fills a geographic gap in its metro New York footprint.

Elissa LaBorde will become the president and chief executive of the advocacy group this summer.

Democrats are pushing for a public-sector alternative to the three main credit bureaus, but Republicans argue that the government is ill-equipped to safely handle consumer data and produce accurate reports.

The National Credit Union Administration will distribute the funds to 1,800 credit unions to resolve the failure of three corporate credit unions in the wake of the financial crisis. It is the third such payment the regulator has made within the past year.

The plan underscores how Chief Executive David Solomon is seeking to reshape U.S. operations geographically as he looks to rein in expenses, placing thousands of jobs in cheaper locales.

Utah Community Credit Union and state officials as part of an experiment are letting consumers use electronic ID to open accounts and conduct other business. It's easier said than done.

Rohit Chopra, who was the Consumer Financial Protection Bureau's first student loan ombudsman, is expected to crack down on unfair debt collection and other practices once he is confirmed by the Senate to lead the bureau. Observers predict he'll work closely with former CFPB Director Richard Cordray, who now oversees the Education Department’s $1.7 trillion portfolio of federal student loans.

MDI credit unions added about 400,000 members, assets of $10.6 billion and six new credit unions in 2020, according to the National Credit Union Administration.

Amerant Bank has invested $2.5 million in Marstone to provide a digital alternative to personal wealth advisors for new and existing clients. The technology "gets planning capabilities into the hands of any customer that wants them," says Jerry Plush, the Florida bank's new CEO.

For years, women have gotten a foot in the door to the finance industry by becoming bank tellers. Now that path is disappearing.

Lorch, who has been with the company since the launch of the online-only First Internet Bank more than two decades ago, will inherit the job from David Becker, who remains chairman and CEO.

Bank of America, JPMorgan Chase and United Wholesale Mortgage are among the financial companies teaching employees and recruits technology skills to take on new roles and get better in their current ones.

The approval broadens Excel’s membership to anyone in Gwinnett, Hall, Forsyth and Fulton counties.

In a 5-4 ruling, the Supreme Court said that a majority of plaintiffs in a class action were not entitled to damages because the credit reporting company did not share faulty information with banks, landlords or other third parties.