Banking

In the wake of Hurricane Ida, the latest storm to batter the Gulf Coast, John Hairston is grappling with the consequences of a warming planet. He suggests that it's imperative for banks and their regulators to be part of the solution.

Meridian Trust Federal Credit Union and Western Heritage Federal Credit Union plan to combine into an institution with more than $600 million of assets and roughly 40,000 members.

Elizabeth Warren asked the Federal Reserve this week to force the spinoff of the bank’s nonbanking operations. Wells, which was recently hit with another $250 million fine, countered that it has made significant progress in improving its risk management and addressing misconduct.

Pentagon Federal Credit Union bought its own Cessna, citing safety considerations and the cost of commercial air travel during the pandemic. But the purchase has fueled bankers' criticism of how credit unions use their tax exemption.

On Jun. 30, 2021. Dollars in thousands.

On Jun. 30, 2021. Dollars in thousands.

Capital One Financial will test a new buy now/pay later service as consumers flock to the options that let them split up a purchase and pay it off over time.

The sale comes nearly a year after the Cleveland bank said it would stop making consumer loans through car dealerships and focus more on relationship-oriented businesses. It plans to spend the proceeds on repurchasing up to $585 million of its own stock.

As the need for easy-yet-secure mobile banking authentication escalates and consumers become used to logging in by looking into a camera, banks are taking the technology more seriously.

Excite Credit Union in San Jose, now a community development financial institution, says over 60% of its lending caters to consumers in low-income brackets.

Rochelle State Bank is flush with capital after a group led by investor Rajib Das purchased the bank from its longtime owner in June. Das says his priority is boosting lending locally, but he is also planning to invest heavily in technology and mulling acquisitions.

In a recent securitization with Capital One, RBC Capital Markets gave a bigger role to small firms owned by minorities and women. It’s one example of how banks are striving to be more inclusive.

Companies that put in place procedures and technology to analyze data from phone calls, emails, chats and other communications can help front-line workers avoid repeating customer service mistakes.

Digital technologies are transforming the delivery of financial services and reshaping consumer expectations. At the heart of change is the speed of money movement, which now represents the future — success for those who deliver, challenges for those who don't.

Bankers worry the proposed reporting requirements on small-business loans will be used to shame lenders for neglecting minority-owned firms. Community groups are already preparing to use the data to point out racial disparities.

Arvest Bank is hoping its version of a virtual branch — a stand-alone app that uses chat to forge a long-lasting relationship between bankers and clients — will suit its customers who prefer one-on-one interaction.

Royal Credit Union is combining with Utilities Credit Union. Royal recently agreed to purchase Lake Area Bank in Lindstrom, Minnesota.

The myWalgreens app functions as a hub for the retailer's growing range of financial products. It's designed to encourage consumers to use their Walgreens card accounts for deposits and payments.

Some are taking extra measures, such as forming panels with minority representation to interview job candidates, to ensure that their recruitment practices don't exclude underrepresented groups.