Banking

More than a dozen banks and credit unions in Canada are launching an instant business-to-business payments service. Here’s what U.S. banks and the Federal Reserve could learn from it.

The price for the 20% stake in Santander Consumer USA Holdings that Santander does not already own is significantly higher than what the buyer first offered in July.

The COVID-19 pandemic has exacerbated income inequality in America, and that has implications for banks and other lenders. Among those suffering most: renters, front-line workers and minority small-business owners.

Seacoast Banking Corp. of Florida, which has bought 10 banks over the past decade, has agreed to acquire community banks in Sarasota and Melbourne.

Year to date through Jun. 30, 2021. Dollars in thousands.

Year to date through Jun. 31, 2021. Dollars in thousands.

Fintechs and banks have stepped up their efforts to help so-called “credit invisibles” obtain credit through secured cards, specialized installment loans and use of alternative data in underwriting. Amid much progress, questions remain about how effective these tools really are.

Bankers are hopeful that the rebound in oil prices and a spike in natural gas use are precursors to more borrowing. But banks are maintaining above-average levels of reserves in case the delta variant stifles economic momentum.

Mid-Southern Bancorp angered several large shareholders after disclosing that it bought another’s shares for a hefty premium. The seller’s identity is unknown, but the bank’s shareholders include a number of prominent activists.

Scott Credit Union of Edwardsville said it is acquiring Tempo Bank in Trenton, Illinois. It is the fifth such transaction announced since Aug. 5 and the 10th of the year.

It would be the second bank acquisition for Fairwinds, which bought Friends Bank in Florida in 2019.

Signed Thursday by Gov. Andrew Cuomo, the new law requires state-chartered banks to pay checks in the order they are received or from smallest to largest. The bill comes as banks nationally are revamping their overdraft policies.

Victor Ngo, 33, has pleaded guilty to making a false statement to JPMorgan Chase when he said his medical marijuana dispensary was a wellness and fitness company.

Customers have been particularly frustrated with midsize issuers for failing to adjust their rewards programs to reflect changing behavior and generally being less responsive than large issuers, according to a new report from J.D. Power.

Many customers in health care and other sectors remain resistant to new technologies. Here's how banks are trying to persuade them to adopt more efficient payments and back-office systems.

After the state’s mask mandate was lifted, Michigan First Credit Union said it would no longer allow masks in its stand-alone branches, citing security concerns. Following an outcry from some members, the credit union updated its rule to allow clear face coverings.

The bank's earlier decision to stop accepting applications for the consumer loan product had sparked a backlash among customers and lawmakers.

CEO Thomas Cangemi is pushing to modernize a bank that for decades was focused largely on multifamily lending. The company has already agreed to buy the mortgage lender Flagstar Bancorp and its partnership with Figure Technologies, a blockchain-focused fintech, has the potential to make that acquisition more productive.

The central bank wants financial institutions to enable additional routing options for online purchases, a change industry advocates say would strain the resources of smaller card issuers.

The Pittsburgh bank's commitment covers areas that include renewable energy, clean transportation and green buildings.