Banking

The agency will hold an exercise this summer related to emerging fraud risks and one board member suggested Congress should once again consider allowing the NCUA to oversee third-party vendors — a measure that would cost the regulator roughly $2 million a year.

The 2020 elections buoyed hopes that Congress would finally make it easier for financial institutions to serve cannabis businesses. But Democrats’ push to decriminalize marijuana — a nonstarter for most Republicans — threatens the more targeted effort.

Now known as Alltrust Credit Union, the Fairhaven, Mass.-based institution serves more than 14,000 members across New England.

The Maryland company is closer to addressing claims it lacked sufficient controls under its previous management.

The bank plans to hire about 200 more people and reduce hours to help reduce stress on junior analysts; the Swiss bank was exposed to as much as $20 billion to failed Archegos fund.

Clarity on credit quality has bankers ready to strike deals after a lengthy pause. A steady rise in stock prices has also given potential buyers the financial wherewithal to pursue acquisitions.

Cal Poly Federal Credit Union's recent merger into SchoolsFirst highlights the difficult choice many small institutions face: diversify your field of membership or risk going out of business.

Morgan Stanley was also among 43 banks worldwide to sign on as initial members of the Net-Zero Banking Alliance. Convened by the United Nations, the group has pledged to help clients in carbon-intensive industries — including transportation, mining and agriculture — reduce their reliance on fossil fuels.

The Tennessee company says it has been pitching specialty finance products inherited from Iberiabank to its own clients.

Oil and gas companies — flush with cash from rising oil prices — are catching up on debt payments and will seek new credit later in the year as the economy recovers, the Oklahoma company says.

Consumer advocates say "income share agreements" like those issued by Blue Ridge Bank of Martinsville, Va., and a Boston CDFI should have to comply with laws that govern more traditional credit products.

Burns & McDonnell Credit Union holds just $27 million of assets and is seeking approval to merge into CommunityAmerica, which serves the KC metro region and is the largest credit union in Kansas and Missouri.

The legislation, led by Sen. Ben Cardin, D-Md., would qualify many farmers, ranchers and self-employed Americans for more Paycheck Protection Program funds.

Mitsubishi UFJ Financial Group and Standard Chartered are among the likely bidders; less than 7% of the bank’s U.S. workforce are Black, and a little more than 3% are senior executives.

At Comerica and Synovus, higher fees from cards, mortgage banking and other sources helped to offset declines in net interest income.

The Ohio company has opened just 32 of 120 new branches it plans in the region by 2022, but those offices are making a sizable contribution to growth.

The Cleveland company had a strong quarter for investment banking as midsize companies raised capital to fund growth initiatives. Executives expressed confidence that such activity will translate into more loans over the second half of 2021.

Queensborough National Bank and Trust in Georgia is one of several banks aiming to recruit tech-savvy interns through a network of universities and fintech companies.

The new feature allows users to add thin-file spouses and teens on one account.

The new feature allows users to add thin-file spouses and teens on one account.