Banking

U.S. consumer borrowing surged in February by the most since late 2017 as a broader reopening of the economy from pandemic restrictions helped spark an increase in credit card balances.

Loanpal, a provider of residential-solar loans in the U.S., is planning an initial public offering this year that could value the company at more than $10 billion, according to people with knowledge of the matter.

Dimon says “nearly all” of the bank’s 250,000 employees will return after the pandemic; Instacart has chosen Chase to issue its card, while DoorDash has received offers from 10 banks.

The announcement comes about six months after Boston-based Eastern raised $1.7 billion through an initial public offering.

The consumer bureau is proposing to give companies until January 2022 to comply with one rule regarding communications from collectors and another clarifying disclosure requirements.

Variables unique to the past year, such as the effect of government stimulus, are not fully considered in typical credit scores. For a more complete picture, the industry should accelerate a digital transformation in scoring models.

JAM FINTOP Banktech will fund startups that offer services designed for the banking industry. All 66 limited partners are banks.

In his annual letter shareholders, JPMorgan Chase CEO Jamie Dimon said banks are facing "enormous competitive threats — from virtually every angle."

The Crypto Council for Innovation wants a voice in how bitcoin is regulated; the #GetBanked public awareness campaign aims to help people without accounts get stimulus checks faster.

The Boston company has acquired three insurance agencies since becoming fully stock-owned in October 2020.

John Servos spent the last dozen years as CEO of the St. Louis-based Neighbors Credit Union.

While branchless banks are taking market share from brick-and-mortar rivals, they aren’t necessarily wowing consumers with service, according to a recent J.D. Power survey. The findings suggest that direct banks can do a better job communicating with their customers, particularly in times of crisis.

The Brink's Company has expanded its cash management and payment solutions portfolio through the acquisition of PAI Inc., a privately held provider of ATM services in the U.S.

Rex Johnson, who helped found the New Jersey credit union in 1980, was 77.

The new name is meant to position the credit union as a leader in technology and service.

The proposal would extend the freeze another six months, until 2022; the digital yuan will give the government greater control over the economy and its people and could threaten the dollar.

There are new regulations to address, but many requirements streamline current AML practices, says Mark Srere, an attorney at Bryan Cave Leighton Paisner.

Bankers are already working on marketing materials and new products for commercial borrowers that might secure government contracts under President Biden's $2 trillion American Jobs Plan.