Banking

There are ways to remove bad actors from the industry — such as reinstating the Consumer Financial Protection Bureau’s payday lending rule and banning certain fees and collection practices — without hindering consumers’ access to emergency credit.

The move is part of a broader push at Citigroup to reduce carbon emissions. Jane Fraser, who took over as CEO on March 1, vowed on her first day that the bank would achieve net-zero greenhouse gas emissions in its financing activities by 2050.

Peoples Bancorp will pay $292 million for the West Virginia company. It also announced it's buying a leasing company in Vermont.

Stock repurchases could triple in the second half, assuming banks pass their stress tests; markets around the world are booming, but regulators are reluctant to raise interest rates to cool them off.

The Texas-based institution is the third credit union to be taken over by regulators this year.

Bradley Riss is chief commercial officer at Checkout.com, a firm that acts as a payment gateway, acquirer and processor through a single channel, covering cards, passthrough wallets, stored value wallets and alternative payment options such as point of sale credit. It charges a fee based on processing and card payment costs rather than the percentage+ model that most payment API companies charge. The model is designed to make the service customized to different merchants and serve as a base to offer other merchant products.

Six years after unloading its bank unit, the tax preparation chain wants to diversify by launching a digital account targeting low- and moderate-income households. How will it differentiate itself from upstarts like Chime, Varo and Green Dot?

The 30-day extension comes after the American Bankers Association requested additional time to consider the rule's impact.

A federal watchdog agency determined that Almena State Bank's push into government-backed loans, supported with high-cost wholesale funding, set it up for collapse when significant credit issues arose.

The Colorado credit union has pledged to match at least $50,000 in donations to a local foundation assisting with the community's recovery following a mass shooting at a grocery store that left 10 people dead.

Credit unions were already transforming their home loan operations before COVID-19, but many of the adjustments made as a result of the outbreak are likely to become permanent.

Matthew Gehman will take the helm at the Lancaster, Pa., institution on April 1, succeeding W. Kent Hartzler, who has been CEO since 2007.

The move is a vote of confidence in the banking industry and the economy at large; borrowers would have until May 31 to apply for a loan.

While many institutions are part of nationwide shared-branch networks, three Southern California credit unions have agreed to share one facility. The arrangement is believed to be the only one of its kind.

Lawmakers approved a bill that will allow the Paycheck Protection Program to remain open until May 31. It was originally set to expire on March 31.

A planned combination of Maine State Credit Union in Augusta and Midcoast Federal Credit Union in Freeport has been nixed despite receiving approval from regulators.

The Dunedin, Fla.-based institution reported an 18.8% surge in assets last year, along with substantial growth in commercial lending, thanks in part to the Paycheck Protection Program.

Truist Financial's venture capital division led the Series A funding round for Greenwood, a platform aimed at Black and Latino customers. Other investors include Bank of America, Citigroup, Mastercard and Visa.

The cap on Economic Injury Disaster Loans is being raised to $500,000 from $150,000; the electric car maker said it won’t convert the digital currency to fiat dollars but will retain them.

Complaints to the Consumer Financial Protection Bureau jumped 54% to 542,300 in 2020. Concerns about credit reports have long outnumbered those in other categories and jumped significantly as a share of the total from 2019.