Banking

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.

Four months into the job, Charles Shaffer has struck a deal for Legacy Bank of Florida and is eyeing more acquisitions. His predecessor, Dennis Hudson III, built Seacoast with more than a dozen buyouts across the Sunshine State.

The Arlington-based institution made gains across several metrics in 2020, including loan growth of 22%, driven in part by the mortgage refi boom.

The Minneapolis company teamed with the fintech Personetics to develop an automated-savings feature on its app that goes beyond most rival offerings by monitoring cash flow and spending to determine safe amounts to set aside.

Recurring transactions build relationships, are digitally friendly and can diversify product offerings, says Zuora's Michael Mansard.

David Murphy, the credit union's vice president of risk and finance, will succeed Carol Adler, who is retiring.

Wells Fargo, disposing of units to simplify operations, agreed to sell its corporate trust business to Australia’s Computershare Ltd. for $750 million.

Citi CEO says staff will be required in the office only three days a week after the pandemic; the company was allegedly involved in a plan to trick U.S. banks into processing marijuana sales.

Some institutions have experimented with cash-based rewards to kick-start membership growth, but it's unclear whether the strategy will be widely adopted.

The $235 million acquisition will bring CEO Jared Wolff's company a trove of cheap deposits and the chance to slash costs without having to significantly change its business model.

The company agreed to buy Legacy Bank of Florida for $102 million.