Banking

M&F Bancorp in North Carolina plans to use some of the $18 million it received from big banks to make overdue improvements to its commercial lending platform.

Seven years after regulators issued guidance to financial institutions, a small Michigan credit union was ordered to stop opening new accounts for marijuana businesses.

The proposed legislation is similar to a package put forward in 2020 and another introduced in the House in 2019.

Government relief programs and lenders’ forbearance have kept U.S. small businesses from defaulting on their debt en masse as revenue slumped during the pandemic crisis, according to a new analysis.

Economists see few signs of a repeat of the 2006 bust, which ignited a global recession; the firms are winning a bigger piece of the corporate bond market as issuers seek wider markets.

The new group is made up of leaders from institutions with assets of $300 million or less and aims to help foster collaboration, mentorship opportunities and more.

On Dec. 31, 2020. Dollars in thousands.

Longtime leader John Young plans to retire at the end of 2021, and the credit union has hired Humanidei to find a replacement.

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.

Lawmakers this week will continue to discuss extending the Paycheck Protection Program, and the National Credit Union Administration is scheduled to hold its monthly board meeting.

Walter Kaczmarek, who ran the bank from 2005 to 2019, will also serve as interim president following the retirement of Keith Wilton.

The Indiana company said the move reflects a need to cut costs and customers' increased preference for digital channels.

The payments processor is now the most valuable private tech company every, surpassing Facebook; some investors are not happy that the bank raised bonuses and CEO pay by 46%.

Acquisition-hungry Stearns Bank has been fielding so many calls from would-be sellers that it has brought in a merger specialist to sort through them.

The nation's second-largest credit union is thanking all full-time employees for their work since COVID hit. But even as vaccinations ramp up, remote work will be the norm for several more months.

Harmening, set to take the helm of Associated Banc-Corp next month, is being asked to replicate the digital transformation he led at Huntington Bancshares. His career path is a signal to the industry’s rising stars that the road to the corner office includes hands-on technology work.

Unify Financial is sponsoring a $300M securitization of prime auto loans. The $3.3 billion-asset institution is only the second CU to sell securities backed by auto loans since the NCUA gave the green light for credit union securitizations nearly four years ago.

Mark Kelly will step down next month as president and CEO of the Oklahoma City-based institution. He will be succeeded by the credit union's executive vice president.

CEO Solomon says there are challenges but a good chance it can meet its goal; Chase Home Lending will expand a program that provides $5,000 for closing costs and down payments in majority-Black neighborhoods.