Banking

Technology is helping some institutions find new growth opportunities as lending contracts, but many CUs also were able to use data to assist members during the early days of the pandemic.

MUFG Union Bank is offering a new deposit product to commercial clients who want to see their cash reserves used to help finance sustainable projects, such as renewable energy or green transportation.

In remarks during CUNA’s online Governmental Affairs Conference, Vice Chairman Kyle Hauptman and board member Rodney Hood bemoaned the lengthy process necessary for launching a new credit union.

Investors are worried that failure to extend relaxed bank capital rules might fuel Treasury bond selling; the heavily shorted stock has been whipsawed in volatile trading this week.

The company would gain its first branches around Annapolis after it buys Severn Bancorp in a deal valued at $146 million.

Aspiration makes donations to a tree-planting charity based on debit card spending, buys carbon offsets for gas purchases and rates retailers' environmental records.

The industry quickly pivoted to remote work once the pandemic hit, but panelists who spoke during CUNA's online Governmental Affairs Conference predicted many institutions will utilize a mix of working from home and in the office once things return to normal.

Dr. Scott Gottlieb, a commissioner of the Food and Drug Administration under former President Donald Trump, said during CUNA's online Governmental Affairs Conference that now that many vulnerable populations have been vaccinated, the threat from the virus has lessened somewhat.

DMG Bancshares, formed by banking veteran Don Griffith, wants to buy more West Coast banks. For California First, the sale ends a four-year period in which it substantially shrank its loan book after it was ordered to shed leveraged loans.

The Small Business Administration is still writing rules for the Paycheck Protection Program two months after its relaunch. Lenders fear they may not have enough time to review those rules before the program’s March 31 expiration date.

Brian Milton, who ran MUFG Union's digital bank, was named head of banking and would become CEO of Thrivent Bank, which plans to have a digitally focused platform and operate as an industrial loan company.

Banks have begun inserting new language into loan deals that would require investors to return accidental payments like the one Citigroup made to Revlon's lenders last year.

Rodney Hood, a board member and former chairman for the credit union regulator, was selected to fill a seat previously held by Todd Harper, who was recently appointed NCUA chairman.

CFPB nominee says he will focus on inaccurate credit reports and borrowers behind on housing payments; the bank is reopening its trading desk as cryptocurrencies gain wider acceptance.

In remarks at CUNA’s online Governmental Affairs Conference, the chairman of the National Credit Union Administration called for the creation of new initiatives around compliance for fair credit reporting and truth in lending.

Challenger banks and fintechs can't be considered rivals, says Episode Six's John Mitchell.

The industry will have to contend with thin margins on either side of the aisle in Congress and new priorities from regulators, experts said in a panel discussion held as part of CUNA's online Governmental Affairs Conference.

The overwhelming success of Square’s bitcoin trading service creates new opportunities for its bank to work with underserved markets.

The overwhelming success of Square’s bitcoin trading service creates new opportunities for its bank to work with underserved markets.

The new directors are Ime Archibong, whose team builds and tests mobile apps at Facebook, and Craig Williams, president of the Nike product line named after former NBA superstar Michael Jordan.