Banking

The sale has revived a long-running feud between former chairmen Mark McWatters and Rodney Hood, who tweeted, "Credit unions deserve better stewardship of agency resources.”

Wherever they are, customers should be able to access their application and resume the process at a later time, says FICO's Therese Henry.

Only businesses with 20 or fewer employees will be eligible to apply for forgivable loans from the Small Business Administration's Paycheck Protection Program.

M&T Bank in Buffalo has a deal for Bridgeport, Conn.-based People’s United for more than $7 billion; more people are buying homes sight unseen online as interest rates start to climb.

The company is mulling the sale of certain retail operations the Asia-Pacific region as part of incoming CEO Jane Fraser's plan to streamline operations, according to people familiar with the matter.

MoneyLion and Opportunity Financial are following in the footsteps of financial technology businesses that have raised billions of dollars from special purpose acquisition companies. The quick injection of funds is expected to accelerate their growth as well as make them more competitive with banks and other mainstream financial services firms.

The Small Business Administration wants to vet Paycheck Protection Program loans of $2 million or more, but lenders have grown tired of waiting for months with no updates.

A severe cold snap in the state has tested financial institutions unaccustomed to such weather-related disruption.

The uncertainty and changeable environment requires lots of options, says Ivalua's Arnaud Malarde.

Joseph Lajoie has succeeded Pamela Mello, who stepped down last month after more than five years in charge.

The Treasury secretary says the economic crisis warrants the $1.9 trillion spending plan; Brainard says banks and other lenders need to prepare for events like the crisis in Texas.

Unsecured personal lending has fallen as many consumers have stashed away cash and paid down credit card balances during the pandemic. The trend probably won’t reverse course anytime soon.

Todd Harper, chairman of the National Credit Union Administration, said new assessments are likely needed because of an influx of deposits, but industry groups and other board members say the agency should wait to see if the reserve ratio recovers on its own.

The company has agreed to pay $32 million for a bank with six branches and $256 million of assets.

The automated investing tool is part of Goldman Sachs's effort to be a full-service digital bank and to help partners like Apple and Stripe offer financial products, according to Stephanie Cohen, global co-head of consumer and wealth management.

The Madison, Wis.-based credit union will donate $1.5 million to a pair of United Way chapters in the region which will help distribute the funds to organizations serving communities of color.

A report says the Fed has approved the bank’s risk management proposal, although it’s not home free yet; JPMorgan Chase is investing $200 million to help minority firms become Fortune 500 giants.

The longtime leader joined State Employees' Credit Union, the second-largest CU in the nation, in 1975 and was named CEO in 2016.

Comerica, Regions and Frost Bank closed hundreds of branches statewide while others ran them at reduced capacity or on power generators to help ease the strain on the state’s overwhelmed power grid.

Paybby, whose founder wanted to address disparities in the financial system after the George Floyd protests, is working with banks and others to develop products especially for underserved communities. They include a debit card that substitutes for food stamps and an app that temporarily sweeps cash into cryptocurrency.