Banking

Net income and loan volumes at the Michigan-based credit union were both down in 2020 but noninterest income shot up 41% thanks in part to participation in the Paycheck Protection Program.

Acquiring AmeriHome would provide the fee revenue the Phoenix company seeks to compensate for low interest rates and tepid commercial loan demand. The deal also would allow it to reinvest billions of dollars of excess liquidity.

The operating environment is dramatically different than it was pre-pandemic and presents all-new challenges for financial institutions. Tried-and-true strategies that led to high performance for many years are no longer going to be successful. Join Bonnie McGeer, Executive Editor of American Banker, and Claude Hanley, Partner at Capital Performance Group, as they highlight important trends and comb through data from top-performing banks across the country for insights that will help regional and community financial institutions thrive in 2021. Executives will learn what metrics will be most critical to focus on to maintain high performance going forward.

Origination volume hit a record high in 2020 as more borrowers tapped the equity in their homes and investors and second-home purchasers flocked to the market at levels unseen since before the Great Recession.

Patricia Wesenberg spent more than two decades at the Wisconsin-based institution. She retired in October to deal with health issues.

A back-office blunder is leaving the financial behemoth faced with the prospect of becoming one of the biggest creditors to the troubled cosmetics empire.

Consumers who have felt betrayed by banks are more likely to turn to mobile apps that give them a greater sense of financial control. Bankers must reconnect with these people and reassure them that their personalized advice is safe and valuable.

The move will force the Pennsylvania company to report a bigger loss for its fiscal fourth quarter and restate its annual report with the Securities and Exchange Commission.

A federal judge ruled that lenders can keep $500 million the bank erroneously wired to them; the president extended the moratorium another three months, to June 30.

Year to date Sep. 30, 2020. Dollars in thousands.

On Sep. 30, 2020. Dollars in thousands.

On Sep. 30, 2020. Dollars in thousands.

Sundie Seefried, one of the credit union industry's foremost experts on cannabis banking, will transition to a new role this summer, leading a new venture serving the legal marijuana space.

While the Mortgage Bankers Association hailed the move, some experts say it could negatively impact housing inventory.

Gov. Michelle Bowman said the agency's analysis of certain deals should weigh the competitive threats posed by technology companies and nonbanks.

Citigroup unexpectedly lost a legal battle to recover half a billion dollars it sent Revlon lenders, after the embarrassing blunder forced it to answer to regulators and tighten its internal controls.

A planned combination with Premier Federal Credit Union in Greensboro, N.C., will expand the Charlotte-based credit union's reach in the Tar Heel State.

Others, like JPMorgan Chase, have shut down their mobile-only brands. But Rising Bank, Midwest BankCentre's three-year-old neobank, is meeting its deposit goals, adding new products and avoiding cannibalization, says Dale Oberkfell, the bank's president.

About 19 million loans, worth $7 trillion, are still strong candidates for refinancing; the pandemic has demonstrated the need for banks to close branches and cut jobs.