Banking

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.

Noninterest income from Paycheck Protection loans and mortgage refinancings isn't enough to make up for shortfalls elsewhere, and growth prospects are hard to identify.

A full rebound won’t occur until next year at the earliest because of the slow vaccine rollout, most executives at small banks said in a new survey. Last summer, more than half expected a turnaround this year.

Like so many other businesses, Credit Karma was not spared by the pandemic and its rippling effects on the economy. Their business was prone to the same macro conditions, particularly the tightening of lending standards and credit limits. Join Paul Centopani, National Mortgage News' reporter and Andy Taylor, Credit Karma's General Manager of Home & Mortgage as they discuss how FinTechs can pivot to adapt to the new normal.

Banks have diverted resources from traditional Small Business Administration lending to make Paycheck Protection Program loans, but many are taking steps to rev up 7(a) and 504 lending once the PPP winds down.

A deal to merge with First General Credit Union in Norton Shores, Mich., will extend the Detroit-area institution's reach across the state.

PayPal is weighing a foray into stock trading and high-yield savings accounts as the firm pushes beyond its iconic checkout button.

The custodian said it will hold, transfer and issue cryptocurrencies on behalf of its asset management clients; some got caught up in the homebuying frenzy and now regret it.

A plan to make expansion easier for credit unions is getting pushback not just from bankers, but also from the regulator's current chairman and a former board member.

Still under fire for financing oil-and-gas exploration, banks are now being criticized for bankrolling producers of the single-use bottles and wrappers that are piling up in landfills and waterways. How will they respond to the mounting pressure from environmentalists?