Banking

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?

Transportation and clean-energy upgrades could create significant new lending opportunities, but some observers fear the government will foot the bill through a special tax on banks and other financial firms.

Opportunity Financial, which offers consumer installment loans in partnership with banks, is merging with FG New America Acquisition Corp., a special-purpose acquisition corporation. The deal is expected to close in the second quarter.

The consumer mindset has shifted to favoring online services, which are now viewed as essential for public health and safety, says FICO's Therese Henry.

Harris Simmons of Zions Bancorp. warned that excess deposits could suppress loan demand and pose an inflation threat, while Darren King of M&T tried to reassure investors that deposits will be less volatile than some fear once the economy improves.

The company plans to accept digital currencies on its network sometime this year; Citi’s incoming CEO will rely on her international experience to try to fix the bank’s problems.

The majority of Paycheck Protection Program loans are being approved for borrowers in industries that have yet to regain their footing.

Bankers have claimed that the Small Business Administration's procedures to counter fraud and improper lending have ensnared legitimate Paycheck Protection Program applications.

Ken LaRoe, whose First Green Bancorp was sold a few years ago, is seeking approval for a de novo called Climate First Bank that would cater to low-income communities hurt by climate change and favor ecology-minded tech vendors.

The Jackson, Miss.-based credit union is part of an alliance that also includes the megabank, seven cities and nine historically Black colleges and universities, and aims to provide investments of up to $130 million to help stabilize businesses and communities hit hard by the pandemic.

Marcus Martin will be responsible for expanding sustainable investing options for the Minneapolis company's corporate and commercial customers.