Banking

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.

In his new book, the Princeton lecturer and financier JC de Swaan contemplates what it means to be virtuous in a financial system that prioritizes profits and shareholder returns.

The Philadelphia-based institution will host free coronavirus screenings for the public this month as part of a partnership with the Greater Bustleton Civic League.

High usage fees and the cryptocurrency’s volatility make it unlikely it will become a widespread payments method; the JPMorgan Chase CEO was the only bank executive at the meeting.

The combined institution will hold assets of more than $335 million and serve over 20,000 members across eight counties in Oregon.

Banks and nonbanks are expected to vie for more commercial business this year, and nonbanks already have signaled a willingness to ease lending standards in order to win business.

Richard Daugherty stepped down after more than three decades at the Maryland-based institution, including overseeing four mergers and asset growth of nearly 500%.

Tom Rachael, who has led the Muncy, Pa.-based institution since 2003, will be succeeded by Scott Naughton, who is new to credit unions but has extensive experience in the financial services sector.

The department of financial services will grant credit under the state's community reinvestment law to New York-chartered banks and credit unions that finance projects aimed at helping low-income communities better adapt to a warming world.

The auto company said it bought $1.5 billion of the digital currency and plans to accept it for purchases; but the two top contenders share similar views on racial inequality in banking.

Home loans accounted for the bulk of the industry’s lending gains in 2020, but inventory shortages in some markets and an uneven economic recovery may dim prospects this year.