Banking

Isabel Guzman wants the agency to better help minority businesses and underserved communities; volume has jumped by as much as 200% as consumers shop online and eschew credit cards.

Community banks say Vizaline’s software, which converts property descriptions into images, helps them catch errors before they close real estate loans without resorting to expensive land surveys. But traditional surveyors say the results are of questionable value.

Vast Bank in Oklahoma is one of the first to allow customers to purchase digital currencies, a market that has proved lucrative for fintechs.

The decision comes after a decade in which several U.S.-based institutions elected to drop the words "credit union" from their branding.

Only 18% of businesses that received a Paycheck Protection Program or other loan from an online lender were satisfied with customer service, while 42% said they were dissatisfied. Banks, credit unions and CDFIs fared better in the Federal Reserve survey.

The paucity of distressed-loan sales indicates that most bankers are confident about the underlying health of their portfolios even as the pandemic lingers and loss reserves remain elevated.

A group led by Stephen Gordon has received conditional approval from the Federal Deposit Insurance Corp. to open Genesis Bank.

Canada’s fourth-largest bank is pressing ahead with big technology investments to cut costs and try to generate more revenue from existing customers, said Erminia Johannson, BMO’s head of personal and business banking for the U.S. and Canada.

The bank trade group called for lawmakers to revoke the industry’s tax exemption and suggested that credit union acquisitions of banks create a “brain drain” of local lending expertise that could slow any economic recovery.

The San Antonio-based company has promoted Paul Vincent to president of its banking unit. Neeraj Singh, previously chief risk officer for Citi’s U.S. consumer bank, has joined the parent company as chief risk officer.

The Los Angeles company agreed to buy $105 million of loans and a servicing portfolio that covers another $295 million in originations.

The Flint-based credit union is the state's third in just over one year to get the OK for an expansion allowing anyone who lives or works in the state to join.

The California company acquired Civic Financial Services, which makes loans to residential real estate investors.

The country’s financial regulator says many people who take out “buy now, pay later” deals don’t view them as loans; Navient ordered to repay $22 million it overcharged the government.

Any business loan growth the industry sees this year will be closely tied to mass vaccination efforts and a broader economic recovery, meaning it may take until at least the third quarter for pent-up demand to translate into new opportunities.

More than 50 years since the passage of fair-lending laws, homeownership remains out of reach for many people of color.

Some big banks trimmed their stockpiles that guard against loan losses in the fourth quarter, but overall allowances fell less than many observers predicted. The trend will likely continue given uncertainties surrounding vaccine distribution and the economy.

The Maryland-based credit union has promoted Chief Operating Officer Tonia Niedzialkowski to president of the organization with an eye toward eventually naming her CEO.

The number of Paycheck Protection Program loans to U.S. small businesses more than doubled in the third week of the latest round of pandemic relief aid, as Bank of America and JPMorgan Chase each processed more than $1 billion in funding.

Gemini Trust now offers a credit card and an uninsured savings account for bitcoin holders that pays 7.4% interest. It is the latest example of a cryptocurrency company marketing banklike products.