Banking

Long hours by bankers and the streamlined resolution of Paycheck Protection Program loans helped lenders collect more fees than anticipated in the fourth quarter. It was a rare bright spot at a time when revenue is being pinched.

Randy Glassburn spent 33 years in the industry and recently led his credit union through a merger into Financial Center First Credit Union.

California Polytechnic State University is said to be seeking a new banking partner, a move that could leave the university-based credit union without a home.

The FDIC fined the New York bank $12.5 million for ignoring previous orders to clean up its act; economists say the program hasn’t saved that many jobs to justify the expense.

T.J. Tijerina, a 16-year employee at the Houston-based credit union, has taken over as president and CEO in advance of Ron Downing’s retirement later this year.

The U.S. unit of Toronto-Dominion Bank merged its corporate and specialty team with its commercial banking group, putting the fast-growing operations under the same leadership.

About 70% of Bank of America's customers are now “digitally active” and 17 million people use Erica, its virtual assistant. David Tyrie, who was recently promoted to head of digital, would like to get that rate up to 100%.

On Sep. 30, 2020. Dollars in thousands.

MoneyLion, a mobile banking, lending and investment platform, is in talks to go public through a merger with Fusion Acquisition, a blank-check company, according to people with knowledge of the matter.

On Sep. 30, 2020. Dollars in thousands.

Catherine Galicia formerly led the Consumer Financial Protection Bureau's legislative affairs division, and has extensive experience in banking and on Capitol Hill.

On Sep. 30, 2020. Dollars in thousands.

The Detroit company, which recently agreed to be sold to Huntington Bancshares, gained $1 billion in loans and roughly 60 employees.

After rising losses in 2020, First Credit Union of Scranton is seeking members' approval to merge into Penn East FCU.

The administration is expected to stress financial access and consumer protection; economists differ whether the move away from cash was a temporary response to Covid or long-lasting.

Some in the industry are planning in-person events, but the largest meetings are still unlikely to reconvene for a while.

For now, banks say they have no plans to curtail lending to oil and gas firms, but recent moves by the new administration — including a halt in drilling on federal land and an effort to stop the Keystone XL Pipeline — could cause them to re-evaluate their long-term commitment to the fossil fuel industry.

Comerica, Citizens Financial and other companies are buying up securities, paying off high-cost borrowing and trying to develop specialty lending niches. But loan growth remains weak, and the likelihood of extreme volatility in deposits makes it hard to plan ahead.

Like other card issuers, the Stamford, Conn., company expects current trends — soft loan demand but strong credit quality — to reverse later this year as the economy emerges from the pandemic-induced recession.

A rule change that allows farms with just one employee tap the Paycheck Protection Program means more pandemic relief funds are flowing into such states as Nebraska, Oklahoma, Wyoming and North Dakota.