Banking

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.

The Indiana company, which had relied on internal processes that focused on large loans, has bought a suite of software tools to begin looking at relationships based on underlying risk.

The credit union regulator's first prohibitions of 2021 relate to misuse of member funds at institutions in Alaska and Florida.

The administration’s initiative to offer universal high-speed internet service is a chance for bankers to provide underserved households with access to online financial education and low-cost digital accounts.

Donna Young, who has spent more than three decades at the Nashville-based credit union, succeeds Joe Spivey, who retired earlier this year.

The Atlanta company joins a small list of banks that have sold loans to companies struggling with the coronavirus pandemic.

The chief bank supervisor says eurozone banks aren’t taking loan losses seriously enough; the German bank is planning to cut payroll by a third and close nearly half of its branches.

The credit union expects to open at least eight branches across the country in the months ahead, about half of what it normally adds to its brick-and-mortar network in an average year.

Dave Uejio, acting director of the Consumer Financial Protection Bureau, promised to protect veterans from predatory loans and to crack down on companies that improperly garnish stimulus checks or mistreat struggling borrowers.