Banking

Providing incentives for banks to transition legacy loan contracts from the London interbank offered rate to the new Secured Overnight Financing Rate, as New York Gov. Andrew Cuomo’s proposed budget does, is a gift to megabanks and limits pricing options for smaller lenders.

By an overwhelming majority, the House approved a two-month extension of the Paycheck Protection Program, which still has almost $93 billion left to distribute.

The payments processors are responding to political pressure not to raise interchange fees now; a House bill extending the deadline for applying for a Paycheck Protection Program loan to May 31 now goes to the Senate.

Showcasing contactless ATM access and enabling easier use of stimulus funds are among the ways the megabank and digital upstart are tailoring services to customers acquired during the pandemic.

Any failure by retailers to fully and effectively execute on all post-purchase business requirements and that promise will quickly turn to pain, says Inmar Ingellince's Ken Bays.

DLP Bancshares, an affiliate of DLP Real Estate Capital, plans to use the acquisition to create a national platform for commercial real estate and warehouse loans.

The company will pay $29 million for Town-Country National Bank in Camden, Ala., which will operate as its own subsidiary after the deal closes.

M&F Bancorp in North Carolina plans to use some of the $18 million it received from big banks to make overdue improvements to its commercial lending platform.

Seven years after regulators issued guidance to financial institutions, a small Michigan credit union was ordered to stop opening new accounts for marijuana businesses.

The proposed legislation is similar to a package put forward in 2020 and another introduced in the House in 2019.

Government relief programs and lenders’ forbearance have kept U.S. small businesses from defaulting on their debt en masse as revenue slumped during the pandemic crisis, according to a new analysis.

Economists see few signs of a repeat of the 2006 bust, which ignited a global recession; the firms are winning a bigger piece of the corporate bond market as issuers seek wider markets.

The new group is made up of leaders from institutions with assets of $300 million or less and aims to help foster collaboration, mentorship opportunities and more.

On Dec. 31, 2020. Dollars in thousands.

Longtime leader John Young plans to retire at the end of 2021, and the credit union has hired Humanidei to find a replacement.

There are ways to remove bad actors from the industry — such as reinstating the Consumer Financial Protection Bureau’s payday lending rule and banning certain fees and collection practices — without hindering consumers’ access to emergency credit.

Lawmakers this week will continue to discuss extending the Paycheck Protection Program, and the National Credit Union Administration is scheduled to hold its monthly board meeting.

Walter Kaczmarek, who ran the bank from 2005 to 2019, will also serve as interim president following the retirement of Keith Wilton.

The Indiana company said the move reflects a need to cut costs and customers' increased preference for digital channels.