Banking

The odds are better now that Congress will pass a bill to help financial institutions serve cannabis businesses, but the question of the legislative path forward has grown murkier.

Weeks away from succeeding Michael Corbat, Jane Fraser said she’d consider streamlining some units or divesting others as part of her effort to kick-start return on equity.

Cybersecurity remains a priority along with CARES Act compliance, flexibility for borrowers impacted by the pandemic and more.

Federal relief efforts have minimized loan losses so far, but risks remain in credit card, auto and business lending. Many borrowers will need another lifeline to stay afloat until the economy rebounds, CEO Jamie Dimon says.

Businesses owned by minorities and women got a head start this week in a new round of $284 billion funding, and early anecdotal evidence suggests stronger demand coming from these businesses.

It is the 18th state to pass a law imposing rate caps on all consumer loans, including payday and car title loans.

In these uncertain times, strengthening relationships with clients is the one thing front-line bankers can control.

In placing the $6.6 million-asset institution in conservatorship, the regulator has taken charge of two credit unions in just the first two weeks of the year.

Sigal Zarmi, who took on broader duties this fall, is modernizing the company's technological infrastructure and using reverse mentoring to combat bias in the workplace.

The action is expected to be challenged by banks and the Biden Administration; the Fed chair says the central bank has no plans to raise rates or tighten monetary anytime soon.

In a party-line vote, the agency issued a proposal that would redefine a "complex" credit union.

The National Credit Union Administration and the Consumer Financial Protection Bureau will hold strategy sessions and share information tied to consumer protections at institutions with more than $10 billion of assets.

A sponsorship deal between the regional bank and the league will emphasize economic empowerment and financial education. It's a good example of how corporations increasingly seek to associate their brands with a cause or purpose, experts say.

Branch has been with WOCCU for 31 years, the last 10 of them spent as CEO.

The project will deploy $20 million as secondary capital to expand economic relief and financial inclusion, and follows a $1 million project last summer aimed at helping low-income consumers in Rust Belt cities.

A slower-than-expected rollout of the COVID-19 vaccines and the threat of social unrest after the Jan. 6 riot at the U.S. Capitol could threaten the recovery, according to an American Bankers Association panel.

Diane Arnold, who will succeed the retiring Gregory Shook in July, has been with the bank since 2002. She is currently the chief lending officer.

The deal is a sign of further consolidation among Twin Cities-area credit unions, following another combination announced in May.

Goldman Sachs will work with the digital-payments upstart Marqeta on offering checking accounts for Main Street consumers.

The online lender founded by Renaud Laplanche is now a full-fledged challenger bank that can offer generous checking terms because, it says, it can count on its loans for profits.