Banking

Citigroup is punishing investment firms that kept payments the bank accidentally sent to Revlon lenders by blocking them from certain new debt offerings led by the bank, according to people with knowledge of the matter.

Andrew Harmening, who oversaw Huntington's digital strategy, will succeed the retiring Philip Flynn as president and CEO of the Wisconsin regional bank in April.

The fintech hopes the move, if approved, will accelerate its plan to become a national bank; lenders say they have too many applications already to deal with last-minute SBA revisions.

With national banks awaiting federal decisions on marijuana banking policy, smaller institutions can capitalize on local laws. That’s the theory Chicago Ventures is putting to the test with a $5 million investment in AeroPay, which banks with Partner Colorado Credit Union.

People open new accounts for a variety of purposes, often providing services banks don't provide, says FICO's Anna Hamilton.

With national banks awaiting federal decisions on marijuana banking policy, smaller institutions can capitalize on local laws. That’s the theory Chicago Ventures is putting to the test with a $5 million investment in AeroPay, which banks with Partner Colorado Credit Union.

Konstantina Baker has been appointed to lead the Fort Wayne, Ind.-based institution following the retirement of longtime CEO Gregory Troutner.

The American Bankers Association has requested more time to respond to a proposal that would expand lending authority for credit union service organizations.

Community banks with meager tech budgets need help identifying the right systems for institutions their size and finding good partners, says Sultan Meghji, who recently joined the Federal Deposit Insurance Corp. in this newly created role.

The deal to take over the firm's prearranged funeral insurance and final expense business in the U.S. and Canada is worth approximately $1.3 billion, and marks the latest in a string of acquisitions for CUNA Mutual.

Lenders are preparing scores of Paycheck Protection Program applications to secure approval from the Small Business Administration by March 31, but unresolved error codes continue to hinder their efforts.

The company has formed a special committee to find a successor for James Ford, who will retire as president and CEO next year.

The giant retailer is betting enough has changed in the regulatory environment since 2007, when Walmart applied for an ILC; the underused programs will be allowed to expire at the end of the month.

The acquisition of Golden Pacific Bank will accelerate the online lender’s effort to become a full-service bank.

Chris Hendry has served on the credit union's board but has spent his career in health care and philanthropy. He said many of his skills are easily transferable, including a focus on marketing and community engagement.

By removing friction and encouraging interoperability, deployment becomes easier, says Fime's Reza Rhamani Fard.

New measures in California and Virginia give consumers more control over their information and may prevent banks from using geolocation services or analyzing personal data without obtaining consent first — except when preempted by federal law.

The unnamed investors will pay about $50 million for Northern California National Bank through a tender offer.

The Virginia-based credit union has appointed Executive Vice President Lisa Lambrecht as a temporary successor to former President and CEO Delbert Lee Morgan, following his move to Pen Air FCU.

“We were already shifting to recruiting more problem solvers than people handling transactions,” said Robert Fisher, CEO of Tioga State Bank in New York and incoming chairman of the Independent Community Bankers of America. “That pace of change has accelerated.”