Banking

Police directed the institution to shut down four branches Wednesday as armed Trump supporters forced their way into the Capitol, and two facilities were on lockdown for several hours during the day.

The combined institution will hold roughly $30 million in assets and serve about 4,000 members.

The Office of the Comptroller of the Currency’s proposal to ensure banking services are available to polarizing businesses contradicts long-standing guidance on managing reputational risk, big banks argue. But gun makers, energy firms and others say it would correct an injustice.

GO2bank marks the latest effort by the prepaid card issuer and banking-as-a-service provider to deliver more traditional banking products directly to consumers. Its mobile-first account offers cash back, overdraft protection and a secured credit card to customers.

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.

CO Federal Credit Union, which has $4.5 million in assets and serves just 785 members, was conserved due to unsafe and unsound practices, the regulator said.

While a positive development, the bank is still operating under 10 other enforcement actions; the president said Alipay, WeChat Pay and six other apps pose national security risks.

A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.

Seven states and the District of Columbia want to invalidate a new federal rule that threatens to hinder states’ power to cap interest rates on consumer loans.

Felix Todd, formerly of Regions Financial, says "the excitement is authentic" at the New York community development bank, which has a reputation for being both innovative and purpose-driven.

John Lund joined the Utah-based credit union as a courier in 1975 and was named CEO in 2012. His successor has spent more than three decades there.

Affirm Holdings, which provides installment loans to online shoppers, is seeking to raise up to $934.8 million in an initial public offering, signaling last year’s record listings run is carrying over to 2021.

The CFPB issued two rulemakings in 2020 that the financial services industry and consumer advocates hoped would finally clarify key issues over how collectors contact debtors and deal with legacy debts. But both sides want the incoming Biden administration to make further changes.

The trade group is the latest to call for financial services workers to be moved closer to the front of the line as COVID-19 vaccinations are distributed.

2020 has shown that the payment industry is flexible and resilient, and if 2021 throws our plans out the window, we'd better be equipped to adapt on the fly, says IDEMIA's Megan Heinze.

Haven Health, which included Amazon and Berkshire Hathaway, had little to show after three years; the Federal Reserve’s lending scheme hasn’t been able to find its niche or attract banks.

Stimulus payments and deferrals have helped borrowers stay current, but lenders must brace for a capital hit when those benefits eventually run out.

The recent stimulus law’s relief for renters and extension of the federal eviction ban were meant to ward off a housing crisis. But owners of 1- to 4-unit dwellings still face mounting mortgage and property tax debts, and delinquencies could start rising soon — followed by foreclosures.

The panel unanimously approved the measure by a notation vote, its second such move in weeks, and the proposal will now be subject to a comment period.

The Mechanicsburg, Pa.-based institution's newest chief executive most recently served as an executive at another Harrisburg-area credit union.