Banking

There's a wide open market with plenty of opportunity not just for challenger banks but for financial technology as an industry to set themselves apart from incumbents and gain market share, says Veem's Marwan Forzley.

The charity was hit hard by the pandemic and the death of its CEO early in the year, but the nonprofit hopes to bounce back in 2021, thanks in part to a long history of working closely with credit unions.

The National Credit Union Administration juggled several challenges this year beyond the pandemic recession, including an inspector general's report about alleged misconduct by two former employees and criticism that board members had lost their old spirit of comity.

Chris Maher recently unloaded loans hurt by the coronavirus shock, convinced he was freeing the New Jersey company of baggage that could impede a large M&A deal. This assertive move makes him one of our community bankers to watch in 2021.

The new legislation includes a provision sparing lenders from having to pay such fees on Paycheck Protection Program loans, except in cases where they agree in advance with borrower representatives to do so.

Jay Neathery has taken over for Chris McCreary, who stepped down as president of the institution but is staying on as executive vice president.

The Allen, Texas-based institution is crediting a robust on-site medical program with helping keep staff and members safe.

The permanent shift to digital also requires changes in how firms communicate with consumers, says Medallia's Diane O'Hara.

The company promoted two executives as part of an effort to revamp its leadership team and establish a bigger presence in the Carolinas.

Gilles Gade, one our community bankers to watch in 2021, led an effort that made Cross River Bank one of the biggest Paycheck Protection Program participants. He is ready for his team to pick up where it left off when the new stimulus package kicks in.

Provisions implemented under the CARES Act that made it easier for institutions to utilize NCUA's Central Liquidity Facility have been extended for a year with the signing of Consolidated Appropriations Act.

Coastal Community in Washington is an investor in and the first client of Synctera, a software company that aims to help community banks manage their fintech relationships, including regulatory obligations.

Brian Brooks, the acting comptroller of the currency, used a selective (and dubious) interpretation of the Dodd-Frank Act to argue for more say on when banks can preempt state law.

Many consumers started using digital payments out of necessity once the pandemic struck. They may continue as it recedes because they like the convenience.

The company is also looking to hire more senior lenders as it expands in markets around Los Angeles and San Diego.

The measure, just the second of its kind the nation, mandates that fintechs, factoring firms and other nonbank small-business lenders clearly explain the terms and conditions to borrowers.

Members of $6.3 million-asset FIAFE Federal Credit Union will vote early next year on whether to merge into $43 million-asset Central Credit Union of Maryland.

Amy Nigrelli, who recently joined Nusenda Credit Union after nearly a decade at CUNA, offers insights on how the pandemic has changed marketing for the industry and what institutions can learn from the trade group.