Banking

International fintech Robocash Group has launched its first Buy Now Pay Later service in the Philippines.

The company will pay $20 million in cash for a bank with two branches and $58 million of loans.

In 25 years at the helm, Brian Hall helped the Southern California credit union grow from $48 million of assets to nearly $600 million.

The application rate for new cards has fallen 10 points to just under 16%, the lowest level since 2013; small businesses that got loans last time would be eligible for a second helping, with limits.

Demand for home purchases and car loans would need to increase substantially to make up for what's expected to be a sharp drop in refinancing revenue.

Sarah Canepa Bang will serve as a senior advisor to the agency's vice chairman. Separately, a 27-year veteran of the regulator announced plans to retire.

The pandemic and social unrest made 2020 one of the most challenging years in recent memory, but there is much the industry can learn from the past 12 months.

At least two items on the industry's Paycheck Protection Program wish list were delivered: provisions allowing many existing borrowers to obtain new funding and streamlined forgiveness for loans of $150,000 or less.

On Sep. 30, 2020. Dollars in thousands.

A long-awaited COVID-relief package in Congress is expected to extend liquidity measures for the industry and provide assistance to consumers that could help lenders avoid rising delinquencies.

There’s an alarming gap between how small and large banks view the importance of digital engagement, according to a recent survey by Celent and Arizent.

Win or lose, Citibank’s battle to recover half a billion dollars from an accidental payment is sure to prompt a review of internal controls in the industry and could have a lasting impact on the more than $1 trillion syndicated loan market.

The central bank said banks could withstand as much as $600 billion in pandemic-related loan losses; Fidelity National and Global Payments aborted talks about a $70 billion merge.

A new report from the National Credit Union Administration showed institutions in many states are struggling with a deluge of deposits while their lending opportunities are drying up.

The online lender, which raised $240 million, wants to take its artificial intelligence technology for evaluating borrowers to the next level and expand its partnerships with banks, its CEO says.

The $10 billion portfolio of what are described as high-quality private student loans will be serviced by Nelnet.

This is the first time the agency has had a vice chairman since 2014.

The spending plan passed in a party-line vote, but board member Todd Harper's objections indicate he could push for closer oversight if President-elect Joe Biden elevates him to the chairmanship.

The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.

Bank and credit union groups are pushing to include the industry’s front-line workers in the next priority group, but even as a recommendation is coming soon from a CDC advisory panel, the decision ultimately will be made state by state.