Banking

Speaking at an investor conference, Bank of America's CEO said that additional aid is needed to help consumers, businesses, nonprofits and local governments ride out the pandemic.

The bank will now let business customers receive and pay invoices from within online and mobile banking.

A defense spending package includes a measure requiring new businesses to report their beneficial owners directly to the Financial Crimes Enforcement Network, shifting the burden away from banks.

Amy Nigrelli will serve as CMO of the Albuquerque-based credit union, one of two recent personnel moves there.

Open banking will drive an unprecedented move by banks, payments and technology firms to integrate and collaborate on banking-as-a-service, says Prime Trust's Scott Purcell.

Lawmakers need to create a coronavirus relief program targeting owners of smaller businesses facing more hardship than larger competitors that received much of the aid from the Paycheck Protection Program.

Sells, American Banker's Digital Banker of the Year for 2020, says he will help the New York fintech startup create digital currency products for banks.

The JPMorgan CEO says trading and investment banking revenues are up over 20% this quarter; Scharf says the bank’s internal reporting is “far, far better” under his regime.

Cash is fading in the Middle East, and traditional banks are turning to fintechs to expedite upgrades before challenger banks and digital wallets seize the advantage.

Executives from U.S. banks continue to play down near-term expectations, but they say customers are growing more confident ahead of the rollout of coronavirus vaccines, and that key commercial lending segments could drive an economic rebound.

Canoga Postal's merger plans mark the second consolidation in a month for institutions serving USPS employees.

Some lenders are poring over commercial portfolios more frequently than normal — perhaps as often as once a month — to uncover problems hidden by payment deferrals and government stimulus before it's too late.

Montecito Bank in California began streamlining originations after a natural disaster decimated its community in 2018. The move paid off when the COVID-19 crisis hit and the bank had to quickly step up efforts to help clients.

Thanksgiving may have already passed, but there's still plenty of room for gratitude in member communications.

Citigroup looked to the success of Asian super-apps like Ant Financial and Paytm while developing its new checking-account offering with Google.

Citigroup appointed Elissar Farah Antonios as the first woman to run its Middle East and North Africa operations, among the U.S. bank’s fastest-growing businesses in emerging markets.

The bank is considering moving part of its asset management unit to Florida in a cost-cutting move; the company says “buy now, pay later” installment loans are too risky for consumers.

Credit quality has remained strong at credit unions, but there are hints that some of them — especially the smallest ones — could report lackluster earnings well into next year, according to the National Credit Union Administration's latest intel on industrywide finances.

It includes simpler Paycheck Protection Program forgiveness and a consistent approach from federal regulators to reforming the Community Reinvestment Act, says Bank of America's Christine Channels, who chairs the Consumer Bankers Association's board.

Financial Institutions in New York has agreed to acquire Landmark Group, which provides services to the construction, manufacturing, real estate and technology sectors.