Banking

Infinity FCU sought out a merger partner after realizing that even at $338 million in assets it was too small to provide the technologies members wanted. It could be a harbinger of more deals among larger players.

Executives from a half-dozen major financial institutions avoided detailed commercial lending forecasts and gave a mixed outlook on consumer credit at an industry conference. And they called on Washington to pass an aid package targeted at the most troubled business sectors as soon as it can.

The agency's "no-action" letter is intended to provide more regulatory certainty for the bank after it announced a short-term credit product available to checking account customers next year.

Asked about the political uncertainty surrounding the undecided presidential race, Federal Reserve Chair Jerome Powell said the central bank isn’t wavering from its duty “to support the economy during this difficult time.”

The region now leads the nation in virus cases, and with winter lurking the fear is that the outbreak will only get worse.

If the deal is approved, the $6.4 million-asset credit union would drop its federal share insurance upon joining Towpath Credit Union.

Bank shares fell about 5% on concerns that the election results militate against more government stimulus; even U.S. regulators need to address the differences between fintechs and banks.

As lawmakers look for ways to plug budget gaps, credit union groups are preparing for a possible assault on the industry's tax exemption at the state and federal level.

Some customer fraud and a lack of cooperation from partners Huntington Bank and Dwolla prevented Beam Financial from returning funds to savers, says Aaron Du, the fintech's CEO. He says he’s trying to make things right, but Huntington and Dwolla are taking the dispute to court.

Referendums that legalized marijuana and sports wagering in several states could incentivize banks to do business with companies in these sectors. Payday loan and privacy measures that passed Tuesday also have implications for the industry.

The Pittsburgh-based institution can now serve more than a dozen municipalities in the Keystone State.

The agency said customers of SMART Payment Plan LLC could receive up to $7.5 million for statements that created a false impression about the service used for auto loans, but in a twist the bureau said it may pay most of the restitution.

One area of certainty in the 2020 election is the momentum for legalizing cannabis, as a string of ballot box victories makes it harder for banks to avoid working with dispensaries and other legal marijuana businesses.

The new initiative is aimed at boosting credit union innovation through investments in fintech and other areas.

The last-minute suspension appears to be a move by Chinese regulators to trim Jack Ma’s sails; the penalty, reportedly from the OCC, would address “historical deficiencies” at the bank.

Wells Fargo, JPMorgan Chase and others cut back on 7(a) lending to focus on originating Paycheck Protection Program loans. Smaller banks such as Live Oak and Byline gained market share by targeting niche industries and originating bigger loans.

Some banks and credit unions boarded up branches and closed early in anticipation of unrest tied to the tense presidential race.

The two banks are among those deploying advanced analytics to give customers advice before they may even know they need it.

Some banks and credit unions boarded up branches and closed early in anticipation of unrest tied to the tense presidential race.

A new service from NCR aims to reduce surface transmission of the coronavirus through the application of an antimicrobial cleaning product that kills germs.