Banking

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.

A deal bringing Charleston County Teachers Federal Credit Union into the fold is South Carolina Federal’s third acquisition of 2020.

Michael Moeser, Senior Analyst at PaymentsSource, talks to Alex Fisher, Vice President of Retail at Afterpay, an Australian company, about the factors behind the growth of the global 'buy now, pay later' market.

The company is looking to tap into a surge of homebuying tied to historically low interest rates.

Anand Selva will succeed incoming CEO Jane Fraser in her former role; the bank said Brad Hu is leaving on his own terms but his department has been under fire from regulators.

A prosperous decade leading up to the pandemic had left lenders in good shape, but they're worried the economic shock to the state's most vital industry could linger into 2022.

Haegelin spent several decades in the credit union movement, including helping found the nonprofit Credit Unions for Kids.

Customers say the Beam savings app is down and the company isn't returning their money. The situation is putting third parties like Huntington and Dwolla in the firing line, though they say they're not at fault.