Banking

The effort is the first offshoot of Project REACh, which is designed to bring together business leaders, government officials and advocates to help improve financial services options for disadvantaged communities.

Earlier this year, the Southern California credit union was criticized for its directors not representing the demographics of the communities it serves.

The agency’s final rule modernizing the Fair Debt Collection Practice Act limits calls to seven per week, but collectors won stronger protections from liability claims and other key changes to the original proposal.

The digital bank is on a larger mission to attract younger customers. It's inserting itself into the popular video game in the hope that game players will learn about its products and have fun at the same time.

The CrossState Credit Union Association continues to work with lawmakers in neighboring New Jersey to get similar legislation passed there.

Underwhelming participation in the middle-market loan program has forced the central bank to reduce the minimum borrowing amount for the third time, to $100,000.

Many eateries that relied on outdoor dining to survive the pandemic could see revenues plummet as the weather turns cold.

The New Jersey company reported a quarterly loss after becoming one of the first lenders to liquidate loans harmed by the coronavirus pandemic.

RockPoint Bank is on pace to open early next year. The announcement comes two weeks after Craft Bank became Atlanta's first new bank since 2010.

The two government-owned agencies reaped the benefits of the refi boom while loans in forbearance dropped; American Express says it has achieved 100% pay equity for employees.

Lenders pushed back against the notion that city dwellers' pandemic-driven flight to suburbia would hurt them. They say fewer landlords have sought deferrals as vacancy rates remain low and rent collections have stabilized.

The challenger bank now offers small businesses checking, lending and payments services on one platform and can link them through Plaid to external bank accounts.

The lawsuit filed on behalf of the National Association for Latino Community Asset Builders says the rule was based on “an invented evidentiary standard,” and failed to consider consumer protections mandated by Dodd-Frank.

The company is best known for its reciprocal deposit program, but it’s finding new ways to serve banks without competing for their customers.

A Small Business Administration program meant to help struggling entrepreneurs amid the coronavirus pandemic may have sent billions of dollars to scammers or ineligible applicants, the agency’s inspector general said.

Renaud Laplanche's fintech will give borrowers cash back when they lower their loan balances.

Both payment companies reported lower than expected earnings and revenue due to reduced consumer spending; the plan is part of a $530 million initiative to combat systemic racism.

The rule, which will go up for a 60-day comment period, codifies existing NCUA policies and is not expected to change how the agency operates.

Both developments are part of the company’s strategy of becoming a full-service bank for its young, affluent customer base.