Banking

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.

Moore led development of Bank of America's virtual assistant, Erica, and was American Banker's Digital Banker of the Year in 2017.

The rule change will allow credit unions to raise more capital to help their members, not line the pockets of investors, as bank lobbyists claim.

The Swiss charges follow several recent scandals at the bank; the filing by the largest cryptocurrency exchange follows by one day bitcoin climbing past a record $21,000.

While banks are reporting steady declines in deferrals, hard-hit borrowers such as airlines, commercial real estate developers and hotel operators will almost certainly struggle to regain their footing.

The latest monthly Trends Report from CUNA Mutual Group showed October's year-over-year membership growth rate was the slowest since the fall of 2014.

The bank scored highest on customers’ assessments of product offerings and satisfaction with digital channels among eight national banks studied.

Noninterest income has bolstered profits this year. But its growth is expected to slow over the next two years, making for a gloomy earnings outlook unless vaccine distributions and the economic recovery are relatively swift.

The Detroit automaker says it will stick to car loans and steer clear of mortgage lending if regulators approve its application to establish an industrial bank.

Credit union trade groups said the regulator’s spending plan indicates the agency isn't listening to feedback and needs to make further cuts while providing more support for de novos.

The company adds to a growing list of banks shutting branches to invest in technology offerings.

The digital currency soared another 9% Wednesday, climbing past $21,000; the bank made the first move on the asset manager, won by Morgan Stanley, and eventually offered more money.

First Technology FCU, led by a former banker, stands ready to raise fresh capital by issuing subordinated debt. But first it must wait for a rule change from the National Credit Union Administration that's drawing fierce opposition from the banking industry.

The percentage of seriously delinquent loans hit 5.8% in the third quarter, up from 1.5% a year earlier but down from 6.8% in the second quarter.