Banking

With face-to-face service altered, banks need to improve their data game to build new payment services, says Tealium's Heidi Bullock.

Banks have managed to steer around trouble spots in energy, hotel and mall-related credits. But fears of further deterioration, an eviction wave or more job losses are keeping lenders circumspect.

Quarles says the pandemic revealed flaws in the financial system that have yet to be fixed; big banks will need to have enough funds on hand to meet their needs for a year.

Many credit unions offer youth accounts to help establish early banking relationships, but a new account for kids from the nation’s largest bank has raised the level of competition.

Agility Bank, one of two women-led groups seeking charters, is looking to open next spring.

Weak loan demand, persistently low yields and the continued struggles of sectors such as hospitality and retail are among the myriad lending challenges facing small regional banks.

The Ohio company's new effort will commit $25 million in 7(a) loans, along with fee waivers and financial education.

The Dallas bank has begun encouraging larger borrowers to seek forgiveness of Paycheck Protection Program loans first as it holds out for the government to streamline the process for loans below $150,000.

The new policy will allow the company to close some work sites and reduce the size of others. It’s part of a broader effort to cut expenses to help offset revenue declines brought on by the coronavirus pandemic.

The pivotal issue of the November vote will be a divided government versus a united government, and its possible effect on policies that can drive the economy and markets.

Out of crisis comes opportunity. The pandemic has prioritized digital strategy and transformation for nearly every industry, especially banking.

But the FDIC warns that the effects of the pandemic may reverse last year’s gains; Fed chair says it’s more important to get it right than be the first central bank to issue a cybercurrency.

Only a few credit unions were open to the public as polling sites in the 2016 election and those numbers are set to be reduced even further this year.

Both the Federal Deposit Insurance Corp. and the American Bankers Association are encouraging the industry to offer basic products that could bring more unbanked households into the financial mainstream.

The company will close eight locations, noting that customers have been quick to adopt digital channels during the coronavirus pandemic.

Southern Bancorp in Arkansas, which raised $35 million in capital from private investors, is out to prove that community development financial institutions can deliver attractive returns and fulfill their missions to help the underserved.

Industry groups have launched new programs that are expected to carry over into 2021, while others are raising new calls for Congress to tackle data security.

Citigroup is now the third, and largest, U.S. financial institution to offer the Mastercard True Name feature, which lets customers use their preferred name, rather than their legal name, on credit and debit cards. The cards are targeted specifically for transgender and nonbinary people, who often face outsized financial hardship.