Banking

The National Credit Union Administration generally only approves a handful of charters each year, but sustained economic troubles are likely to make launching a new institution even more challenging.

Promoted to executive director of the retail bank in April, McKinney oversees an operation that accounts for roughly 40% of Comerica’s workforce and 435 branches in five states.

Lenders are disappointed with a low proposed cutoff for blanket forgiveness, but they said the proposal, which waives applications for some loans, is a good first step.

Through Operation Corrupt Collector, the bureau is coordinating with over 50 other state and federal agencies to target firms for wrongdoing and inform consumers of their rights

Origin Bank is rolling out software to let customers curb or shut down account-data sharing with third-party apps. In the process, it hopes to learn a lot about client behavior and preferences that it could use in its own products.

Loan officers surveyed by the central bank said the subpar creditworthiness of some applicants and the ability of others to find credit elsewhere are among reasons the middle-market rescue facility has fizzled.

Members of St. Matthews Federal Credit Union are set to vote on whether to join the $2.3 billion-asset Chartway before the end of the year.

To shore up the share insurance fund, the National Credit Union Administration would be wise to give the industry additional temporary investment options.

Goldman Sachs Group shuffled its business lines and announced a raft of management changes, carving out new divisions aligned with a strategy pivot unveiled earlier this year.

Michael Rechin will step down at the end of this year. The Indiana company tapped CFO Mark Hardwick as its next CEO, while Michael Stewart, its chief banking officer, will become president.

Kabbage co-founder Kathryn Petralia, whose company is being sold to American Express, discusses government and financial-sector lifelines she says could help businesses that have been hit hardest by the pandemic.

Financials led the way with a 2.3% gain as the overall stock market rose more than 1.5% Monday; the new service will help small businesses spot online scams.

The West Virginia company has an agreement to buy WinFirst Financial for $21.7 million in cash.

JPMorgan Chase told thousands of office workers across its consumer unit they can plan to continue working remotely until next year, breaking with the firm’s Wall Street operations.

Several institutions were first-time recipients in the latest round of funding, including $2.75 million for Self-Help FCU.

Harit Talwar, the executive who helped guide Goldman Sachs Group’s embrace of Main Street, is giving up his post in a management shuffle at the consumer unit.

The American Association of Bank Directors is setting up an on-the-job training program to help banks reach a younger and more diverse group of prospective employees.

President Trump and former Vice President Biden meet face-to-face this week while Republicans and Democrats push conflicting priorities in Washington.

Better dialogue between banks and authorities coupled with stronger anti-money-laundering measures could help address the suspicious activity report flaws revealed by investigative journalists.

The central bank must engage core processors, community banks and The Clearing House if it wants to move quickly on building out its FedNow system.