Banking

The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur.

The company said the sale will provide more consistent financial results and allow it to redeploy funds to support other businesses.

The Iowa company said the coronavirus outbreak and litigation against AimBank will postpone the deal's completion by a few months.

Mike Duncan had kept a low profile as chairman of the U.S. Postal Service’s board of governors until it hired Louis DeJoy as postmaster general. Now he is sharing an unwanted spotlight with the embattled DeJoy.

Bankers have long opposed the idea of the U.S. Postal Service taking deposits and making loans directly, but some in the industry are open to the idea of letting banks and credit unions offer services at post offices.

Bank of America and Clinton Savings Bank in Massachusetts are targeting consumers at a young age and hoping to keep them for life.

Data from the National Credit Union Administration shows that despite a dip during the second quarter, the rate of industry consolidation has not changed dramatically from last year, despite the pandemic.

The company said migration to digital channels spurred its decision to shutter locations across five states.

Why PayPal just deposited $50 million in tiny Optus Bank; ex-Bank of America employees allege 'extreme pressure' to sell credit cards; the Citi snafu may bring fresh scrutiny to custodial banks; and more from this week's most-read stories.

Some customers have complained of limits being slashed by one-third to two-thirds, eroding their ability to borrow in an emergency during a pandemic or potentially hurting their credit scores.

All parts of the payments industry can preserve cash, but mandates may be necessary, says Moorwand's Luc Geuriane.

Some customers have complained of limits being slashed by one-third to two-thirds, eroding their ability to borrow in an emergency during a pandemic or potentially hurting their credit scores.

The company will use Savoy's midtown Manhattan office to coordinate business development efforts around the city.

The move to largely ignore inflation overshoots is likely to mean low interest rates for years to come; Citi, JPMorgan Chase and Morgan Stanley are underwriting the big Hong Kong portion.

Refinancing has been one of the bright spots in a difficult year for lending, and the industry has concerns that a fee to be imposed by Fannie Mae and Freddie Mac could slow down the business.

Branches in the Gulf Coast region largely avoided massive flooding. Now bankers must assess the impact on employees and customers.

New analysis from S&P found that only two of the of the top 20 credit unions that participated in the Paycheck Protection Program loans had assets of less than $1 billion.

A historic charter award defines a new beginning for digital banking, Varo Money becomes the first consumer fintech in US history to gain full regulatory approval to become a national bank

The combined Broadway Federal and City First Bank will have more than $1 billion in assets; the country's cyber capabilities have become "dangerously sophisticated."