Banking

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.

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.

In an exclusive interview announcing the regulator's new financial inclusion program, NCUA Chairman Rodney Hood explains why the time was right to double down on the agency's efforts to expand access for marginalized communities.

Gary Cohn, former head of the Trump administration’s National Economic Council and onetime top executive at Goldman Sachs, says technological changes will continue to make it harder for smaller financial institutions to compete and force many to be sold.

Synthetic data represents a direct one-to-one transformation of the original data that reveals true insights into consumer spending, says Facteus' Lorn Davis.

But the stimulus-fueled improvement is making it more difficult for lenders to assess risk; two regional bank presidents are worried that low-rate policies are giving rise to excessive risk taking.

In too many places, identity verification and other vetting is still done manually, says Signicat's John Erik Setsaas.

Over the past year, the Alabama bank has been developing new tools that analyze survey responses, phone interactions and social media posts to identify opportunities to improve digital offerings.

First City Bank of Florida had suffered “longstanding capital and asset quality issues” that were unrelated to the pandemic, the FDIC said.