Banking

Jelena McWilliams's term as FDIC chair expires in 2023, and she cannot be removed by an incoming president. But if Joe Biden prevails, he may ask her to stay — and if she does, governing a Democratic-majority board would be a very different proposition.

Crypto provides a new tool for underbanked consumers, Marc Grens of DigitalMint writes.

The bank is suing lenders to return $900 million they were mistakenly paid last week; the deal will put the credit card company in the online small-business lending market.

Mary Mack is expected to say that other employees were scared of Carrie Tolstedt, according to the bank’s regulators. Tolstedt, one of five former Wells executives facing civil charges in connection with the bank’s phony-accounts scandal, could be fined as much as $25 million.

The bank has begun briefing regulators about how it mistakenly sent payments to creditors of Revlon, the financially strapped cosmetics company. Citi has also filed a lawsuit against Brigade Capital Management seeking to recoup $175 million it sent to Brigade on Revlon's behalf.

On Mar. 31, 2020. Dollars in thousands.

On Mar. 31, 2020. Dollars in thousands.

ViZ Bank would eventually have branches across several major U.S. cities, including Dallas, Denver and Atlanta. It would also offer a program to help former inmates build savings and establish credit.

Crypto provides a new tool for underbanked consumers, says DigitalMint's Marc Grens.

The company sold major stakes in Wells, JPMorgan, Goldman and others but increased its BofA holding; Shundrawn Thomas says the asset management business needs more Black and Latino representation at the top.

This isn’t the first time the industry has faced an influx of funds amid a slowdown in lending, but this instance could prove harder to manage than in the past.

The bank has recouped part of the payment, which it blamed on a clerical error, but some of the lenders say they were owed the money in connection with an ongoing dispute.

Devon Bryan, who held similar jobs at KPMG and the Federal Reserve System, succeeds Brian DiPietro, who had been information security chief since 2016.

A pilot program that would let banks, credit unions and challenger banks bid to offer financial services within rural and inner-city post offices could be a first step in serving the underbanked while also helping to shore up the U.S. Postal Service's finances.

The Canadian bank is doing something few U.S. institutions have done: build an online hub with tutorials designed expressly to simplify the online banking process for newcomers.

The Massachusetts company, which converted from a credit union to a bank in 2013, is laying off more than 40 employees with a focus on people working in its retail banking operations.

The Pennsylvania company recruited John Montgomery from First Bank in St. Louis to take the helm on Aug. 31.

The 50-basis-point charge drew an immediate backlash from mortgage lenders; Mike Roemer is leaving after two years on the job and will be replaced by Paula Dominick of Credit Suisse Americas.

Ulule is working with Bank of the West to build name recognition. It hopes to collaborate with other banks and credit unions as it vies with larger companies such as Kickstarter and GoFundMe.