Banking

Go Federal Credit Union CEO Bert Beal will take the helm of the combined institution once they join America's Credit Union.

The company's new agreement with Envestnet Yodlee to share customers' account data over secure pipes is its 17th pact with aggregators and other fintech firms.

The company, which expressed concerns about the validity of some of the loans it bought, renegotiated a lower price and protections from the seller involved in the deal.

New Enterprise Bank would focus on venture capital and private equity firms that are involved in investment between China and the San Francisco area.

Financial institutions and authorities could better track money launderers if legalized-marijuana-related businesses were not included in SARs.

The company's software can now be used to handle personal loans, credit cards and specialty-vehicle loans.

The percentage of institutions in the Best Credit Unions to Work For rankings that provide formalized diversity training continues to rise each year, reflecting a growing awareness of the issue within the industry.

Before the pandemic emptied the city, few lenders benefited from the heady local real estate market as much as regional players New York Community Bancorp and Signature Bank. Now they're becoming a case study for potential trouble from a sudden downturn in the Big Apple's property sector.

Scharf apologizes for June 16 memo saying there was a “very limited pool of Black talent to recruit from”; the penalty would settle the bank’s culpability in its traders’ spoofing practices.

As the pandemic has stretched on further into 2020, with more lockdowns and economic disruption predicted heading into the fall and winter, continuing to offer fee waivers has not always proved financially viable.

The company has been experimenting with ways to recruit more women and minorities, including a program to hire professionals who had left banking. But CEO Charlie Scharf’s reference to “a very limited pool of Black talent” for important jobs may make it harder for Wells to meet inclusion goals.

The agency reported signs of stress on the credit quality in residential loans serviced by seven large banks as a result of the COVID-19 pandemic.

Commercial real estate loans are vulnerable as financial assistance for tenants winds down and might not be fully renewed. Late rent payments could rise, leading lenders to press landlords to pay up.

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.

The fund will support Community Development Financial Institutions that lend to minority- and women-owned businesses. The Charlotte, N.C., company is the latest big bank to make a large dollar commitment focused on alleviating racial and economic inequality.

The company also found a buyer for its portfolio of equipment finance loans as it tries to clean up credit and refocus on middle-market lending.

The two officials told a House panel that businesses need grants, not more loans; some Black employees take issue with Wells Fargo CEO’s assertion that minority talent pool isn’t deep enough.

Commercial real estate companies are among those left out of the Federal Reserve’s middle-market relief program, but House members said they need government-backed financing to navigate the pandemic as much as anyone.