Banking

"We can control our destiny," says Colin Walsh, CEO of the challenger bank, which spent more than three years seeking to become a full-fledged bank.

The online installment lender could be worth as much as $10 billion; the GSEs' net income jumped sharply from the first quarter after the rebound in the housing market.

Now that its deal with Texas Capital has been called off, Independent Bank in McKinney plans to scale back or exit some commercial lines and will seek to duplicate its retail banking successes in Colorado.

ZenBusiness, which provides services to small businesses, will now offer banking along with tax, accounting and insurance help.

Lexicon Bank in Las Vegas, whose chairman was a professional gambler, is actively courting poker players to open deposit accounts for their tournament winnings.

The Pennsylvania company said the move is in response to margin pressure and customers' increased adoption of digital channels.

Banks, data aggregators and fintechs have clashed for a decade over how consumers’ bank account data should be shared with third parties. The agency says it will offer a plan, and industry officials have plenty of suggestions already.

The Fed announced no new actions but chairman says rebound depends on containing the virus; advocates say this may be the right time to pull the plug on the lowly one-cent coin.

Many in the industry support the National Credit Union Administration’s attempts to streamline regulations governing corporate credit unions, but critics claimed some elements could make it tougher to compete with fintechs.

Regulators are urging banks to offer small-dollar loans again and lifting existing restrictions on nonbank lenders. But the real challenge is making those loans favorable to consumers without losing money.

In what was a challenging quarter for the industry, the company reported strong loan growth and a wider margin. Continued momentum will depend on government stimulus, the reopening of New York City and borrowers' ability to make payments after their deferral periods end.

Members of the Senate Banking Committee took the agency’s leader to task for eliminating underwriting requirements for small-dollar lenders, which lawmakers said has left consumers more vulnerable during the pandemic.

The pioneering online lender had long struggled to live up to the hype that drove its early growth, even before the pandemic pushed it to the brink.

The company's latest Credit Union Trends Report attributed the increase to rises in deposits and capital, along with a decline in borrowing.

The accounting and payroll software provider’s QuickBooks Cash account is fee-free and integrates with other products the company offers small businesses.

The programs, which had been set to expire at the end of September, will now run at least to the end of the year; but U.S. payments volume "meaningfully improved" throughout the quarter.

The streaming service is taking out a two-year certificate of deposit with Hope Credit Union, which plans to use the funding to provide credit to communities often overlooked by mainstream banking.

The enhanced jobless benefits in the coronavirus relief law enacted in March helped limit delinquencies and maintain consumer spending, analysts say. In their follow-up stimulus plan, Senate Republicans want to cut those benefits from $600 to $200 a week.

Many of its borrowers have struggled to make payments since the pandemic struck, so it is helping them by suspending debt collections and capping rates on new loans at 36%.