Banking

In letters to administration officials and large banks, the lawmakers sought details about loan recipients following reports that financial institutions had favored their wealthiest clients.

Three corporate credit unions serving more than 70% of the industry have banded together for a new effort following Catalyst Corporate's purchase of Aptys Solutions in late May.

The central bank also asked for public feedback on a proposal to extend support for coronavirus relief loans to nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic.

On Mar. 31, 2020. Dollars in thousands.

On Mar. 31, 2020. Dollars in thousands.

Borrowers say getting the loans forgiven is just as complicated as obtaining the money; payment companies are holding some merchant funds in reserve as chargebacks spike.

Mobile banking use has swelled since the pandemic hit, and law enforcement officials expect hackers to target the credentials of digital novices. The FBI stressed the importance of two-factor authentication and ensuring consumers know how to spot fake apps that carry malware.

The lawmakers cited concerns from small businesses that the current application to have coronavirus relief loans forgiven is “especially burdensome, time-consuming, and costly.”

PNC open to deal that would boost assets to $700 billion; banks take hard line against accountants seeking fees for PPP referrals; rush to online banking during coronavirus has hackers salivating, bureau says; and more from this week's most-read stories.

Uwharrie Capital in North Carolina and Valley National in New York used their community connections to seek out small companies in need of loans from the Paycheck Protection Program. They found plenty of them.

Credit unions are once again opposing language in draft legislation of the 2021 National Defense Authorization Act that would allow banks to rent space on military bases for free.

First-quarter income for credit unions chartered in the Badger State increased by about 6% from the same period one year earlier.

The success of Isbank's Maxi service is a lesson for all banks: Chatbots, with the right training, can provide the kind of human touch customers need in times like these.

Financials drop 8.2% on prediction of low rates through 2022 and dim economic outlook; the largest mortgage originator and a top challenger to traditional lenders has filed what may end up being the year's largest initial public offering.

The industry was well positioned in terms of net worth before the pandemic and recession, but some institutions could run into issues with sluggish earnings and a surge in deposits.

Mobile banking use has swelled since the pandemic hit, and law enforcement officials expect hackers to target the credentials of digital novices. The FBI stressed the importance of two-factor authentication and ensuring consumers know how to spot fake apps that carry malware.

The Oregon company tapped Tory Nixon to serve as president of its bank.

The credit union will pay an undisclosed amount for Community State Bank of Southwestern Indiana.

A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.