Corporate finance

Credit unions added more than $176 billion to savings balances in the first half of the year, according to new analysis from Callahan & Associates.

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 chairman of the National Credit Union Administration spoke candidly about his experiences as a Black man during a panel discussion that touched on issues including race and the pandemic.

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.

The industry will have to grapple with pressure on net interest margins, interchange income and credit quality, said CUNA Mutual's Steve Rick during a virtual conference.

The Massachusetts company is laying off more than 40 employees with a focus on people working in its retail banking operations.

The industry's return on average assets has already dropped substantially and there are predictions that could get even worse. Many institutions will have to deal with elevated provisions for loan losses and expense management to survive.

The coronavirus pandemic has created major credit issues at the Boston bank and stymied efforts to improve profits, fueling speculation that the onetime serial acquirer could be a takeover target.

Many banks buy modeling tools from vendors to help detect new areas of risk, fraud and profitability without realizing their existing systems are capable of doing the same.

Richard Marotta left the Boston company less than two weeks after a goodwill impairment charge contributed to a large quarterly loss.

Many will need to ramp up security protocols and reconsider which services require a high-tech versus human touch.

Prior to the merger, First Castle was the nation's second-oldest existing federally chartered credit union.

s part of a global financial community, we must consider the long-term impact and see financial inclusion as a fundamental priority as we look to rebuild a fairer, more sustainable world, says Icon Solutions' Darren Caprehorn.

The central bank released new details about FedNow, which officials hope to get off the ground before a 2023 or 2024 target launch date.

Some institutions have long worked to recruit a diverse workforce and address discrimination but these initiatives have taken on greater importance as protests have highlighted racial inequality.

Square's gross payment volume tumbled by 15% year-over-year due to COVID-19’s impact, but revenue jumped as online selling rose, Cash App doubled in users and Square enabled almost $900 million in PPP loans.

The prepaid card company benefited from payments that were designed to offset the pandemic’s impact on U.S. consumers.

Western Union confirmed yet again that for a payments company to survive the coronavirus pandemic, it needed to enter the crisis with a strong footing in digital payments.

The major card networks have heavily invested in broader services as transaction processing loses its luster, a strategy that’s provided a ray of hope as retail and travel industries remain sidelined.