Demographics

If you are underbanked you probably have limited access to mainstream financial services normally offered by retail banks. Many fintech startups offer alternative ways to measure credit risk, and assert that their products can help extend financial services to consumers who have not been well-served by traditional banks.

The San Francisco company has faced financing challenges as its customers, largely lower-income Latinos, have struggled to keep up with monthly payments.

New guidance from the Consumer Financial Protection Bureau shows how companies that offer workers early access to their wages can avoid being regulated as lenders. But the incoming Biden administration could add new complications.

The multifamily lender named Michael Levine as board chairman, succeeding Dominick Ciampa, who held the role for 10 years. The move comes less than a week after longtime CEO Joseph Ficalora abruptly retired and was replaced by Thomas Cangemi.

John Lund joined the Utah-based credit union as a courier in 1975 and was named CEO in 2012. His successor has spent more than three decades there.

The Mechanicsburg, Pa.-based institution's newest chief executive most recently served as an executive at another Harrisburg-area credit union.

Challenger banks aimed at Blacks, Hispanics, immigrants and other underserved groups are offering financial education and support for charities in addition to basic banking services.

Jay Neathery has taken over for Chris McCreary, who stepped down as president of the institution but is staying on as executive vice president.

Neil Gordon, a former executive at nearby Millbury Federal Credit Union, will take the helm next month.

This oldest consumers in this next group are approaching their mid-20s, so financial institutions must tweak their marketing if they hope to reach them in an meaningful way.