Economy

Loans and tax-subsidized investments by financial institutions have helped fund food markets and pantries in low-income communities. But there is still more work to do to close the grocery gap.

The Senate Banking Committee chairman told an audience of community bankers that he supports legislation to close "chartering loopholes" for industrial loan companies and financial technology firms. He also pitched a plan to give all consumers a free digital wallet backed by the Federal Reserve.

At first the deal seemed an unlikely marriage of two mortgage-heavy companies. But acquiring the Michigan company would help New York Community accomplish its two chief goals — reducing deposit costs and its concentration of multifamily loans — while giving it the scale to pursue more deals.

The merger would create a company with nearly 400 branches, 87 loan production offices and $87 billion of assets.

Clarity on credit quality has bankers ready to strike deals after a lengthy pause. A steady rise in stock prices has also given potential buyers the financial wherewithal to pursue acquisitions.

Oil and gas companies — flush with cash from rising oil prices — are catching up on debt payments and will seek new credit later in the year as the economy recovers, the Oklahoma company says.

House and Senate GOP members have stepped up criticism of a plan to include banks in a global push to cut emissions, saying it could cut off financial services access for energy and fossil fuel companies.

With Congress pouring billions into a new grant program and state-based lending initiatives, community development financial institutions say they can move past survival mode to test new products and partner with larger financial institutions.

The Ohio company has opened just 32 of 120 new branches it plans in the region by 2022, but those offices are making a sizable contribution to growth.

Climate First Bank has raised $29 million in initial capital, surpassing the $17 million target set by the Federal Deposit Insurance Corp.