Economy

Payservices would use deposits largely to support its existing business. It has no plans to make loans.

The Cleveland company is more than doubling an earlier commitment in order to support racial equity and environmental sustainability.

Harmening, set to take the helm of Associated Banc-Corp next month, is being asked to replicate the digital transformation he led at Huntington Bancshares. His career path is a signal to the industry’s rising stars that the road to the corner office includes hands-on technology work.

It's crucial small businesses continue to expand user experience improvements made during the first year of the pandemic, says NMI's Nick Starai.

In its final days, the Trump administration imposed limits on Fannie Mae and Freddie Mac’s holdings of mortgages with loan-to-value ratios above 90% and certain other characteristics. Critics say the changes were unnecessary and disproportionately penalize borrowers of color.

With the pandemic driving the need for contactless payment options in health care settings, RevSpring has extended its Deviceless Payments offering to include point-of-service payments — turning payments into mobile transactions and bypassing the need for point of sale terminals.

Nonbanks had worried the end of the Paycheck Protection Program Liquidity Facility would hurt their ability to lend to small businesses. On Monday, the Federal Reserve announced the facility would be extended for three months.

The Dallas company has given Summer Faussette, an external affairs executive, the additional role of national African American business development manager, with a special focus on networking with nonprofit organizations.

Six startups that seek to cater to Black and Hispanic consumers outside the financial mainstream are attracting heavy interest from investors. However, the new banks will vie with megabanks eyeing those same customers and with established minority-owned institutions suddenly brimming with new capital.

The backing from the Emergency Capital Investment Fund is meant to help financial institutions direct aid to lower-income communities struggling in the pandemic.