Economy

A group led by Stephen Gordon has received conditional approval from the Federal Deposit Insurance Corp. to open Genesis Bank.

More than 50 years since the passage of fair-lending laws, homeownership remains out of reach for many people of color.

Some big banks trimmed their stockpiles that guard against loan losses in the fourth quarter, but overall allowances fell less than many observers predicted. The trend will likely continue given uncertainties surrounding vaccine distribution and the economy.

Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. Problem is, they also have fewer cost-cutting options.

The pandemic has decimated small businesses, and minority-owned firms have been hurt the most. How can banks and regulators jump-start the small-business economy?

For now, banks say they have no plans to curtail lending to oil and gas firms, but recent moves by the new administration — including a halt in drilling on federal land and an effort to stop the Keystone XL Pipeline — could cause them to re-evaluate their long-term commitment to the fossil fuel industry.

An exclusive Arizent consumer survey indicates that consumers are becoming increasingly uneasy with the tradeoff of letting companies use their personal data in exchange for a customized experience. What does that portend for the future? Mark Weinstein is already tackling this head-on in the social media sphere. Join us in a conversion with Mark Weinstein, as we discuss: Privacy and security Combating the virus of disinformation Corporate social responsibility and ethical business practices

The Buffalo, N.Y., bank and Railz are working together to analyze accounting data to provide small firms with fresh insight into the health of their operations.

Organizers have been working raising capital and preparing an application for about four years.

Acquisitions of wealth management, insurance, fintech and other firms are expected to pick up as banks seek new sources of fee income and look to improve digital capabilities.

“The economy keeps moving forward and we feel very constructive about the consumer activity,” Brian Moynihan said.

Small businesses still process a large number of transactions and can fall behind if there are delays, says Valtatech's Jussi Karjalainen.

The Columbus, Ohio, company plans to close nearly 200 branches in the state — including more than 90 in Meijer grocery stores — after it acquires TCF Financial. It also intends to significantly boost its technology spending to improve its digital capabilities.

Deposits are soaring while loan demand lags and mortgage-backed securities offer weak returns. So the Alabama company has parked loads of cash at the Fed in hopes the economy will pick up steam before profit margins suffer.

A recent agreement with the California Cannabis Industry Association will make it easier for legal cannabis businesses across the state to join the $92 million-asset credit union.

It would force national banks to make loans to high-risk industries that often pose dangers to vulnerable communities. The next comptroller of the currency should instead promote equal credit availability for consumers who need it most.

The Cleveland company will launch the service in March to broaden relationships its Laurel Road student loan refinancing unit has built with health care professionals.

Southern Bancorp, which recently raised $35 million in capital, agreed to acquire DeWitt First Bankshares, the parent of Arkansas County Bank.

After a slowdown in 2020, inventory shortages and other factors could make the months ahead a grind for many lenders.

In a request for information, the agency sought feedback on how it should prioritize climate risks as part of its supervision of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.