Economy

The Tennessee company said an unauthorized party gained access to dozens of accounts and obtained less than $1 million from some of those accounts.

Banks could be a better option than payday lenders to meet consumers’ short-term credit needs. But all the OCC’s regulation does is enable partnerships that circumvent state usury laws.

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.

Municipal bonds have a direct effect on the social and cultural character of cities, metropolitan areas, counties, and states. Munis and the initiatives they support such as public education, housing subsidies, public transit systems, and more, can often be linked to local or regional politics. Join Lynne Funk, Executive Editor at The Bond Buyer and Destin Jenkins, Neubauer Family Assistant Professor of History at the University of Chicago as they explore how municipal bond mismanagement can have contrasting influences on the different ethnic groups in our cities.

Year to date through Dec. 31, 2020. Dollars in thousands.

Full-time equivalent, as of Dec. 31, 2020. Dollars in thousands.

Year to date through Dec. 31, 2020. Dollars in thousands.

The Connecticut company will have more than 200 branches and $64 billion of deposits after completing the acquisition.

Organizers of Integrity Bank for Business must raise around $19.9 million before they can open the bank.

Zions Bancorp. CEO Harris Simmons says the Secured Overnight Financing Rate is more suited for derivative traders than regional banks as a replacement for Libor. His bank this week became the largest to say it would use the alternative developed by the American Financial Exchange.

An interactive dialogue with Founder and CEO of NorthOne on the fintech industry, the growing needs of challenger banks, and the future of SMB banking.