Economy

Banks and nonbanks are expected to vie for more commercial business this year, and nonbanks already have signaled a willingness to ease lending standards in order to win business.

On Sep. 30, 2020. Dollars in thousands.

On Sep. 30, 2020. Dollars in thousands.

On Sep. 30, 2020. Dollars in thousands.

Protego Trust Bank in Seattle will focus on providing custody services for investors that hold digital assets. The OCC decision comes weeks after the agency granted permission to a South Dakota trust company to offer crypto-related services.

Banks weren't involved in the trading frenzy, but some observers say the regulatory response should address risks to all financial institutions.

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.