Economy

The fintech's new checking, savings and lending package caters to clients who want to separate their corporate accounts from personal banking.

Year to date through Mar. 31, 2021. Dollars in thousands.

Full-time equivalent, as of Mar. 31, 2021. Dollars in thousands.

Year to date through Mar. 31, 2021. Dollars in thousands.

The digital bank for small-business owners went from 300 customers in 2019 to 100,000 this year. As client demands mounted, it developed a virtual assistant and a system for human, in-app communication that experts say surpasses many banks' capabilities.

First Women's Bank received approval from the Federal Deposit Insurance Corp. this week and is set to open its doors in the fall. It is the first new bank to be chartered in Illinois since 2010.

The Minneapolis company recently advised a nonprofit on a $30 million issuance that will provide financing to developers building multifamily housing and community facilities. It includes a framework, which the bank intends to deploy again, for informing investors on how the money is being used.

The agency’s new chief said eliminating the “adverse market fee” — in place since December — will make it easier for families to refinance while mortgage rates are still low.

Recent delays may be frustrating, but the Office of the Comptroller of the Currency isn't closing the door on financial technology companies. However, applicants will have to be patient, forthright about their business plans and willing to actively engage any state or federal regulatory agencies that the OCC consults.

Native American reservations have some of the country's highest concentrations of unbanked households. But tribes are finding ways to get their members access to capital — with or without banks.

The bank's noninterest expenses fell by 8% in the second quarter — a sign that CEO Charlie Scharf is making progress in reining in spending that had been soaring in recent years amid heightened regulatory scrutiny. He ultimately hopes to reduce gross expenditures by $8 billion annually.

PNC, Regions and TD are among the banks that have taken steps to reduce their reliance on charges that disproportionately hit consumers living paycheck to paycheck. The changes come at a time when the Biden administration is expected to take a tougher stance on overdrafts.

Income share agreements, which allow college graduates to repay tuition financing as a percentage of their future income, have come under fire lately from consumer advocates for questionable marketing and other potential legal violations. Some hope a partnership between a Virginia bank and an ISA provider will give the product more legitimacy, while others worry it just masks risks for borrowers.

The Treasury Department is awarding $1.25 billion to 863 community development financial institutions through the Rapid Response Program, which allows banks and credit unions to earmark funds for mortgages and business loans in underserved markets.

Sam Susser, who built a family business of more than 630 convenience stores in the state, thinks he can find similar success in community banking by courting small commercial clients that larger rivals have outgrown.

On Mar. 31, 2021. Dollars in thousands.

On Mar. 31, 2021. Dollars in thousands.

Andrew Harmening, who took the helm of the Wisconsin company in April, pointed to an economy emerging from the pandemic and waning loan deferrals, saying that loan growth could resume by the end of the third quarter.

Edward Al-Hussainy, senior interest rate and currency analyst at Columbia Threadneedle, will discuss the economy, inflation and the Federal Reserve.