Economy

Other fintechs’ rush to become banks is being driven by investors seeking “crazy returns," says CEO Dan Price. But he acknowledged that at some point Gravity may need a charter of its own to remain competitive.

Nonbanks claimed more of the top slots based on loan volume, while the origination gains experienced by Hispanic, Black and Native American borrowers were weaker than those of other groups.

The Financial Stability Oversight Council has struggled to find its footing since its creation in Dodd-Frank. The Treasury secretary has signaled a more aggressive role for the panel, including reviving its authority to target nonbank behemoths.

U.S. consumer borrowing surged in February by the most since late 2017 as a broader reopening of the economy from pandemic restrictions helped spark an increase in credit card balances.

At a time when it’s never been more important for small businesses like salons and spas to improve economics, scalability and control, fintech can provide a path to better margins, says Boulevard's Biju Nair.

Longstanding familiarity with each other and years of informal talks helped the companies negotiate their $7.6 billion merger in just two months.

The bank's purchase of AxiaMed gives it a digital gateway to the medical industry, speeding deployment amid growing competition.

The bank's purchase of AxiaMed gives it a digital gateway to the medical industry, speeding deployment amid growing competition.

On Dec. 31, 2021. Dollars in thousands.

Toronto-Dominion Bank Chief Executive Bharat Masrani said he’s still interested in a major acquisition to add to the firm’s U.S. retail operations, and that he’s unfazed by the recent valuation surge for the regional lenders that would be his most likely targets.

Organizers of the Florida de novo will need to raise $17 million in capital before opening.

Caroline Taylor, who recently ran Small Business Administration lending at Capital One, aims to expand her team at Regions, help steer borrowers into economic recovery and reach out to women and minority small-business owners who have been underserved.

The economy is poised to rebound, meaning loan demand and hiring will pick up, some observers say. Others argue that banks have plenty of reasons to cut jobs given industry consolidation, the growth of digital banking and expectations that low interest rates will persist.

The FHFA’s forbearance extension to September is forcing nonbank servicers to buy out more delinquent loans. It's also upended loss estimates for investors and made racial and income disparities in the mortgage market worse.

Democrats have proposed a Congressional Review Act resolution to strike down the OCC rule, arguing it enables "rent-a-bank" schemes.

Payment processing and banking infrastructure provider Episode Six is expanding into the U.S. health care market through a partnership with Nomi Health, which emphasizes a digital-first approach to patient payments.

The tennis legend will also serve as a strategic adviser on gender equality issues and First Women's Bank, which will be mostly owned and run by women.

The agency's plan would strengthen requirements that banks use a minimum amount of their real estate for the business of banking, but three grade groups say banks need flexibility in the pandemic to manage occupancy.

The depositor-owned banks are discouraged from participating in the Emergency Capital Investment Program because they can't issue preferred stock to back loans for underserved communities. It's another reason to overhaul their capital rules, mutuals argue.