Economy

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.

Even as lockdowns ease, the trend toward remote work poses challenges for building owners and the banks that lend to them.

Nine of the 12 largest banking companies in the U.S. proposed higher quarterly payouts to shareholders. In announcing the actions, the banks touted their strength after more than a year of economic dislocation.

Dozens of digital tools are billed as democratizing finance. But a number of entrepreneurs still see massive gaps.

As banks pull back from energy lending, some of the world’s biggest hedge funds are rushing in to fill the gap in oil country.

The White House is working with state and local governments to distribute $46 billion in rental assistance and other programs over the next 30 days, aiming to prevent a flood of evictions when the federal eviction moratorium ends on July 31, administration officials said.

The Community Home Lenders Association has called for suspension of federal limits on the loan volumes that Fannie Mae and Freddie Mac can purchase from individual lenders. The demand came on the same day that the Biden administration fired FHFA Director Mark Calabria and started the process of nominating his successor.

Thompson, who was most recently the deputy director of the FHFA’s Division of Housing and Mission Goals, replaces Mark Calabria, who was fired Wednesday afternoon.

President Biden removed Mark Calabria as Federal Housing Finance Agency director hours after a Supreme Court ruling made the move possible. The administration is expected to offer up a nominee who will prioritize affordable housing and racial equity in housing instead of reforming Fannie Mae and Freddie Mac.

The House Financial Services Committee passed a bill along party lines to require global systemically important banks to submit new annual reports on activities to the Fed.

The president will oust Federal Housing Finance Agency Director Mark Calabria, a Trump appointee, now that the high court says the chief executive can do so at will. It's "critical that the agency implement the administration’s housing policies," said a White House official.

How technology is enabling new types of payment transmission and what this means for banking.

The justices on Wednesday threw out a key part of a challenge brought by firms including Paulson & Co., Pershing Square Capital Management and Fairholme Funds ​to the government’s collection of more than $100 billion in profits from Fannie Mae and Freddie Mac.

Under federal health plans, categories like dental still have steep out-of-pocket costs, creating opportunities for companies like Sunbit and Ally Lending to provide options at the point of care.