Financial institutions

The e-commerce leader’s return to the drawing board alleviates immediate concerns about its banking plans. But the company intends to reapply, and it will be harder for the industry to persuade policymakers to block industrial loan companies more broadly.

The Minneapolis company’s partnership with the Black Business Investment Fund and other community development financial institutions is an example of how banks can fulfill multimillion-dollar pledges aimed at closing the racial wealth gap.

Citigroup’s $900 million payment blunder in a normally low-profile part of the financial market dominated by a handful of banks has experts wondering if regulators will uncover a deeper problem.

The agency said national banks could close offices “at their discretion” as a safety precaution if they are affected by fires in California and Colorado.

The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

When customers contact Wells Fargo, its artificial intelligence system goes to work; what American Express is getting with it purchase of Kabbage; Fannie, Freddie refi fee will wipe out millions in mortgage profits; and more from this week's most-read stories.

Observers say the rare denial is rooted in skepticism that a new bank can succeed under current economic conditions and a signal to other proposed banks to hit the pause button.

The Japanese conglomerate first applied for deposit insurance in July 2019 and again in May 2020.

Growing Oaks Federal Credit Union in Goldsby, Okla., plans to provide signature and auto loans initially and then expand into mortgages.

Jelena McWilliams's term as FDIC chair expires in 2023, and she cannot be removed by an incoming president. But if Joe Biden prevails, he may ask her to stay — and if she does, governing a Democratic-majority board would be a very different proposition.