Citi has named David Chubak as head of global retail banking and mortgage for the global consumer bank, replacing Jonathan Larsen, who resigned late last year.
A Trump administration budget proposal to end federal funding for community development financial institutions would push small businesses to high-risk, high-cost lenders.
Working primarily with community banks, Promontory Local Credit will provide second-lien loans to small firms, potentially increasing their available credit by 50%.
Stock plunges more than 50% after CFPB, states sue subprime loan servicer for allegedly abusing customers; regional bank looks to underprice Amex and JPMorgan's upscale credit cards.
The Wisconsin regional's profits rose 35% in the first quarter on healthy loan growth, wider margins and an improved efficiency ratio while saying its "satisfactory" CRA rating had been restored.
Executives at BB&T, KeyCorp and Citizens are milking commercial lending niches and balancing cost control with new investments while waiting for more rate hikes to fatten margins.
