News Topic: BankThink

The economic fallout from COVID-19 has highlighted systemic concerns about commercial real estate exposure, business debt and short-term wholesale funding, the Financial Stability Oversight Council said in an annual report. ... Read full article

A number of reasonable changes to the National Credit Union Share Insurance Fund could help NCUA avoid charging premiums. ... Read full article

The banks will aim to attract new small-business customers by targeting the merchants that use Stripe's payment processing platform. ... Read full article

The initiative is the latest offshoot of Project REACh, which was developed by the OCC over the summer to bring together bankers, community leaders and civil rights organizers in an attempt to expand access to credit. ... Read full article

With R. Scott Blackley planning to leave for a role at a health-insurance startup, the credit card giant is promoting longtime executive Andrew Young. ... Read full article

Webster Bank and Customers Bank are among the lenders that have turned to alternative data sources and automated loan reviews to assess business customers' ability to weather the coronavirus pandemic. ... Read full article

Senators voted 48-47 to put Christopher Waller on the Federal Reserve Board, concluding a confirmation process that had been dragged out for months because of controversy surrounding a separate nomination for Judy Shelton. ... Read full article

Visa insists that the Department of Justice, in objecting to its proposed $5.3 billion purchase of Plaid, fundamentally misunderstands the changing role of data in the payments industry. ... Read full article

Members of tiny Gloucester Municipal CU are set to vote early next year on whether to join Metro Credit Union. ... Read full article

The companies took a pause from merger discussions when the pandemic hit to evaluate their individual circumstances. ... Read full article

Randal Quarles said banks should have used their extra capital cushions to help more during the pandemic; 1% of small business borrowers got 25% of the funds, SBA records reveal. ... Read full article

Chief Operations Officer Jerry Schmidt will take over at the Rapid City, S.D.-based institution in early January. ... Read full article

The U.K. banking giant is reportedly mulling an exit from retail banking in the United States. It could attract more interest if it tries to sell its network in pieces instead of looking for a single buyer, analysts say. ... Read full article

Figure Technologies would only accept uninsured deposits, so it would not be subject to Fed or FDIC oversight. A major concern for banks is that the effort could open the door to incursions by bigger tech companies. ... Read full article

President-elect Joe Biden will likely have to contend with a Republican-controlled Senate. That could have important implications for his approach to financial services policy. ... Read full article

The company agreed to acquire a Colorado plan provider that operates as RPS Plan Administration and 24HourFlex. ... Read full article

The Massachusetts company, which had a big second-quarter loss after writing down the goodwill tied to past acquisitions, will sell eight locations to Investors Bancorp and shutter another 16 offices. ... Read full article

Board member Todd Harper was concerned that the credit union regulator was not adequately preparing for the impact of prolonged economic turmoil and could be caught "flat-footed" as it was heading into the last crisis. ... Read full article