News Topic: BankThink

The Justice Department alleges that the bankers worked with “higher-ranking bank officials” at Washington Federal Bank for Savings in Chicago to falsify records and hide funds prior to the bank's December 2017 collapse. ... Read full article

The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur. ... Read full article

The company said the sale will provide more consistent financial results and allow it to redeploy funds to support other businesses. ... Read full article

The Iowa company said the coronavirus outbreak and litigation against AimBank will postpone the deal's completion by a few months. ... Read full article

Friends of Traditional Banking is focusing on four GOP senators in tight races as it prepares to endorse two incumbents for the November elections. ... Read full article

Data from the National Credit Union Administration shows that despite a dip during the second quarter, the rate of industry consolidation has not changed dramatically from last year, despite the pandemic. ... Read full article

Mike Duncan had kept a low profile as chairman of the U.S. Postal Service’s board of governors until it hired Louis DeJoy as postmaster general. Now he is sharing an unwanted spotlight with the embattled DeJoy. ... Read full article

The company said migration to digital channels spurred its decision to shutter locations across five states. ... Read full article

Bankers have long opposed the idea of the U.S. Postal Service taking deposits and making loans directly, but some in the industry are open to the idea of letting banks and credit unions offer services at post offices. ... Read full article

Bank of America and Clinton Savings Bank in Massachusetts are targeting consumers at a young age and hoping to keep them for life. ... Read full article

Why PayPal just deposited $50 million in tiny Optus Bank; ex-Bank of America employees allege 'extreme pressure' to sell credit cards; the Citi snafu may bring fresh scrutiny to custodial banks; and more from this week's most-read stories. ... Read full article

Members of Sperry Associates FCU will vote on a deal to merge into the nation's third-largest credit union. Both institutions have roots in serving the defense sector. ... Read full article

Some customers have complained of limits being slashed by one-third to two-thirds, eroding their ability to borrow in an emergency during a pandemic or potentially hurting their credit scores. ... Read full article

Close collaboration between leading payment innovators and regulators could help regulators better understand the direction the industry is headed, says Arkose Labs' Vanita Pandey. ... Read full article

New analysis from S&P found that only two of the of the top 20 credit unions that participated in the Paycheck Protection Program loans had assets of less than $1 billion. ... Read full article

The move to largely ignore inflation overshoots is likely to mean low interest rates for years to come; Citi, JPMorgan Chase and Morgan Stanley are underwriting the big Hong Kong portion. ... Read full article

The company will use Savoy's midtown Manhattan office to coordinate business development efforts around the city. ... Read full article

Refinancing has been one of the bright spots in a difficult year for lending, and the industry has concerns that a fee to be imposed by Fannie Mae and Freddie Mac could slow down the business. ... Read full article