The Cleveland company will exit indirect auto lending and close branches so it can devote more resources to mortgages, student loans and other relationship-driven, digital-friendly businesses.
State College FCU is seeking member approval to fold into Horizon CU, citing ongoing challenges finding members to serve on its board of directors and supervisory committee.
Delaying a proposed benchmark for grading banks' performance in Community Reinvestment Act exams to appease critics of its initial proposal will make it harder to gauge the final rule’s impact.
Banks have managed to steer around trouble spots in energy, hotel and mall-related credits. But fears of further deterioration, an eviction wave or more job losses are keeping lenders circumspect.
The credit union regulator has no immediate plans to bring staff and examiners back into the office, but Chairman Rodney Hood said staying remote would remain an option for all staff members during Phase 1 of any return.
Quarles says the pandemic revealed flaws in the financial system that have yet to be fixed; big banks will need to have enough funds on hand to meet their needs for a year.
Many credit unions offer youth accounts to help establish early banking relationships, but a new account for kids from the nation’s largest bank has raised the level of competition.
