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. ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
The legislation would extend to the banking system the Civil Rights Act's protections for customers of hotels and restaurants. ... Read full article
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. ... Read full article
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. ... Read full article
Agility Bank, one of two women-led groups seeking charters, is looking to open next spring. ... Read full article
Weak loan demand, persistently low yields and the continued struggles of sectors such as hospitality and retail are among the myriad lending challenges facing small regional banks. ... Read full article
The new policy will allow the company to close some work sites and reduce the size of others. It’s part of a broader effort to cut expenses to help offset revenue declines brought on by the coronavirus pandemic. ... Read full article
The Detroit-area credit union is offering consumers within five zip codes free trips to voting sites on Election Day. ... Read full article
National banks just got the OCC's go-ahead this summer to hold and transfer digital assets like bitcoin for customers, but the Paris-based bank has already vetted the technology needed to do the job. ... Read full article
The Ohio company's new effort will commit $25 million in 7(a) loans, along with fee waivers and financial education. ... Read full article
The Dallas bank has begun encouraging larger borrowers to seek forgiveness of Paycheck Protection Program loans first as it holds out for the government to streamline the process for loans below $150,000. ... Read full article
The agency confirmed that loans backed by Fannie Mae and Freddie Mac can continue avoiding debt-to-income limits as the bureau completes a revamp of the Qualified Mortgage standard. ... Read full article
Regulators said they will allow banks to deduct Treasury securities — a source of market volatility in the pandemic — from the net stable funding ratio on the same day they provided relief from auditing requirements. ... Read full article
The hiring of Rania Llewellyn comes a little more than a month after Jane Fraser was named Citigroup's chief executive, which will make her the first female head of a big Wall Street bank. ... Read full article
The combined institution will serve almost 75,000 members with nearly $660 million in assets. ... Read full article
House Democrats had already approved a measure blocking the regulation reforming the Community Reinvestment Act, but the resolution faced more resistance in the upper chamber. ... Read full article
The veteran executive will receive a $13 million lump-sum payment if she stays with the North Carolina company for two years after the deal closes. ... Read full article
