The combined Broadway Federal and City First Bank will have more than $1 billion in assets; the country’s cyber capabilities have become “dangerously sophisticated.” ... Read full article
Institutions serving colleges and universities traditionally see membership surge in the fall, but are now planning for a decline as classes move online. ... Read full article
The e-commerce leader’s return to the drawing board alleviates immediate concerns about its banking plans. But the company intends to reapply, and it will be harder for the industry to persuade policymakers to block industrial loan companies more broadly. ... Read full article
With the USPS emerging as an election-year flashpoint, postal banking is an idea that could gain steam. But a number of proposals are out there, and they have wildly varying implications for financial inclusion. ... Read full article
The Minneapolis company’s partnership with the Black Business Investment Fund and other community development financial institutions is an example of how banks can fulfill multimillion-dollar pledges aimed at closing the racial wealth gap. ... Read full article
John Collins comes to the credit union industry after spending 20 years in a variety of roles at the national bank, including helping integrate two acquisitions. ... Read full article
The agencies completed steps to ease a community bank capital measure temporarily and to delay a new credit-loss accounting standard. ... Read full article
Florida and West Virginia recently joined four other states in setting up regulatory sandboxes that allow startups to test products with consumers without obtaining a license. ... Read full article
New data from the state regulator showed that CUs in the Badger State grew assets by 28% during the first half of this year, up from 14% during the same period in 2019. ... Read full article
The Los Angeles company will remain a community development financial institution when it acquires the parent of City First Bank in Washington. ... Read full article
The OCC’s efforts to bring the technology into the financial mainstream could help people in underserved communities more securely execute payments. ... Read full article
Fannie and Freddie’s regulator said it will delay imposing the 0.5% fee until December 1; JPMorgan Chase is also making a strategic investment in buyer in the fintech, ConsenSys. ... Read full article
"It's on-demand capital for us," Optus Bank's CEO says of the payment company's deposit. The funds are part of PayPal's broader effort to confront race and income inequality. ... Read full article
Citigroup’s $900 million payment blunder in a usually sleepy part of the financial market dominated by a handful of banks has experts wondering if regulators will uncover a deeper problem. ... Read full article
The product, which is also aimed at community banks, includes a "take-back" option that allows consumers to withdraw extra funds they've paid that go beyond their monthly scheduled mortgage payment. ... Read full article
If Congress wants to provide better access to banking services for low-income and rural Americans, they would be wise to consider financial services partners that operate as a not-for-profit model. ... Read full article
The former chairman of the National Credit Union Administration served at the agency during a crucial time for regulatory reform and credit union growth, though his tenure also had its share of scandals. ... Read full article
The bank will outsource future development of Quorum to the software firm. ... Read full article
The mortgage giants were criticized earlier this month for a plan to charge an "adverse market fee" to protect against losses resulting from the pandemic. ... Read full article
The former SoFi chief’s latest startup, Figure, has created what it says is a transparent marketplace for buying and selling assets. Some banks have embraced the technology, but other blockchain projects have stalled because lenders don't want rivals ... Read full article
