Reading Cooperative Bank recently launched a program that aims to hire young Black and Hispanic adults from low-income communities. Its leaders say it’s part of a broad strategy to develop new pipelines of talent and better serve low-income communities. ... Read full article
The extension to Aug. 8 was offered by Senator Ben Cardin, a Maryland Democrat, and cleared the chamber by unanimous consent. The House has yet to take up the bill but could pass it as soon as Tuesday night. ... Read full article
Federal Reserve Chairman Jerome Powell said about 300 lenders have signed on to the program and that the central bank is committed to making adjustments that could attract more borrowers. ... Read full article
Six of the eight regional banks that announced their stress capital buffers on Tuesday said they will need just a 2.5% cushion to weather an economic downturn. All eight said they’ll keep their dividends steady. ... Read full article
Lenders are selling their Paycheck Protection Program loans or hiring outside companies to navigate the process in an effort to reduce risk and avoid overloading their employees. ... Read full article
The New York State Department of Financial Services issued a letter Tuesday reminding lenders of amendments to the state's Community Reinvestment Act, under which banks are evaluated on how they meet the credit needs of businesses owned by women and ... Read full article
Banks are using emotion AI, which picks up subtle signals over text, audio and video, to help their customer service agents do their jobs better. ... Read full article
Chris Dodd and Barney Frank said the legislation — nearing its 10th anniversary — put banks in position to be a stabilizing force during the coronavirus crisis. ... Read full article
I have a new white paper out from the Roosevelt Institute's Great Democracy Initiative. The paper, which is co-authored with Lindsay Owens and Ganesh Sitaraman , proposes a standing emergency economic stabilization authority to provide an ... Read full article
Southwest Bancshares in San Antonio will have assets of $1.5 billion when it absorbs two affiliated banking companies in nearby cities. ... Read full article
The coronavirus outbreak forced BBVA USA to rethink a plan to add 15 branches in Texas, but it decided to move ahead anyway, albeit with a few tweaks. ... Read full article
Technology has helped banks expand globally, but complying with country-specific laws restricting data flows is a constant struggle. ... Read full article
The so-called tech sprint involving 20 companies from across the country is intended to help improve the efficiency of banks' quarterly data submissions to the regulators. ... Read full article
The online TV giant will start by moving $25 million to a fund that invests in minority-run financial institutions that serve low-income communities and depositing $10 million into Hope Credit Union in Jackson, Miss. ... Read full article
While the resolution sends a message of disapproval of the OCC’s reform of the anti-redlining law, the Republican-controlled Senate is not expected to consider the measure. ... Read full article
Supreme Court says the president has the power to remove the director at will; the bank is the only one of the six largest U.S. banks to say they will cut their dividend next quarter. ... Read full article
Bank consolidation has been stagnant since the pandemic hit, and the outlook for the rest of the year is bleak. ... Read full article
In response to the Federal Reserve's stress tests, Wells said it will lower its third-quarter distribution to shareholders. Meanwhile, JPMorgan Chase, Goldman Sachs and five other companies announced stress test capital buffers that exceed the minimum ... Read full article
The company said it had cut 20 positions and had found a way to shed 35,000 square feet of office space by the end of 2020. ... Read full article
Eric Luse, who co-founded the Luse Gorman law firm, helped Community Bank Shares of Indiana create the first MHC in the early 1990s. ... Read full article
