Bankruptcy Blogs

Wells Fargo ditches Abbot Downing name for ultrarich clients

03/11/21

Wells Fargo is dropping the Abbot Downing name for managing ultrarich clients’ money as wealth and investment management head Barry Sommers remakes the unit.

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Combating hate crimes is one of this Asian American neobank's goals

03/11/21

Cheese, a new challenger bank aimed at Asian Americans and immigrants to the U.S., has established a fund to support groups that serve communities affected by racist attacks and economic hardship during the pandemic.

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Amid losses, LendingClub lays out long-term vision for its bank

03/11/21

The company is anticipating at least $175 million in losses in 2021, but its recent acquisition of Radius Bancorp will reduce funding costs and allow it to develop a full gamut of banking products that its CEO says will eventually yield big profits.

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Chopra, Gensler nominations move forward; Goldman’s $10B investment in Black women

03/11/21

Biden’s CFPB and SEC choices move to the full Senate following mostly party-line banking committee votes; the bank is making a 10-year commitment to channel capital to benefit Black women.

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Credit unions need younger members. Can TikTok help?

03/11/21

The social media platform skews toward a more youthful demographic, while credit unions' average member age has been stuck in the late 40s for decades. But even institutions that use it have concerns about security.

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Outsider emerges as top contender to lead OCC

03/10/21

Many in Washington have been in suspense about whether the Biden administration would favor a former Obama official or a financial inclusion advocate for comptroller of the currency. Mehrsa Baradaran, the candidate preferred by community activist groups, appears to have the edge.

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Regional banks wonder: When’s the right time to release loss reserves?

03/10/21

M&T Bank, Citizens Financial and Huntington Bancshares are playing it safe even as some of their counterparts have started to trim allowances in response to government stimulus efforts and rapid progress in the rollout of the coronavirus vaccine.

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House members receptive to extending PPP deadline

03/10/21

Legislators expressed concerns that thousands of pending applications are stuck in limbo just weeks before the Small Business Administration is legally required to stop accepting them.

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Indiana’s second-largest credit union to get a boost with merger

03/10/21

Indiana Members CU will expand its reach later this year following completion of a proposed combination with Members Choice FCU.

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Senate Banking Committee approves Biden's picks to head CFPB, SEC

03/10/21

The nominations of Rohit Chopra as head of the Consumer Financial Protection Bureau and Gary Gensler as chairman of Securities and Exchange Commission advanced Wednesday and will now be voted on by the full Senate. Earlier in the day, the Senate confirmed Marcia Fudge as secretary of the U.S. Department of Housing and Urban Development.

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