OneUnited is trimming branches and expanding digital offerings as it builds its brand as a backer of social justice that develops innovative products such as a Black-Lives-Matter-themed debit card.
The Massachusetts company hired banking veteran Mark Thompson, who recently scrapped an effort to buy a struggling bank in Boston, as its bank president.
Amid all the bad news this year among taxi-medallion lenders, banks are trying to renegotiate loan terms behind the scenes, and regulatory changes could prop up collateral values and the competitiveness of taxis.
Numerated Growth Technologies has a platform that lets banks make lending decisions in as little as five minutes. The spinoff will be run by Dan O'Malley, Eastern's former chief digital officer.
The subprime auto lender funded loans through a group of car dealers that it knew had track records of high default rates and fraud, authorities in Massachusetts and Delaware said.