More than a third fear the fallout from the coronavirus pandemic could drag into 2022 or later, and they are most worried about commercial real estate loans, according to a Promontory Interfinancial Network survey.
The network offering an array of vendor services to member banks named former trade group chiefs Camden Fine and Ed Yingling to its board and has hired former American Banker Editor-in-Chief Rob Blackwell as chief content officer and head of external affairs.
Ludwig, a former regulator and CEO of Promontory Financial, and Mahan, the head of Live Oak Bancshares, say they want to back tech startups that support community banks. The ABA and ICBA are among the fund's investors.
Executives from the bank and the tech company have been working for months to create a cloud designed to address the challenges that often slow financial institutions' adoption of cloud computing.
Competition for deposits is tight, the outlook for loan demand is uncertain, and regulatory relief is slow-moving. Yet community bankers are feeling better about the economy than they have in two years, a Promontory Interfinancial Network survey found.
Community banks in the state have struggled to attract the funds to meet surging loan demand, but that could change now that a new law has made it easier for them to accept government deposits.
Bank and credit union regulators issued a statement giving institutions the go-ahead to try artificial intelligence and other emerging tech to detect money laundering. It's just what some institutions have been waiting for.
Promontory Financial Group CEO Eugene Ludwig says AI tools can remove the risks — and discrimination — involved in opening the U.S. financial system to newcomers.
