community banking news
- Banking
Banks’ hidden role in the carbon footprints of large corporations
Many large U.S. corporations have made specific pledges to reduce their greenhouse-gas emissions as part of the fight against climate…
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Black caucus ups pressure on Biden to cancel student debt
The Congressional Black Caucus is requesting a meeting with President Biden to press the case that canceling student-loan debt is…
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Truist’s Daryl Bible to retire, search begins for new CFO
Truist Financial will conduct a search for a new chief financial officer after Daryl Bible, who has served in the…
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Agility Bank founder raves about the tech benefits of starting from scratch
As she designed and built a new bank that will launch Monday, Lauren Sparks was careful not to overly rely…
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From superstore to super app: Walmart’s next steps in finance
To date, Walmart’s approach to financial services has been like its approach to running a superstore: Whatever you need, it’s…
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Credit card balances grew in April at fastest rate in 26 years
Two years after massive cash buffers helped many U.S. consumers pay down their debts, credit card balances are back. In…
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Two years after PPP, small businesses still struggle to access capital
More than four in 10 small business owners doubt they would be able to cover an unexpected $5,000 expense, and…
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Gerald Corrigan, who gained fame as a troubleshooter for the Fed, dies
Gerald Corrigan, who spent a quarter century at the Federal Reserve, including an eight-year stint as president of the Federal…
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Fed nominee Barr ‘well positioned’ for confirmation after Senate hearing
WASHINGTON — Michael Barr, the Biden administration’s second pick to become the Federal Reserve’s chief banking regulator, faced little resistance…
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7 data breach reporting rules banks need to understand
On May 1, the protocols U.S. financial institutions must follow after a cybersecurity breach changed, and more changes are still…
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Women-owned bank to open in Houston
Agility Bank will open its doors in Houston next week as a Minority Depository Institution primarily owned and led by…
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Former regulators say CFPB is ‘no longer sleeping’ on payments
For years, there were usually less than a handful of cases at the Consumer Financial Protection Bureau that involved payments.…
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Vernon Hill sues Republic First after ouster as chairman
Vernon Hill is not going down without a fight. The death last week of an ally among Republic First Bancorp’s…
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Goldman Sachs report shows bank is losing senior Black women
Goldman Sachs Group is losing its most powerful Black women, according to new data the firm released in a report on its…
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Beware the Fed’s heavy hand in proposed CRA reforms
What is billed as an interagency Community Reinvestment Act reform proposal is really the heavy-handed handiwork of the Federal Reserve,…
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In-person or remote work? Two payments leaders weigh in.
As the pandemic ebbs and flows, various financial institutions and payment companies are making very different decisions about whether to…
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Top-performing U.S. community bank shows value of revenue diversification
Oregon Bancorp once again finds itself in a familiar perch: atop a key ranking of community lenders. For the fourth consecutive…
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Regulators plan public hearings on TD, BMO deals
Federal regulators on Tuesday scheduled public hearings on two large bank mergers — a move that indicates they are opting…
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John Ryan, fierce defender of dual banking system, is dead at 58
John Ryan, a passionate defender of the dual banking system and a driving force as the president and chief executive…
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Fintech firm Q2 is weighing options after takeover interest
Q2 Holdings, a banking-software provider, is weighing options including a sale after receiving takeover interest, according to people familiar with…
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Mastercard begins facial-recognition rollout with retailers
Mastercard has begun to trial a biometric payment system for brick-and-mortar stores, using facial recognition rather than contactless cards, smartphones…
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Dimon’s big pay package gets thumbs-down from JPMorgan shareholders
JPMorgan Chase’s shareholders voiced strong discontent Tuesday with the company’s most recent executive compensation packages, which included a one-time award…
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FDIC, CFPB target crypto firms that make false claims of deposit insurance
Two financial regulatory agencies are threatening to crack down on cryptocurrency and other fintech firms that falsely suggest their institutions…
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Two board members resign from Los Angeles bank ahead of annual meeting
A new wave of boardroom turmoil has hit RBB Bancorp in Los Angeles two days before the $4 billion-asset company…
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Ex-FHFA Chief Calabria warns of Fannie, Freddie risk
Mark Calabria, who oversaw government-controlled mortgage giants Fannie Mae and Freddie Mac under the Trump administration, is sounding alarm bells…
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Four ways cannabis banking could cross the finish line in 2022
WASHINGTON — The legalization of cannabis banking looks as likely as ever, but the road lawmakers will take to get…
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Wells Fargo names new head of its financial advisory unit
Wells Fargo has promoted Sol Gindi to lead Wells Fargo Advisors, turning to a former JPMorgan Chase executive to lead…
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Truliant Federal Credit Union in North Carolina names diversity leader
Truliant Federal Credit Union in Winston-Salem, North Carolina, has promoted Precious Quire-McCloud to oversee the credit union’s initiatives for diversity,…
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Remote notarization is becoming a must-have offering
Notarizing documents entirely over video was a matter of safety at the beginning of the pandemic, when people were eager…
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Fintech lender on the hook for millions in fraud from one client’s losses
Like many fintechs, Grain Technologies promises financial institution partners it will stand by its product in the face of fraud,…
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Less than four years after shooting, Fifth Third faces hostage situation
Less than four years after a fatal shooting at Fifth Third Bancorp’s headquarters in Cincinnati, an armed man entered one…
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Google Wallet makes a comeback as a digital credential app
Google Wallet is coming out of retirement. Four years after Google shelved the concept so it could streamline all digital…
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Bank of Idaho to purchase five branches in Washington state
Bank of Idaho in Idaho Falls has entered into an agreement with HomeStreet Bank in Seattle to purchase five of…
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Credit card tech startup Deserve inks $250 million Goldman-led credit facility
Deserve, a credit card technology startup, said it secured a $250 million credit facility from banks led by Goldman Sachs…
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Maryland credit union service organization acquires Wisconsin CUSO
The Cockeysville, Maryland-based credit union service organization Think Stack has purchased the Milwaukee-based CUSO Emergifi. Think Stack’s acquisition of Emergifi,…
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Why 1 billion women are excluded from the financial system
In the Ukrainian refugee crisis, “women are much less likely to have identification and the proper documentation and even less…
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Banks zig in sports marketing as fintechs and crypto firms zag
Sports fans entering stadiums and arenas are being introduced to an increasingly crowded field of fintech and crypto logos, prompting…
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CFPB issues advisory opinion on fair lending laws
WASHINGTON – The Consumer Financial Protection Bureau on Monday issued an advisory opinion affirming that the federal prohibition against discrimination…
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SEC extends comment period for climate rule to June
WASHINGTON — The Securities and Exchange Commission will extend the public comment period for its landmark climate disclosure proposal by…
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How Goldman Sachs uses tech to ease supply-chain friction
As banks and technology firms flood the market with tools to modernize corporate payments, Goldman Sachs is attempting to make…
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Fed: falling market confidence, profitability among top risks for banks
WASHINGTON — Key indicators of the banking industry’s health fell to their lowest levels in more than a year during…
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Ally Financial is ready to move beyond its auto-centric past
From cars to credit cards, mortgages and investment accounts, Ally Financial is gradually trying to earn a larger share of…
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Florida credit union overhauls its fraud prevention with big assist from AI
As algorithmic techniques for fraud prevention improve, financial institutions have more and better options to stop losses in real time…
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M&T Bank names new leader for ESG initiatives
M&T Bank has named Erin Komorowski as the new head of its environmental, social and governance office, where she will…
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Caught between bankers and activists, can the CRA reform proposal make everyone happy?
WASHINGTON — Federal bank regulators moved forward on their major rewrite of the Community Reinvestment Act to wide applause from…
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Activist investor sues Republic First for delaying its annual meeting
A bitter, long-running proxy fight between two separate activist investor groups and the management of Republic First Bancorp may be…
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Bank of America upgrades its digital offerings for business clients
Bank of America has been churning out a steady stream of tools for businesses of all sizes over the last…
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Thiel-backed fintech Neo turns unicorn with $185 million funding
Peter Thiel’s Valar Ventures Management is leading a $185 million funding round for Canada’s Neo Financial Technologies, propelling it to…
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Fraud is down, but more expensive
After increases in fraud reports in 2020 and 2021, recent data suggests the fraud rate impacting a large swath of…
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What student loan forgiveness would mean for U.S. consumer lenders
The large-scale forgiveness of federal student loan debt, which President Biden could announce in the coming days, would bolster credit…
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