How fintechs are threatening banks for B2B commercial cards
Firms like Brex and Ramp are adding new tech faster than legacy banks, according to payment experts.
Exclusive: Trump admin lays off Treasury CDFI staff
The Office of Management and Budget issued reduction in force notices to Treasury staff working in the Community Development Financial Institution office Friday, saying that the layoffs are necessary to “implement the abolishment” of the fund.
AI is set to permanently disrupt the debt collection industry
Artificial intelligence offers debt collection companies the opportunity to vastly improve margins while achieving higher levels of regulatory compliance and maximizing scalability.
Former City National CEO starts wealth management firm
Former City National CEO Kelly Coffey has a new venture in wealth management; Erin Siegfried is Northwest Bancshares’ new chief legal counsel and corporate secretary; Flagstar Bank secures OCC approval to merge its holding company into the bank; and more in this week’s banking news roundup.
Citizens looks beyond loans in effort to tap student market
The regional bank has launched a digital student banking center that’s part of a broader strategy to focus on relationship-building.
Amid looming layoffs, CFPB is hiring attorney-advisors
The Consumer Financial Protection Bureau has announced job openings for attorney-advisors to represent the agency in defensive and appellate litigation.
$10 million is the magic number for deposit insurance bill
An updated deposit insurance reform bill from Sens. Bill Hagerty, R-Tenn., and Angela Alsobrooks, D-Md., would raise deposit insurance for business accounts to $10 million, exclude the largest banks from coverage and insulate community banks from footing the bill.
The challenges and opportunities for banks in Gen Z credit
Younger borrowers are increasingly moving money away from financial institutions, but banks could recapture Gen Z capital by helping them build credit.
Community banks need relief from a suffocating web of regulations
A former chair of the Federal Deposit Insurance Corp. argues that community banking in the U.S. is being slowly strangled by regulations that place heavier burdens on small banks than on giant ones.
Live Oak, U.S. Bank among big gainers as SBA lending spikes
A number of banks experienced major increases in 7(a) lending activity during SBA’s recently completed fiscal year, as program-wide loan volume topped $37 billion for the first time.