Ken McCarthy

Credit unions have announced 11 deals for banks so far in 2023, five short of 2022's total.

As the Latino population in the U.S. expands, so does the business case for banks and credit unions that want to tailor services for this audience.

Michigan State University Federal Credit Union will open five branches in the Windy City to serve the more than 10,000 members and potential members living there. This marks the first time that the institution has expanded beyond its home state.

The average credit union member had saved $286 less in March compared to a year earlier. That was the largest per-member drop in credit union history, fueled by rising costs of living and more aggressive competition.

Collins Community Credit Union in Cedar Rapids, Iowa, said Monday that it laid off 38 employees, primarily in its mortgage lending division. In September, GreenState Credit Union in North Liberty, Iowa, cut 42 employees, or about 5% of its workforce.

Multiple factors have slowed residential sales, tightening the market for home loans for banks and credit unions.

Branches across the country have closed temporarily, or switched to drive-thru service, as infections and quarantine rules have forced many bank workers to stay home.

Home loans accounted for the bulk of the industry’s lending gains in 2020, but inventory shortages in some markets and an uneven economic recovery may dim prospects this year.

The company disclosed that an internal review of a now-discontinued loan program found that employees engaged in misconduct tied to income verification and requirements, among other things.

MVB in West Virginia will gain a 47% stake in the partnership in exchange for contributing its mortgage unit's assets to the new company.

People's United in Connecticut is letting the loans run off its books as it invests in higher-yielding commercial loans.

Tom Lopp abruptly suspended a program that accounted for 83% of Sterling Bancorp's mortgage production this year. An ongoing audit of the program and pressure to diversify beyond mortgages are reasons to watch Lopp and Sterling in 2020.

David Becker, who founded First Internet Bank two decades ago, says traditional banks' digital-only ventures are only making his bank look more mainstream.

The FDIC ordered the Seattle bank to pay a nearly $1.4 million fine tied to improper agreements with real estate brokers and homebuilders.

The bank said it could record a $7 million charge in the second quarter after the client unexpectedly closed in May.

All of the Seattle company's directors, including CEO Mark Mason, were backed by shareholders despite a challenge by Blue Lion Partners.

The Indiana company, which has an acquisition pending, will make more loans in minority neighborhoods around Indianapolis.

The parent of Ponce Bank has agreed to acquire Mortgage World Bankers.

The moves are part of a plan CEO Rajinder Singh discussed in a conversation with American Banker.

Meridian Corp. may have breached sales agreements after originating nearly $100 million in loans in a state where it lacked a license.