Regulators lay out fintech partnership guidance
Federal regulators late last week issued guidance for community banks to consider when they seek to partner with fintechs. [Continue]
Union Bank breaks ground on corporate office
Leadership of Michigan’s Union Bank gathered earlier this month to break ground on a new corporate office in Grand Rapids, Mich. [Continue]
Fintech loans ‘highly suspicious’ at disproportionate rate
Fintech-provided Paycheck Protection Program loans were “highly suspicious” at nearly five times the rate of loans from traditional lenders, and included billions of dollars in fraudulent loans. [Continue]
Powell: Support could be curtailed if economic trends continue
Federal Reserve Chair Jerome Powell today said the Fed is drawing closer to ending its increased support for the markets as economic growth continues despite the ongoing spread of the delta Covid-19 variant. [Continue]
Report: Community banks should develop digital loan platforms
A recent financial services consultant report found that a litany of factors have placed small business lenders at a competitive disadvantage to larger financial institutions and credit unions. [Continue]
Fed’s debit networking plan draws industry ire, support
More than half a dozen financial trade organizations are criticizing the Federal Reserve’s proposal to make at least two unaffiliated debit networks available on every debit card issued in the United States, including for card-not-present transactions. [Continue]
Banking groups: Cybersecurity reporting legislation conflicts with existing requirements
Several provisions in the Cyber Incident Notification Act of 2021 conflict with existing cybersecurity requirements, a joint trade group letter said. [Continue]
Midwest economic outlook remains strong
An August Rural Mainstreet Index report released Aug. 19 by Creighton University revealed a still strong but flat economic outlook. The overall August index fell slightly to 65.3 from July’s 65.6. For the ninth straight month, RMI remained above growth-neutral in the country’s central states, with a third of bank CEOs saying their local economy expanded from July to August. [Continue]
Louisiana community bank revamps main space
Clinton, La.,-based Landmark Bank has renovated its main space, a project intended to support the community bank’s 10-year growth plan. [Continue]
Illinois credit union purchasing community bank
An Illinois-based credit union is acquiring a community bank within the state. [Continue]