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Fintech proves what’s possible; will bankers adapt?

Technology plays an ever-increasing role in banking, particularly when it comes to innovation. For all the talk (and fear) about the power of online lenders, more than one speaker noted online lenders control only 5 percent of the lending market. Chris Rentner, founder/CEO of a digital lending platform called Akouba, turned that around, telling the audience at the American Bankers Association’s annual conference that traditional banks should be able to win the digital lending game because they already have 95 percent of the customers. [Continue]

Public bank question enters Minnesota Governor’s race

New Jersey Governor Phil Murphy, a former Goldman Sachs executive, successfully campaigned on a platform that was pro-public banking. Now, current Minnesota State Auditor and DFL candidate for governor, Rebecca Otto, has indicated support for a state bank.  In a message to potential supporters, Otto writes: “Imagine the geographical, racial and economic disparities we could overcome if we had a Minnesota State Bank to provide access to small business capital, low-interest student loans, crop insurance for family farms, and banking services for the unbanked. It would be an economic game-changer.” [Continue]

DoJ reaches settlement with KleinBank

The Justice Department on May 8 settled its suit against KleinBank, resolving allegations that the bank engaged in lending discrimination by “redlining” predominantly minority neighborhoods in and around the Twin Cities of Minneapolis-St. Paul, Minn. KleinBank is a $2 billion bank based in Chaska, Minn. [Continue]

Key leadership change at United Bankers’ Bank

Kevin Bostrom

Kevin Bostrom, executive vice president, has retired from United Bankers Bank, Bloomington, Minn. Conrad Newburgh, a commercial lender with more than 40 years of experience, has been promoted to chief credit officer to replace Bostrom, whose last day at the bank was April 13. Bostrom was a key contributor to the growth in UBB’s balance sheet over three decades, said Bill Rosacker, UBB president and CEO. [Continue]