“When coronavirus closed businesses in Baltimore and its suburbs in the spring, Kevin Benson feared the worst for the small lender he runs—widespread defaults, anemic loan growth. Instead, Rosedale Federal Savings and Loan surpassed $1 billion in assets in May, years ahead of schedule, aided by a government-backed lending boom. The vast majority of its borrowers—consumers and businesses—are in good standing.”

“Germany’s largest lender Deutsche Bank is on the lookout for takeovers and joint venturesto help towards its goal of becoming a major force in Europe’s rapidly consolidatingpayments processing industry”

“It has been a long wait for Bank of Ireland customers.  Apple Pay was first introduced to the Irish market in 2017 through Ulster Bank and KBC, before being added by AIB. However, Bank of Ireland’s technology infrastructure did not allow the technology to be used and the bank has been going through a major IT overhaul.”

“The American Bankers Association called on every bank in the country to consider offering Bank On-certified accounts to expand access to banking services and reduce the number of unbanked and underbanked Americans. In urging all banks to join ABA in this financial inclusion initiative during his opening remarks at ABA’s Unconventional Convention, ABA President and CEO Rob Nichols also commended the nation’s core processors, which provide the operational backbone behind many banks, for committing to make it easier for their bank customers to offer the highly affordable accounts that meet the Bank On National Account Standards.”

“The proportion of U.S. households without access to a bank account fell in recent years but could be driven up again by the coronavirus pandemic , according to a survey released Monday by the Federal Deposit Insurance Corp. The so-called unbanked rate declined to 5.4% in 2019 from 6.5% in 2017 , as some 1.5 million households saw at least one member open a checking or savings account, the FDIC said in the biennial report. That rate represents the lowest level since at least 2009, when the survey began.”

“TD Bank filed a lawsuit Wednesday accusing the data aggregator Plaid of trademark infringement and false advertising, saying the company is unlawfully using the bank’s name, trademarks and logos when Plaid’s fintech clients use its technology and services to link bank accounts and financial data to their financial and payment apps.”

“Parents and kids now have a way to help them manage allowances, complete and check off chores, monitor spending, and save towards a goal. Launching today, Chase First Banking is a new checking account with no monthly fees designed to help parents teach kids and teens about the importance of money management through the Chase Mobile app. The account was built by Chase in collaboration with Greenlight—a company on a mission to help parents raise financially smart kids.”

“JPMorgan Chase & Co. said it would extend billions of dollars in additional loans to Black and Latino home buyers and small-business owners as part of a push to narrow America’s racial wealth gap. The bank—America’s largest—said it is committing a total of $30 billion over five years to the effort, which focuses heavily on expanding access to affordable housing as well as boosting minority-owned small businesses.”

“Several trade groups representing the banking industry appealed directly to Congress in an effort to stop the Office of the Comptroller of the Currency from granting a specialized national bank charter for payments companies that do not take deposits. In a letter submitted to lawmakers ahead of a House Financial Services Committee hearing, the American Bankers Association called on them to “actively discharge their oversight prerogatives regarding the legality and administrative processes connected to any such charters.””

“Credit Suisse will launch a digital banking app in October challenging fintechs like Revolut in the Swiss bank’s home market by offering free foreign transactions and fully digital wealth management, the bank said on Thursday. Credit Suisse’s new CSX banking app will offer free online banking from next month, a move it hopes will attract new customers to more lucrative services it will add over coming months, including taking out mortgages, making investments and planning pensions, Switzerland’s second-biggest bank said.”

“Wells Fargo (NYSE: WFC) today announced the launch of Clear Access Banking, a new, low-cost, convenient bank account with no overdraft fees. Now available online and in branches, the new account is part of Wells Fargo’s broader effort to simplify its products and services, and make banking convenient and easy to understand…Clear Access Banking is a checkless account that helps customers avoid spending more than the amount available in the account without incurring overdraft or non-sufficient funds fees. It is designed for consumers seeking an account to help manage their spending, or who are new to banking, such as young adults.”

“The coronavirus threw the U.S. banking system into extreme gyrations. The normally unexciting quarterly industry report from the Federal Deposit Insurance Corp., released last week, showed in stark detail how the pandemic is ensnaring banks big and small. Profits tumbled as the banks put aside billions for loan losses. Margins hit an all-time low. Fee income hit a record high. Customers flooded banks with more deposits than they had ever seen, so much so that the nation’s safety net for bank failures fell below a legal limit.”

“For years Citigroup Inc. has been an anomaly among big banks, relying on an obscure piece of software it helped develop to manage loan payments. Just as the bank tried to replace it, things went terribly wrong. The saga began emerging in court this week as the firm blamed human errors for mistakenly sending $900 million to a fleet of hedge funds reluctant to return it. But the backdrop, according to people with knowledge of what happened, is a tale of arcane technology stretching back to the 1990s.”

“The House passed a package of appropriations bills Friday including $2 million for the U.S. Postal Service to launch postal banking pilot programs across the country. The amendment to the appropriations bills was put forward by Reps. Bill Pascrell, D-N.J., and Marcy Kaptur, D-Ohio, who argued that postal banking could be a valuable resource to unbanked Americans as well as low-income neighborhoods.”