$35.3M credit union tops JPMorgan for medical marijuana banking contract

The competition came after banks on contract with West Virginia said they would not provide services related to pot sales even though the state passed the Medical Cannabis Act in 2017. Bidders can file protests until Sept. 3.

By Anna Hrushka • Aug. 29, 2019

Advocates seek 'unified voice' from regulators on small-dollar loans

U.S. consumers borrow nearly $90 billion every year in loans between $300 and $5,000, the Office of the Comptroller of the Currency said. But few banks are moving into that market.

By Anna Hrushka • Aug. 23, 2019

Credit union regulator issues guidance for banking hemp

At least two senators have written letters indicating that hemp businesses are struggling to open bank accounts because many financial institutions still question whether they can service the industry.

By Anna Hrushka • Aug. 20, 2019

5 regulators respond to request for hemp banking clarity

Although the production and sale of industrial hemp was legalized last year, financial institutions still question whether services can be extended to businesses associated with the product.

By Anna Hrushka • Aug. 15, 2019

Alaska credit union ends pot pilot after losing insurance coverage

Providing banking to MRBs may have been a "more reasonable prospect" if the burden of compliance was not so high, the credit union's CEO said.

By Anna Hrushka • Aug. 8, 2019

ABA slams non-member deposit proposal for federal credit unions

The National Credit Union Administration's proposal would allow federal credit unions to have up to half of their deposits come from other credit unions and government entities.

By Anna Hrushka • Aug. 5, 2019

Lawmakers press BB&T, SunTrust execs on merger's impact

Executives defended the proposed $66 billion merger Wednesday, saying the combination will boost the new entity's investment in technology. 

By Anna Hrushka • July 25, 2019

Pot hearing reveals confidence gap in banking a budding industry

Bank and credit union executives showed support for the SAFE Act at Tuesday's Senate hearing, but federally regulated bodies may want more guidance than what FinCEN provides.

By Anna Hrushka • July 24, 2019

Senators ask Powell why Fed is mulling own real-time payments system

Large banks have invested more than $1 billion in a network, The Clearing House, launched in 2017. But retailers and small banks have raised concerns about the system's cost and reach.

By Dan Ennis • July 23, 2019

Senate panel poised to hear pot banking challenges

Tuesday's hearing comes as the bipartisan Secure and Fair Enforcement (SAFE) Banking Act gains momentum in Congress.

By Anna Hrushka • July 22, 2019

Ally abandons credit card business for point-of-sale loan model

Ally Financial hopes its $190 million purchase of a medical lending company will push its point-of-sale capabilities to other retail sectors.

By Dan Ennis • July 19, 2019

FASB's delay of credit-loss standard not enough, banks say

Banks and credit unions want FASB to do more than just delay new CECL accounting standards; they want the standards revisited.

By Robert Freedman • July 17, 2019

More banks, credit unions to cover pot-related businesses

The product's federal designation as a Schedule 1 drug has limited banking options for cannabis dispensaries and the industries' ancillary businesses.

By Anna Hrushka • July 11, 2019