Category: Finance

The president and CEO of Raleigh, North Carolina-based West Town Bank & Trust and its parent company Integrated Financial Holdings was killed in a plane crash on Saturday in Suffolk, Virginia. Eric Bergevin was in a small passenger plane with one other person when it crashed at 12:16 p.m. and caught fire, Virginia State Police […]

San Antonio-based Frost Bank prides itself in its ability to offer its customers services they want, Blair McGrain, the bank’s chief marketing officer attests. That’s why the $52.9 billion-asset institution is bringing back a product it hasn’t offered since 2000: residential mortgages. “They’ve been asking for this forever,” said McGrain. “People think it needs to […]

The Consumer Financial Protection Bureau (CFPB) aims to establish a public registry of potentially thorny terms and conditions in supervised nonbanks’ contracts — ones that may waive or limit consumer rights and protections such as bankruptcy rights, liability amounts or complaint rights, the agency announced Wednesday.  Such “take it or leave it” form contracts, usually drafted by […]

JPMorgan Chase on Thursday shut down the website for Frank, the college financial planning platform it bought for $175 million in September 2021. “Frank is no longer available,” the website reads. “To file your Free Application for Federal Student Aid (FAFSA), visit StudentAid.gov.” JPMorgan sued Frank’s founder, Charlie Javice, and a second executive last month […]

With the $1.3 billion Paya acquistion, Nuvei will buy some protection against an economic downturn, by extending its business into the U.S. and less cyclical sectors. Nuvei said Monday that it plans to purchase Atlanta-based Paya to add verticals in the business-to-business, healthcare, education and government arenas, among others. The acquisition will also give Nuvei a bigger […]

Card giant American Express said it has agreed to purchase Nipendo, an Israeli business-to-business payments automation company, but didn’t say how much it will pay for the acquisition. Nipendo, headquartered in Netanya, Israel, “will make B2B payments processes much easier for our customers,” an Amex spokesperson said by email. The business enables businesses to connect, […]

With two payments acquisitions already announced this year, attention has turned to other possible targets, such as Toast, Euronet Worldwide, Marqeta or Lightspeed Commerce.  On Monday, Canadian payments firm Nuvei said it was buying integrated payments player Paya for $1.3 billion, and today Amex said it would buy an Israeli business-to-business player. Although relatively little […]

A new proposal to let fintechs participate in the Small Business Administration’s flagship loan program is drawing pushback from bank trade groups arguing the move would threaten the integrity of the program and harm borrowers. The new SBA proposal would end a 40-year moratorium on admitting nonbank entrants to the agency’s 7(a) loan program by […]

A new proposal to allow fintechs to participate in the Small Business Administration’s flagship loan program is drawing strong pushback from bank trade groups who argue the move would threaten the integrity of the program and harm borrowers. The new SBA proposal would end a 40-year moratorium on admitting new nonbank entrants to the agency’s […]

Dive Brief: Wells Fargo is streamlining its mortgage business, a shift that involves focusing on existing customers and nonwhite communities, the bank said Tuesday in a release.  As part of the bank’s new “strategic direction,” Wells Fargo said it will also exit its correspondent lending business, a unit of the bank that buys loans from third-party […]