by Ken Chase | Mar 11, 2023 | Banks, News
A new Urban Institute Study cites the need for black depository institutions to boost their technology infrastructure. According to the report, closing the tech gap is necessary to ensure that those black banks and credit unions can expand their service offerings to...
by Ken Chase | Mar 10, 2023 | Banks, News
A trio of plaintiff companies recently filed a class action lawsuit against Bank of America, alleging that the bank knowingly misrepresented their Paycheck Protection Program (PPP) loans. The plaintiffs claim that BofA misled them by claiming that the pandemic-era...
by Ken Chase | Mar 10, 2023 | Banks, News
Financial regulators responded to Silicon Valley Bank’s (SVB) recent collapse by announcing that they have shut the bank down. The decision was made by the California Department of Financial Protection and Innovation, which announced the news on March 10. Those...
by Ken Chase | Mar 5, 2023 | Banks, News
The United States Department of Justice recently announced that Ohio-based Park National Bank has agreed to a $9 million settlement over allegations of redlining lending discrimination. According to the DOJ, Park National has cooperated with the department to correct...
by Ken Chase | Mar 3, 2023 | Banks, News
In a press release this week, Redemption Holding Company (RHC), a black investor group, announced that it is acquiring Holladay Bank and Trust, a Utah commercial bank. According to the RHC statement, the purchase will be the first time that an existing commercial bank...
by Ken Chase | Feb 27, 2023 | Banks, News
A group of U.S. regulatory agencies released a joint statement this week, calling on the nation’s banks to be vigilant to potential liquidity risks associated with cryptocurrency. The statement urged financial institutions to focus on implementing tools and systems to...
