The data highlights fintechs' efforts to serve marginalized communities but comes amid reported scrutiny from the Justice Department and lawmakers over nonbank lenders' fraud controls and compliance systems.
The product could cost the bank $1 million a month, CEO Steve Steinour said, but may earn it more customers and increased loyalty. Ally Financial went a step further Wednesday, eliminating overdrafts altogether.
Michael Innis-Thompson, TD's head of community lending and development, told American Banker the bank aims to become "the bank of choice for Black and Latin borrowers."
Bakersfield-based Valley Strong announced its intention to combine with Stockton's Federal Center Credit Union to form a $3.2 billion-asset entity. Valley Strong is also merging with Fairfield's Solano First Federal Credit Union.
The deal, which may close late this year, would forge a $45 billion-asset bank with dual headquarters. Indiana-based Old National would add between 90 and 100 locations around the nation's third-largest city.
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