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DOJ announces settlement of redlining lawsuit

CFPB Monitor

The Justice Department announced that it has entered into an agreement with Lakeland Bank to settle the DOJ’s claims that Lakeland engaged in unlawful redlining in the Newark, New Jersey metropolitan area. Those services were not available in majority-Black and Hispanic neighborhoods in the Newark Lending Area.

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OnDeck’s ODX Digitizes Investors Bank SMB Lending Platform

PYMNTS

New Jersey-based financial institution Investors Bank has announced a collaboration with online small business lending firm OnDeck to digitize its own small to medium-sized business (SMB) lending operations. The companies announced their collaboration in a press release Monday (Oct.

Lending 101
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Popular Celebrates 127 Years of Service to our Communities

PopularBank

When we first opened our doors, we did so with a great sense of purpose and a vision to make a difference within our communities. I am proud to share that Popular’s commitment to meeting the diverse and growing needs of our customers and communities across all our regions is stronger than ever before.

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Will "Plain Vanilla" Kill Community Banking?

Jeff For Banks

I was at a strategic planning retreat a few weeks back where a colleague lauded the concept of bankers getting back to plain vanilla community banking. But if you read or watch interviews of CEOs of community FIs from 2008 forward, you will be bombarded with the message that they didn''t engage in the things that led to the collapse.

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Popular Bank Appoints Director of Wealth Management

PopularBank

Joe’s valuable and robust experience in the wealth management space and proven track record driving success will accelerate the evolution of our investments business and secure its position as one that is best-in-class among peers. Find out more about Popular Bank’s commitment to community service at PopularBank.com/About-us/.

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Predicting the Next Banking Crisis Is a Fool’s Game. Not Learning From the Last One: Equally Foolish

Jeff For Banks

//Jeff Marsico remarks to the 2023 New Jersey Bankers' Association Annual Convention: May 19, 2023// Four decades ago, the prolonged savings-and-loan crisis devastated the industry. The old borrow short, lend long strategy. And quite frankly, I did not know there were so many tranches to mortgage-backed securities.

FDIC 78
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The social responsibility of banks is to increase profits.

Jeff For Banks

Banks typically lend businesses money, and shy away from early stage businesses with no operating history (and no real estate as collateral for that matter) because of the risk of not being paid back. Franklin recognizes that new business generation is critical to the success of the communities in which they operate.