The Consumer Financial Protection Bureau has filed a lawsuit against online lending platform SoLo Funds for allegedly deceiving borrowers about the total cost of loans. The CFPB, in a lawsuit filed in U.S. District Court for the Central District of California, claimed that the Los Angeles fintech, despite advertising zero-interest loans, uses “dark patterns” that “ensures that almost every borrower pays a fee in the form of a ‘tip’ or

Pima Federal Credit Union in Tucson, Ariz., has agreed to buy Republic Bank of Arizona in Phoenix. The $1.2 billion-asset Pima said in a press release that it will pay shareholders of RBAZ Bancorp about $22 a share in cash for the $279 million-asset Republic. RBAZ will wind down and dissolve after the sale, which is expected to close in the second half of this year. “This strategic move is

Community Bank Systems in Syracuse, N.Y., has a new name.   The $15 billion-asset company said in a press release that it had rebranded at Community Financial System. The change “reflects the company’s broader business model and mission in contributing to the prosperity of its community.”   The new name “allows us to emphasize the evolution of our capabilities, solutions and focus,” Dimitar Karaivanov, the company’s president and CEO, said

Levo Credit Union in Sioux Falls, S.D., plans to buy a branch from Heritage Bank in Spicer, Minn. An application for the sale of the Sioux City, Iowa, branch was filed with the Federal Deposit Insurance Corp. The $472 million Levo expects to complete the purchase in the fourth quarter. The branch has $33 million of loans and $33 million of deposits.

First Federal Bank of Kansas City in Lee’s Summit, Mo., formed a mutual holding company. The $960 million-asset mutual said in a press release that it created Cosperity Bancorp. First Federal is now a Missouri stock savings bank wholly owned by the MHC. "We have been innovators since our founding in 1934 and that spirit drives us still today," J.R. Buckner, the mutual’s president and CEO, said in the release. "We believe this

USAA Bank in San Antonio is looking for its next president. The $111 billion-asset bank said in a press release that Paul Vincent is stepping down on May 31. Vincent, who joined the bank in 2013, has been president since early 2021. USAA Bank will conduct a search for his successor. “I’m grateful for Paul’s leadership and his commitment to serving our mission, members and teammates,” Wayne Peacock, USAA’s president

Capitol Bank in Madison, Wis., has a new CEO lined up. The $590 million-asset company said in a press release that Justin Hart will become its leader on July 1. Hart, who is Capitol’s president, will succeed Ken Thompson, who will remain at the bank as executive chairman. Ami Myrland will succeed Hart as president. She will remain chief financial officer. " Our customers value relationship-focused leadership and consistency, so

Fulton Financial in Lancaster, Pa., is using proceeds from a sale-leaseback transaction to offset the costs of selling underwater securities. The $27.6 billion-asset company disclosed in a regulatory filing that it sold 40 branches in Delaware, Maryland, New Jersey and Pennsylvania to Blue Owl Capital for $55.4 million. Fulton will record a $20.4 million pretax gain – $15.6 million after-tax – tied to the transaction. Fulton then signed 15-year leases