Customers Bancorp in West Reading, Pa., has settled a legal dispute with Kabbage over the Paycheck Protection Program. The $20.4 billion-asset Customers disclosed in a regulatory filing that its bank will pay $58 million to Kabbage, which has been going through the bankruptcy process. Kabbage had claimed it was owed $65.5 million in fees tied to the PPP. Kabbage, through its KServicing brand, will “take commercially reasonable efforts” to maintain

Truist Financial in Charlotte, N.C., has formed an innovation team built around a gamification company it bought earlier this year. The $548 billion-asset company announced last week that Truist Foundry will work across business lines to develop and test products. The 45-person team includes a dozen engineers and designers from Long Game, which Truist bought for an undisclosed amount in May. Lindsay Holden, who co-founded Long Game, is the head

U.S. Bancorp in Minneapolis has disclosed a data breach involving credit card customers. The $370 billion-asset company filed a notice with the California Attorney General's office stating that some personal data was compromised when a vendor accidentally shared a file with the information. The event is believed to have taken place on Sept. 27. A company spokesperson told NBC News that about 11,000 cardholders were impacted. The shared data included

Coastal Financial in Everett, Wash., disclosed that three of its Banking-as-a-Service clients are preparing to exit the relationship. The $3.1 billion-asset company disclosed in a slidedeck that the number of active partners fell to 19 in the third quarter from 23 a quarter earlier. Looking at the pipeline, five companies have signed letters of intent, while two others are in the middle of testing. Coastal also said that the programs

Peapack-Gladstone Financial in Bedminster, N.J., has launched a life insurance premium finance business after hiring a pair of bankers from Wintrust Financial. The $6.2 billion-asset company said in a press release that the specialty finance loans allow high-net-worth clients and corporations to obtain life insurance while retaining assets for other investments.  These specialty finance loans are an invaluable tool for those looking to leverage wealth and free up capital. “Life

New York Community Bancorp in Hicksville and Flagstar Bancorp in Troy, Mich., have received approval from the Office of the Comptroller of the Currency to merge their banks. The $63 billion-asset New York Community and the $25.4 billion-asset Flagstar said in a press release that they also agreed to extend the termination date for the proposed merger from Oct. 31 to Dec. 31. New York Community’s $2.6 billion acquisition of

Truliant Federal Credit Union in Winston-Salem, N.C., has opened its first regional office in South Carolina. The $4 billion-asset credit union plans to open three more offices in the state, which would bring its total number of locations to five. The vast majority of its branches are in North Carolina. Truliant bought the 19,000-square-foot building that houses the regional office last year. The other branches are planned in 2023.

The Office of the Comptroller of the Currency is planning to create an Office of Financial Technology. The OCC said in a press release that the office, set to debut early next year, will bolster its “expertise and ability to adapt to a rapidly changing banking landscape.” The new office will incorporate the Office of Innovation, which was created in 2016. It will be led by a chief financial technology