The Latest
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Permission granted by Office of the Comptroller of the Currency
OCC defends timing, lack of regulatory support for CRA revamp
The absence of lock-step with the Federal Reserve and the FDIC — and the rule's quick turnaround — led one advocate to call it an "administrative fiasco."
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ColumnHow Citi earned its day off
The nation's third-largest bank this week said it would buy $50 million in PPP loans from nonwhite-owned depository institutions. It's shopping for suburban, post-COVID office space. And it stood up an environmental sustainability unit.
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Expect more PPP fraud cases as DOJ moves past 'low-hanging fruit'
The speed with which the SBA and Treasury Department set up the program, and the volume of loans funneled through it, means more cases are likely to emerge, an attorney says.
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Santander agrees to pay $550M to settle auto-lending lawsuit
A group of 34 attorneys general contends Santander violated consumer protection laws by locking subprime borrowers into auto loans it knew, in some cases, carried default rates of greater than 70%.
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Truist Financial
Truist spent $125M on rebrand, court document shows
The disclosure came amid a copyright infringement lawsuit Truliant Federal Credit Union filed against the bank. Truist said it would cost $34 million — and take six to nine months and a shareholder vote — to change its name again.
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Permission granted by Plaid
Plaid Exchange aims to level the API playing field for banks
"The last thing we would want is a future where the digital options for customers of Wall Street banks are different from the digital options of the customers of Main Street banks," said John Pitts, Plaid's head of policy.
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2018 asset cap has cost Wells Fargo $220B in market value
The bank's biggest competitors have seen a swell in deposits during the pandemic, as customers flee smaller banks for more security. But Wells Fargo's deposit bump was much smaller in the first quarter, by comparison.
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Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
PPP is failing black, Latino-owned businesses, survey shows
A partnership specializing in getting loans to nonwhite businesses has launched, but some companies are exhausted by the constant tweaks to the program. And Congress is planning more.
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Regulators temporarily ease bank leverage ratio requirements
The FDIC and OCC estimate the interim rule, which will be in effect through March 2021, would relax bank capital requirements by as much as $55 billion.
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JPMorgan's Gemini, Coinbase play is a crypto industry 'roadmap,' analyst says
While concerns over fraud and money laundering have made banks hesitant to link up with crypto firms, the regulatory gains Gemini and Coinbase have made could signal those risks are diminishing.
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75% of small businesses sought PPP aid, Census Bureau finds
About 38% of the survey's 22,000 respondents said they've received loan money — and the coronavirus's impact appeared disproportionately felt in the Northeast and Great Lakes.
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JPMorgan, Mastercard data reveal coronavirus spending impact, potential recovery
The more than 40% drop in credit card spending the JPMorgan Chase Institute found in March and early April is eight times steeper than average during the first month of unemployment.
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Column
Fed reprimand, resumption of job cuts overshadow Deutsche's green pledge
The coronavirus "made it even more of an imperative that we stick to our transformation plan" to slash 18,000 positions by 2022, two bank executives wrote in a memo to staff.
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Remitly partners with Cross River Bank to speed up cross-border payments
As the coronavirus limits access to brick-and-mortar locations across the globe, the digital remittance company's CEO says the deal gives its customers more choices to send money internationally.
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Pandemic halts Suncoast Credit Union's acquisition of Apollo Bank
"The COVID-19 virus changed the value of our agreement and left us with an unpredictable future," Suncoast CEO Kevin Johnson told Banking Dive.
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SBA sued for PPP transparency as agency boosts another loan's limit
The New York Times and other publications filed requests for the names of PPP recipients, the amount of each loan, and the banks that processed them — even though the SBA has given that information in the past.
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Telegram scraps crypto project amid court battle with SEC
The platform's demise — and comments from the company's CEO — cast a spotlight on the U.S.'s influence on blockchain innovation.
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PNC's BlackRock sell-off could position bank for future acquisition
The sale will at least boost the bank's capital levels and its capacity for credit losses. But the Pittsburgh-based lender also has a history of making aggressive moves and playing the long game.
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JPMorgan Chase
JPMorgan extends banking services to crypto exchanges Coinbase, Gemini
The nation's largest bank continues to warm up to crypto technology, despite CEO Jamie Dimon's historic position as an outspoken bitcoin detractor.
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Aleksandr Kravtsov/Getty Images
House Democrats attach pot banking bill to $3T coronavirus relief package
The bill's inclusion in the package follows multiple calls from lawmakers and advocates who say the largely cash-based cannabis industry poses health and safety risks to business owners and consumers.
UPDATED: May 12, 2020 at 3:26 p.m. -
Permission granted by Piermont Bank
Deep DiveDe novos see silver lining amid coronavirus pandemic
It's a difficult time to launch any business, much less a bank. But the timing comes with opportunities and challenges, industry leaders say.
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Lawmakers look to tweak PPP as loan processing stalls
Backlogs have cleared up. Duplicate applications have been stripped from the process. But backlash from PPP's shortcomings leave Congress pitching new solutions.
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Courtesy of https://news.samsung.com/us/next-evolution-samsung-pay-experience/
Samsung to launch US debit card this summer with SoFi
The South Korean company joins competitors Apple and Google, as more tech giants announce plans to offer banklike products.
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Inside a 1099 contractor's journey to coronavirus relief
Children's psychologist Leslie Ellis would have gotten a $60,000 PPP loan if she filed as a small business. But SBA rules forced her — and her employees — to file individually.
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Credit unions' appetite for banks 'paused' amid pandemic
COVID-19 brought a torrid pace of acquisitions to a halt, with CEOs preoccupied and sellers fighting slumping value. But an M&A attorney expects deals to "heat right up" when the outbreak clears.
