The Latest
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Barclays aims for net zero carbon emissions by 2050
The commitment represents a step back from what investors sought when they pressured the bank to phase out fossil fuel lending in a resolution filed in January.
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JPMorgan mandates diversity training in wake of discrimination allegations
The bank will also expand the recruiting team dedicated to hiring people of color, executives wrote in a memo Tuesday.
UPDATED: April 1, 2020 at 12:41 p.m. -
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Banks, fintechs prepare for flood of SBA loan applications
As small businesses across the country shutter amid the pandemic, many fintech lenders are concerned traditional lenders won't be able to process loans quickly enough to get business owners the cash they need.
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Apple, Goldman Sachs let card payment deferrals continue for April
Apple Card customers who took advantage of the March program must re-enroll to defer again this month, the tech giant said.
UPDATED: April 2, 2020 at 12:06 p.m. -
North Carolina de novo organizers buy bank in Tennessee
Community Bank of the Carolinas failed to raise enough money to open, but its investors found a path forward in Brighton Bank.
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National Institute of Allergy and Infectious Diseases. (2020). "Novel Coronavirus SARS-CoV-2" [Image]. Retrieved from https://www.flickr.com/photos/nihgov/49565662436/in/album-72157713108522106/.
Standard Chartered pledges $1B toward pandemic relief, freezes hiring
The bank's backing will come in the form of loans to drug companies, health care providers and non-medical firms that have volunteered to make ventilators, face masks, sanitizers and protective equipment.
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Robinhood accused of using $75 credits to hush class-action suit
A federal judge won't block Robinhood from reaching out to users because the plaintiff "failed to establish a clear record of abusive communications by Defendants," according to court documents released Tuesday.
UPDATED: April 1, 2020 at 10:14 a.m. -
Visa, Mastercard delay swipe-fee changes until July
Separately, Visa is considering extending an October deadline for U.S. gas stations to comply with chip card technology. The moves are meant to alleviate the coronavirus crisis's impact on merchants.
UPDATED: March 31, 2020 at 12:20 p.m. -
BofA CEO: Capital levels allow us to focus on operations amid crisis
"It’s much different than walking down 6th Avenue in 2007-08 and being worried about risk," said Brian Moynihan. "Now it’s much more about how do we operationalize and help the economy get back on its feet?"
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Regulators give banks a 2-year break on CECL
Friday's rule change is not mandatory. Banks can continue to use guidance from February 2019 that lets them phase in the accounting standard's day-one impact over three years.
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BNY Mellon names interim CEO to top role permanently
Todd Gibbons' long tenure at the bank — he's worked there since 1986 — should act as a stabilizing force. He has served as interim chief since Charlie Scharf left to become CEO of Wells Fargo.
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Morgan Stanley pledges no job cuts in 2020 — and several banks follow
Citi, Wells Fargo and Bank of America all vowed to maintain staffing levels throughout the coronavirus crisis, while European lenders such as HSBC and Deutsche Bank, which were planning layoffs, put them on hold.
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Regulators urge banks to offer responsible small-dollar loans
Five agencies promise future guidance on the lending vehicle, which some trade groups advocated long before the coronavirus pandemic sent the economy into a spiral.
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Fintech lenders find an opening in $2T coronavirus relief package
"The language does include opportunity for fintechs to support, but it's now up to the Treasury to finalize the definition," said Kabbage's Sam Taussig. "This is not the time to debate the definition of a bank."
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DC's first de novo in more than a decade set to open April 13
Founders Bank raised $30 million to receive final approval from federal and district regulators, but Washington has proved a tough market for new banks over the past year.
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Green Dot
Green Dot hires former Netspend chief as CEO
The prepaid card provider renewed its most valuable partnership last year but lost hundreds of thousands of customers — and about 60% of its stock price.
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Unbanked would get digital accounts for virus relief under Senate bill
Legislation is aimed at giving more than 8 million U.S. households — and even more underbanked Americans — access to outbreak-related stimulus checks.
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Fed temporarily curbs exams for banks with less than $100B
Big banks are still expected to submit their capital plans by April 6, but some in the industry argue the coronavirus creates a scenario worse than the stress test's most dire, making it irrelevant.
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Permission granted by Revolut
British challenger bank Revolut launches in US
The fintech, launched in 2015, could face unique challenges as it expands to a new market at a time of economic uncertainty amid the coronavirus pandemic.
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National Institute of Allergy and Infectious Diseases. (2020). "Novel Coronavirus SARS-CoV-2" [Image]. Retrieved from https://www.flickr.com/photos/nihgov/49565892277/in/album-72157713108522106/.
Santander chair, CEO give half of their pay to bank's virus-related medical fund
The bank's canceled dividends free up $97 billion to lend to coronavirus-affected businesses. "We need maximum flexibility so that we can do even more for the communities in the months ahead," Chairman Ana Botín said.
UPDATED: April 3, 2020 at 8:47 a.m. -
Permission granted by Grasshopper
How Grasshopper Bank supports clients during COVID-19 pandemic
For the digital bank, which caters to the entrepreneur and venture capital market, the virus has created an environment where its clients rely on tailored offerings to navigate the crisis.
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Citi, Wells, U.S. Bank boost compensation for front-line employees
Both Capital One and U.S. Bank have opted for pay raises, with the former offering an additional $10 an hour to branch workers. U.S. Bank, meanwhile, is giving an extra 20% to branch, call center and field office staff.
UPDATED: March 27, 2020 at 2:33 p.m. -
JPMorgan freezes hiring as coronavirus impact felt industrywide
Managers have been told to pull non-immediate job postings, and the company has delayed bringing new recruits into the bank until April 20, Bloomberg reported. Units such as home lending are exempt from the freeze.
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Rakuten withdraws ILC application, intends to refile
The move comes less than a week after the FDIC approved applications for Square and Nelnet. But trade groups and some lawmakers still voice concern about the business model.
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National Institute of Allergy and Infectious Disease. (2020). "Novel Coronavirus SARS-CoV-2" [Image]. Retrieved from https://www.flickr.com/photos/nihgov/49655318098/in/album-72157713108522106/.
OpinionBanks should double down on personal touch despite coronavirus fears
Financial institutions should be taking extra steps to help their senior customers use digital tools, NBH Bank's Whitney Bartelli and Patrick Sobers write.
