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Pandemic accelerated KeyBank's digital shift by 5 years, CEO says

The executive didn't give a target number of branches the Cleveland-based bank aims to close, but said customers' embrace of digital channels allows an "opportunity to ramp up" the transformation to a "more impactful" footprint.

Many banks not yet accepting PPP forgiveness applications

Lenders are awaiting more guidance from the federal government, as well as potential legislative action. Here is what some of the country's top banks are telling customers.

Citi's Fraser paves the way, but more needs to be done, experts say

Banks need to do more than just hope that female leadership will create a "trickle-down" effect on organizational culture, one consultant said.

Column

COVID relief programs can ill afford a third black eye

Lawmakers look to jump-start the Main Street Lending Program so it avoids the disappointments of PPP and EIDL.

Citi taps Jane Fraser to be CEO when Corbat retires in February

The transition means Fraser will become the first woman to lead a major U.S. bank.

Morgan Stanley, Citi, JPMorgan sign off on CFTC panel climate report

Forcing businesses to pay for their greenhouse gas emissions would be the most efficient way to ensure financial markets reduced climate risk, a regulator subcommittee wrote.

JPMorgan Chase fires employees after finding they improperly obtained EIDL funds

The bank's discovery of suspicious amounts of money in checking accounts owned by bank employees comes after the SBA's inspector general called for closer oversight of the program.

UPDATED: Sept. 10, 2020 at 7:43 a.m.

Column

Post-Labor Day remote-work benchmark arrives, and attitudes are shifting

Though the letterhead-official sentiment from bank brass may be sensitive, the tone surrounding a return to the office is displaying an eagerness — and sometimes an impatience — to get to business as usual.

Financial regulators defend diversity, inclusion training on Capitol Hill

The House hearing follows a report detailing a lack of diversity among regulators, and comes amid recent calls from the White House that federal agencies should end racial sensitivity training.

Fewer banks servicing pot businesses, FinCEN report finds

The agency attributed the decline to several factors, including new guidance for hemp-related businesses, as well as the impact of the coronavirus pandemic.

Fed error spurs Goldman Sachs, Morgan Stanley to lower stress capital buffers

The central bank said it overestimated hypothetical losses on certain public welfare investments, such as those made in funds or companies that back housing and community development in low- and moderate-income areas.

Fintech Jiko gains national charter by buying Minnesota community bank

"Without a license, we would be just another fintech amongst many others," founder and former Goldman Sachs trader Stephane Lintner said. "We decided to buy a bank because it felt better for us, given what we wanted to do."

Stash sees sign-ups, deposits swell as customers shift into 'save' mode

The personal-finance fintech looks to build a digital community around its investing roots, arranging weekly fractional-share giveaways.

Alabama credit union to buy bank in 6th such deal of 2020

The tie-up represents Alabama One's second takeover of the year, following a July merger that brought Alabama Rural Electric Credit Union under its umbrella.

Inside Northern Trust's $2.5B tech investment

"We see a huge amount of fairly inefficient [processes], especially when you compare it to our personal lives where we are logging into apps and moving money instantaneously," said one exec. "We get about 20,000 faxes a month on trade instructions."

Robinhood may face $10M fine over payments from high-speed traders

The startup failed to disclose so-called "payment for order flow" as a revenue source until October 2018, the SEC said. About half of the company's 2018 revenue reportedly came from that stream.

Wealthfront launches automatic savings, investment feature

The California-based fintech, which got its start as a robo-adviser, has been pushing into banking since launching a cash account in February 2019.

$4B in PPP loans were duplicates or had mismatched data, analysis finds

The Democratic chair of a coronavirus panel urged the SBA and Treasury to review PPP and adjust its audit plan over concerns about fraud and waste. A Republican report called the program "a resounding success."

Wells Fargo fast-tracks launch of no-overdraft-fee bank account

The account could be an attempt to show the public the bank is implementing positive change in a practice often criticized by lawmakers and consumer groups.

Huntington launches 5-year, $20B effort toward income equality

The Ohio-based bank joins Bank of America, U.S. Bank, PNC, PayPal and Netflix in pledging billions in the wake of racial unrest accelerated by the May death of George Floyd.

How MoCaFi brings banking to Black and Brown communities

"I had my 'George Floyd' moment," CEO Wole Coaxum said of Michael Brown's death in 2014. "I was one of the most senior African Americans at JPMorgan and felt that I wanted to be a part of a national conversation to address the lack of access to financial services products."

PayPal expands its point-of-sale arsenal

The payments company is looking to wrest part of a burgeoning buy-now-pay-later market from the likes of Afterpay, Affirm and Klarna with a six-week installment plan for purchases between $30 and $600.

JPMorgan Chase to launch first Mastercard-branded card in 5 years

Chase's new card, launching Sept. 15, comes as 60% of banks have tightened credit limits during the pandemic, according to the Federal Reserve's most recent Senior Loan Officer Survey.

Banks went all in on construction lending in Q2, despite delinquencies

Wells Fargo was by far the leading nonresidential construction lender. But Arkansas's Bank OZK boosted its nonresidential loans by the greatest percentage. Construction accounts for 36.4% of the bank's outstanding loans.

PenFed set to grow through merger with Long Island credit union

Eligible members of Sperry Associates Federal Credit Union will be given a $350 merger dividend once the deal goes through, expected at the end of the year.