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Community groups sue OCC over anti-redlining revamp

The lawsuit claims the agency's rule decreases bank investment in low- and moderate-income areas and ignores criticism from community stakeholders.

PPP's quick rollout, rule changes, few safeguards are fraud risks, GAO says

More than $100 billion in loan money is still available through the program. The SBA plans to stop taking new applications Tuesday.

How Upgrade plans to use its latest $40M investment

Upgrade's latest funding round boosts the startup's valuation to $1 billion, giving it "unicorn" status alongside other neobanks such as Chime, Dave, Monzo, Revolut, N26 and NuBank.

Ally, CardWorks terminate $2.7B merger over pandemic concerns

The deal fell through less than a year after Ally dropped a three-year partnership with TD Bank and refocused on point-of-sale loans. The coronavirus has scuttled, delayed and disrupted several proposed tie-ups.

Upstart expands into auto lending

The platform will use an alternative data model to lend to borrowers who aren't considered prime by credit score or history. But the company's model for student loans came under fire this year over potential racial disparity.

Mastercard to buy Finicity for $825M in open banking play

The announcement echoes a move by credit card rival Visa, which revealed in January its plan to purchase data aggregator Plaid for $5.3 billion.

Verizon, Synchrony launching consumer credit card

The mobile-phone provider joins Samsung among telecom giants offering cards this year. In a nod to pandemic spending, groceries net the card's richest reward — 4% back. But rewards are redeemable only on Verizon purchases.

Wells Fargo signs multiyear solar energy deal with Shell

The 150-megawatt purchase boosts Wells' green profile, even if the other party is an oil company. The Rainforest Action Network blasted the bank for financing $198 billion for fossil fuel companies and projects since 2015.

Main Street Lending Program doesn't live up to its name, community banker says

Businesses with up to 15,000 employees or $5 billion in revenue are eligible to participate in the program. But certain requirements, while well-intentioned, are neither attractive nor attainable for most of her clients, one banker says.

Fed's 3 pandemic recovery scenarios could determine bank dividends

Alongside its annual stress test, the central bank will measure banks' resilience to a V-shaped, U-shaped and W-shaped economic bounce-back.

Banks strive to make virtual meetings more social to counter video fatigue

"There's sometimes an underestimation of how much glue is needed for an organization to be successful, and the glue is in informal social interactions," said Eleonore van Boven, chief people officer at N26.

Banking by appointment could stick as a post-COVID-19 customer habit

"Appointment setting allows you to triage customers, manage the staff levels in the branch" and decide which issues can be resolved digitally, said Jean-Pierre Lacroix, whose firm develops strategy for Regions Bank.

Eastern Bank to go public as pandemic accelerates need for tech

"The capital raised in the offering will allow us to increase our investments in new technologies to develop and implement an increasingly sophisticated array of banking and other financial services," the bank said in a filing.

Wells Fargo ties diversity efforts to executive pay

CEO Charlie Scharf aims to double the number of Black leaders at the bank over the next five years, but says Wells' "unique" regulatory issues may make that difficult.

Former Citi executive's AI platform identifies bias in banking

Marcia Tal, a 20-year banking veteran, says her new product uses a predictive model to identify prejudice within customer and employee complaints at financial institutions.

JPMorgan Chase, PNC join banks closing early for Juneteenth

Bank of America, meanwhile, opted to keep its branches open Friday and let its employees take a personal day. U.S. Bank, Capital One, Fifth Third, Truist, Santander and Mastercard also are offering employees time off to reflect.

UPDATED: June 18, 2020 at 9:39 a.m.

BV Financial to buy Delmarva Bancshares in merger of Maryland banks

BayVanguard Bank is expected to have about $750 million in assets and 16 branch locations once the deal closes in the fourth quarter.

Morgan Stanley's ex-diversity chief sues bank, claiming race discrimination

Marilyn Booker says the bank cut her budget by 71% and made little effort to retain Black managers, adding the CEO's messaging since race has taken a national focus is hypocritical.

Bank earnings drop 70% in Q1, FDIC report finds

Banks set aside $52.7 billion during the quarter — a 280% increase from the previous year — to prepare for potential loan losses and the implementation of CECL standards.

HSBC resumes 35K job-cut plan, ending COVID 'pause'

"The measures and the change we announced in February are even more necessary today," CEO Noel Quinn said in a memo. "We could not pause the job losses indefinitely — it was always a question of 'not if, but when.'"

UPDATED: July 7, 2020 at 11:35 a.m.

Credit Sesame acquires Canadian challenger bank Stack

Stack began working with Credit Sesame last year to develop Sesame Cash. That product, which launched in March, marked Credit Sesame's first foray into the digital banking space.

Kabbage rolls out simplified PPP process for Uber drivers, contractors

At least 40% of coronavirus relief applicants through the online lender are self-employed, said the company's co-founder, Kathryn Petralia, adding that Kabbage is the fourth-largest PPP provider.

PPP forgiveness process constrains lenders, small businesses, bankers say

In a letter Friday, 47 senators bemoaned the 11-page document as unwieldy as banks repurpose staff for the next stage of coronavirus relief.

Q&A

How Mambu plans to expand in North America's core banking market

"Because of the agility of our technology, we were able to quickly say, 'If we can do this for lending, then let's look into banking,'" said Johanna Pugh, a managing director with the company.

Fed opens Main Street Lending Program to small, midsize businesses

The Boston Fed, which is administering the program, posted registration documents on its website and is encouraging financial institutions to begin lending "immediately."

UPDATED: June 15, 2020 at 11:38 a.m.