Commercial
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PPP changes get mixed reactions from banking industry
"Many lenders are questioning whether the two-week exclusive window for smallest businesses is truly necessary," one bank consultant said.
By Anna Hrushka • Feb. 24, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo sells its asset-management unit for $2.1B
The bank will keep a 9.9% equity interest in the spun-off operation after the deal closes. That's expected in the second half of this year.
By Dan Ennis • Feb. 23, 2021 -
Explore the Trendline➔
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TrendlineThe Banking Dive Outlook on 2021
There are three ways to keep the narratives surrounding cryptocurrency, fair lending and the fight for racial equality in finance from losing steam.
By Banking Dive staff -
Fintech Brex applies for ILC charter
The FDIC has received more than a dozen deposit insurance applications from proposed ILCs since 2012, to the chagrin of a number of lawmakers and trade groups.
By Dan Ennis • Feb. 22, 2021 -
Retrieved from Gage Skidmore/Flickr.
Smallest businesses get exclusive 2-week PPP window, Biden admin says
The administration also announced changes to the way loans are calculated for businesses without employees, such as sole proprietors, independent contractors and the self-employed.
By Anna Hrushka • Feb. 22, 2021 -
Moriah Solomon. (2021). [Photograph]. Retrieved from Unsplash.
Prior business relationships influence PPP coronavirus lending, study finds
Three-quarters of "relationship-borrowers" got a PPP loan, compared with 18% of "non-relationship firms," a study by researchers at Washington University in St. Louis, Boston College and the University of Geneva found.
By Jim Tyson • Feb. 18, 2021 -
Wells Fargo asset cap closer to ending as Fed reportedly OKs overhaul plan
The nation's fourth-largest bank has operated for three years under a $1.95 trillion asset cap set by the Federal Reserve in response to a 2016 fake-accounts scandal that has cost the bank billions of dollars in fines.
By Anna Hrushka • Feb. 18, 2021 -
Citi on the hook for $500M blunder, judge rules
In a 101-page decision in which a judge called the error "one of the biggest blunders in banking history," asset managers are not required to return the money. However, the judge said a freeze on the funds should remain in place.
By Anna Hrushka • Feb. 16, 2021 -
Virginia-based bank provides Bitcoin access at ATMs
Blue Ridge Bank's announcement comes as larger players such as BNY Mellon and Mastercard are showing greater acceptance of digital assets. Bitcoin traded above $50,000 for the first time Tuesday.
By Anna Hrushka • Feb. 12, 2021 -
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OppLoans rebrands, will go public through merger with SPAC
The Chicago-based loan servicer looks to reach upmarket with a credit-card rollout this year and a payroll deduction secured installment loan, currently in beta.
By Suman Bhattacharyya • Feb. 12, 2021 -
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Opinion3 steps for scaling as an alternative lender
Leaning on a growing segment of borrowers (small-business owners), leaning into digital transformation and picking the right solution can help alternative lenders scale through a downturn.
By Jorge Sun • Feb. 12, 2021 -
U.S. Bank partners with construction software firm amid booming homebuilders market
Built’s technology streamlines the sector's labor-intensive lending process by bringing all relevant parties onto one digital platform.
By Anna Hrushka • Feb. 11, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo pledges investments in 6 Black-owned banks
The bank, which didn't reveal the amount put toward each institution, said the support includes access to financial, technological and product development expertise.
By Anna Hrushka • Feb. 09, 2021 -
Column
A cognitive dissonance in bonus pay
Bank of America walked back "cliff vesting" for its investment bankers but left it in place for others. Even if the bank keeps its bonus pool level, it's still far more lucrative than some in the U.K.
By Dan Ennis • Feb. 08, 2021 -
Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
Credit unions top Fed survey of small-business lending satisfaction
The annual report paints a dire picture of the pandemic's impact and shows a disparity along racial lines as to what is the top concern for 2021.
By Dan Ennis • Feb. 05, 2021 -
Kali-Extracts
House lawmaker continues push to include cannabis banking in COVID relief bill
With Democrats now in control of the House and Senate, and a Democrat chairing the Senate Banking Committee, some industry observers said 2021 will be the year for SAFE Banking, in addition to broader pot legislation.
By Anna Hrushka • Feb. 05, 2021 -
'PPP fatigue' sends lenders to Customers Bank's white-label service
"It's very difficult to build what we built," said Sam Sidhu, the bank's vice chair and COO. "We thought that this would resonate well with other banks and we were right."
By Anna Hrushka • Feb. 04, 2021 -
Fotolia
OpinionThe way we look at brokered deposits for banks is broken
A bank that predominantly holds traditional core deposits is susceptible to a "bank run," whereas one funded primarily by brokered CD deposits is not. That's because these deposits have precise maturity dates.
By Charlie Knadler • Feb. 04, 2021 -
(2020). "Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust". Retrieved from https://www.youtube.com/watch?v=Sf5D9BprcXg&feature=youtu.be.
Wells Fargo CEO Scharf sees 12% cut in compensation to $20.3M
Beyond financial performance, Wells' board weighed the bank's liquidity throughout the pandemic, its progress on enforcement actions and Scharf's introduction of new diversity goals.
By Dan Ennis • Feb. 01, 2021 -
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Plaid launches tool to help banks, fintechs compete for direct deposits
The product, still in beta, is meant to combat the friction associated with manually changing the destination of a direct deposit, which can prevent customers from designating a new banking relationship as their primary one.
By Anna Hrushka • Jan. 29, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC halts controversial fair access rule
Pausing publication of the rule will allow the next confirmed comptroller to review it — along with the more than 35,000 public comments the OCC received, the regulator said Thursday.
By Anna Hrushka • Jan. 28, 2021 -
SBA outlines steps to improve PPP, reports $35B in approved loans
The agency said a review of first-draw loans identified data mismatches and eligibility concerns in about 4.7% of the lender-submitted data.
By Anna Hrushka • Jan. 27, 2021 -
Permission granted by Greenwood Financial
Black- and Latinx-focused digital bank Greenwood hits 500K signups in 100 days
"We see that there is definitely an appetite for what we're doing," said Ryan Glover, who founded the startup with civil rights leader Andrew Young and rapper Killer Mike. Glover said the platform could launch in May or June.
By Anna Hrushka • Jan. 26, 2021 -
Deep Dive
What's in store for challenger banks in 2021?
As the challenger bank market continues to attract venture capital, new users and even celebrity endorsements, how will the momentum and hype surrounding this new way to bank continue into 2021?
By Anna Hrushka • Jan. 25, 2021 -
Morgan Stanley CEO Gorman gets 22% raise, earns $33M in 2020 compensation
The $6 million bump puts him ahead of JPMorgan's Jamie Dimon among top-paid U.S. bank executives, and comes after the bank engineered two multibillion-dollar acquisitions. Gorman took a 7% cut in pay in 2019.
By Dan Ennis • Jan. 25, 2021 -
Courtesy of KeyBank
KeyBank aims to launch digital bank for doctors in March
"Think about a digital company that refinances student loans for doctors and dentists that are accredited, employed, have an average salary of about $200,000 per year," CEO Chris Gorman said. "These are great clients to get."
By Anna Hrushka • Jan. 22, 2021
