Commercial: Page 62
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PPP reboot promises some relief for borrowers, lenders
Certain provisions indicate lawmakers took the challenges and criticism of the first version to heart and made "PPP 2.0" more targeted, a consultant said.
By Anna Hrushka • Dec. 23, 2020 -
Fed allows banks to resume stock buybacks with limitations
Just minutes after the Fed released stress test results Friday, JPMorgan Chase said its board approved a new share repurchase program of $30 billion. The central bank said it would continue to cap dividend payments through March.
By Anna Hrushka • Dec. 21, 2020 -
Explore the Trendline➔
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TrendlineArtificial intelligence
The heavily regulated banking sector rarely gets to trailblaze. But with AI, an all-in mentality is fueling both research and adoption.
By Banking Dive staff -
Yelp deposits $10M into 3 Black-owned banks
The move follows an increase in banks and corporations earmarking funds for minority-owned depository institutions and racial equality initiatives following the May killing of George Floyd at the hands of police.
By Anna Hrushka • Dec. 17, 2020 -
FDIC releases final rule on controversial ILC charters
The rule, which opponents argue eases the path for commercial companies to operate as banks without Federal Reserve oversight, comes as a growing number of nonbanks have recently applied for ILC charters.
By Anna Hrushka • Dec. 16, 2020 -
Courtesy of BioNTech
Bank tellers, loan officers should be in second group vaccinated, ABA says
The trade group wrote to the CDC, saying customer-facing front-line bank employees should be allowed to get the COVID-19 vaccine after healthcare workers and long-term care facility residents.
By Anna Hrushka • Dec. 15, 2020 -
Deutsche could scatter half of its New York staff within 5 years, exec says
"I'm optimistic that New York remains, to a degree, a hub," the bank's chief executive for the Americas told the Financial Times. "But that isn't maybe going to be relevant for all of those people."
By Dan Ennis • Dec. 15, 2020 -
Daniel Berehulak via Getty Images
State Street, UBS weigh merger of asset-management units
The banks discussed a tie-up as early as 2012 and were close enough to a deal this summer that roles had been determined for top executives and brand names were being considered, The Wall Street Journal reported.
By Dan Ennis • Dec. 14, 2020 -
Permission granted by Huntington Bank
Huntington, TCF agree to all-stock merger
The Columbus, Ohio-based bank will close all 97 of its branches located inside Meijer grocery stores in Michigan, and plans to shutter 198 overlapping branches in the state after the deal closes.
By Dan Ennis • Updated Jan. 25, 2021 -
Courtesy of Fifth Third
Fifth Third pledges $2.8B toward racial equity, inclusion
The bank aims to increase its mortgage lending by 31% while achieving parity in its top eight markets where Black Americans reside, and is targeting a 25% increase in small-business lending in majority-minority communities.
By Anna Hrushka • Dec. 11, 2020 -
Banks could face deadline for board diversity requirements
While most of Nasdaq's companies would have at least one woman director, many fail on the second tenet: to include an underrepresented minority.
By Anna Hrushka • Dec. 10, 2020 -
Kendall Davis/Banking Dive
Dive Awards
The Banking Dive Awards for 2020
The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.
By Banking Dive Team • Dec. 9, 2020 -
Courtesy of Kabbage Media
Dive Awards
Deal of the Year: American Express buys Kabbage
The fintech was growing beyond lending. The payment network was building beyond cards. Together, they saw the chance to expand outside of themselves.
By Dan Ennis • Dec. 9, 2020 -
Permission granted by Cross River Bank
Dive Awards
Company of the Year: Cross River Bank
A lean operation dependent on partnerships helped the New Jersey-based lender punch above its weight and process the third-highest number of PPP loans.
By Suman Bhattacharyya • Dec. 9, 2020 -
Permission granted by Citizens Bank of Edmond
Dive Awards
Executive of the Year: Jill Castilla, Citizens Bank of Edmond
"A little bank in Oklahoma with one location can have a seat at the table because we have a network," Castilla said.
By Anna Hrushka • Dec. 9, 2020 -
How Bank of America's small-business strategy laid groundwork for PPP efforts
A 'digital plus human' strategy, combined with ongoing tech investments, helped position the nation's second-largest bank to deliver more than 343,000 of the coronavirus aid loans.
By Suman Bhattacharyya • Dec. 8, 2020 -
Column
Morgan Stanley, JPMorgan, Bank of America diverge on bonuses
Banks usually move in lockstep on issues such as environmentally conscious investing, but compensation may prove an individual decision.
By Dan Ennis • Dec. 7, 2020 -
Permission granted by Stripe
Stripe partners with Goldman, Citi to offer merchant bank accounts
Similar to Google's Plex accounts, Stripe's latest venture further demonstrates how banks are turning to fintech partnerships as a way to grow customers.
By Anna Hrushka • Dec. 4, 2020 -
Jurisdiction issue may threaten Citi's suit over errant $900M payment
Most defendants could proceed in the case, lawyers reassured a federal judge Thursday — a day after he questioned whether his venue was the proper setting for a trial set to begin Dec. 9.
By Dan Ennis • Updated Dec. 3, 2020 -
Fed, Treasury agree to extend PPP, 3 more lending facilities through March 31
A special investigator general, meanwhile, is investigating Mnuchin's November decision to claw back unused funds the CARES Act set aside for the Fed.
By Anna Hrushka • Updated Feb. 2, 2021 -
Bill Pugliano / Stringer via Getty Images
GM’s lending arm applies for ILC charter
The automaker's previous lending arm, GMAC, held an ILC charter until 2008, when the Federal Reserve gave emergency approval for it to become a bank holding company amid a trio of government bailouts worth $17.2 billion.
By Dan Ennis • Updated Dec. 18, 2020 -
OCC fines JPMorgan $250M over weak controls in its advisory business
Last week's fine from the OCC comes amid a surge of settlements some banks may be looking to secure before the Biden administration takes office.
By Anna Hrushka • Nov. 25, 2020 -
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
Behind BNY Mellon's war against B2B checks
Peer-to-peer payments have made consumer transactions cheap and efficient. BNY Mellon wants to do that for business payments, with additional communication, reporting and security measures.
By Suman Bhattacharyya • Nov. 25, 2020 -
Why Seattle Bank allied itself with Google
"The banking experience is just ripe for a Tesla-Peloton kind of experience, and we don't have that today. I think Google clearly can help drive that, and that's pretty cool," Seattle Bank's CEO said.
By Anna Hrushka • Nov. 24, 2020 -
Banks whose assets grew amid PPP get temporary relief from regulators
The interim final rule will give banks more time to either reduce their balance sheets or prepare for the stricter regulatory and reporting standards associated with the higher asset thresholds, the agencies said.
By Anna Hrushka • Nov. 23, 2020 -
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Montana banks prepare to navigate regulatory haze upon legalizing pot
"At this point, we're all just holding our breath, hoping we figure it out and the banks stay out of trouble," the president and CEO of the Montana Bankers Association said.
By Anna Hrushka • Nov. 18, 2020
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