Digital bank Current flexes quick delivery of coronavirus relief checks

About 45% of the stimulus money that's been issued to Current's customers has already been spent — mostly on essential items, such as gas and groceries​, said Adam Hadi, the company's vice president of marketing.

By Anna Hrushka • April 15, 2020

Banking trade groups seek pandemic-related exception to robocall law

Automated calls could help banks limit physical contact when warning consumers of scams or notifying them of branch closings, payment deferrals, fee waivers and forbearance on mortgage payments, the groups wrote.

By Kate Patrick • April 15, 2020

Explore the Trendline➔

Top 5 stories from Banking Dive

Amid a swell of activity, financial institutions large and small are leaning into their aspirations. For PNC, it’s scale. For some fintechs, it’s a charter. For Millbury National Bank, it may simply be niceness.

By Banking Dive staff

JPMorgan profits plunge as bank reserves funds for 'severe recession'

The bank attributed the massive earnings drop to a $6.8 billion addition to its credit reserves, a move it said it took in response to a potential economic downturn.

By Anna Hrushka • April 14, 2020

PayPal, Square, Intuit approved to participate in coronavirus relief program

The ability to provide the loans is a major step for fintechs, which have been lobbying Congress for weeks for the opportunity to assist in the program.

By Anna Hrushka • April 13, 2020

PPP portal gets Amazon makeover as nonbanks get seat at table

The Treasury Department released a hotly anticipated PPP form for nonbanks. Meanwhile, JPMorgan Chase temporarily stopped taking non-PPP small-business loans, and Citi's portal appears to be up and running.

By Dan Ennis • April 9, 2020

Midsize-business loan vehicle is among Fed's $2.3T rollout of initiatives

Companies with up to 10,000 workers or less than $2.5 billion in revenue can get four-year loans, with principal and interest payments deferred for a year under the Main Street Lending Program.

By Dan Ennis • April 9, 2020

TD Bank sees remote work in new light amid 9,500-employee transition

The Canadian lender is shifting 500 call center employees a day into a work-from-home capacity, offering them 10 extra personal days to help with day care, and the ability to change schedules and do split shifts.

By Dan Ennis • April 9, 2020

Kabbage finds partner bank for SBA loans, awaits guidance to become direct lender

The online lender, which has been lobbying Congress to help with the SBA's loan program since the start of the coronavirus crisis, has had to retool its business model because of the pandemic.

By Anna Hrushka • April 8, 2020

Mnuchin seeks extra $250B for SBA loans as AML rules, access issues slow aid

The application process has been fraught with delays, including a four-hour outage to the agency's loan processing system Monday and the need to comply with anti-money laundering regulations.

By Dan Ennis • April 8, 2020

Fifth Third hiring 950 employees amid higher loan, mortgage demand

The Cincinnati-based bank joins Bank of America in boosting its headcount during the coronavirus outbreak.

By Dan Ennis • April 7, 2020

Fed alters Wells Fargo's asset cap to continue support of SBA loans

Lifting the cap, instituted after a 2016 fake-accounts scandal, would help the bank lend to more small businesses affected in the coronavirus pandemic, CEO Charlie Scharf has argued.

By Anna Hrushka • Updated April 8, 2020

Wells Fargo cites asset cap in closing SBA loan portal

The bank said it would lend up to $10 billion as part of the U.S. government's coronavirus relief program but estimated it had hit that ceiling two days after the effort launched.

By Anna Hrushka • April 6, 2020

West Virginia's First State Bank closes in 2nd failure of 2020

The FDIC blamed "longstanding capital and asset quality issues" for the closing. MVB Bank assumed all $139.5 million of First State’s deposits and $147.2 million of its assets.

By Dan Ennis • April 6, 2020

Chime allows early stimulus access, expands overdraft program

CEO Chris Britt said most participants in the early-stimulus pilot did not access the full $1,200. Most used $150 to $300, on average, he said.

By Anna Hrushka • Updated April 13, 2020

Kabbage cuts credit to small businesses, shifts focus to SBA loans

The online lender is dealing with the loss of loan origination revenue, as well as losses on the performance of existing loans as the coronavirus pandemic brings the economy to a near standstill.

By Anna Hrushka • Updated April 2, 2020

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.

By Dan Ennis • March 31, 2020

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.

By Anna Hrushka • March 31, 2020

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?"

By Anna Hrushka • March 30, 2020

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.

By Dan Ennis • March 30, 2020

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.

By Anna Hrushka • March 27, 2020

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."

By Anna Hrushka • March 26, 2020

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.

By Dan Ennis • March 25, 2020

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.

By Anna Hrushka • March 25, 2020

Rakuten resubmits FDIC application

The Japanese e-commerce company withdrew its paperwork in March, with the intention to refile. Rakuten is "confident that the revised application is stronger and is responsive to the FDIC’s feedback," a company spokesperson said.

By Dan Ennis • Updated June 1, 2020

Regulators ease loan modification rules amid coronavirus pandemic

Examiners will exercise judgment in reviewing loan modifications, including troubled debt restructurings, according to a joint statement by five agencies and an organization of state regulators.

By Anna Hrushka • March 23, 2020