GOP plan tweaks PPP, proposes loans for seasonal businesses

Under the plan, applicants who run seasonal or low-income-area businesses could borrow twice the company's annual revenue, up to $10 million, for as long as 20 years at 1% fixed interest. Repayment would be deferred two years.

By Dan Ennis • July 28, 2020

Goldman overhauls performance reviews in possible step toward job cuts

Banks including Morgan Stanley and Bank of America pledged not to cut jobs in 2020, while Goldman's overall headcount is up 10% from a year ago. 

By Dan Ennis • July 28, 2020

Explore the Trendline➔

Artificial intelligence

Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.

By Banking Dive staff

Durbin asks Fed to probe Visa, Mastercard, issuers over PINless purchases

Many online purchases made without PINs are automatically routed through Visa or Mastercard, costing merchants more in swipe fees when more shoppers are buying remotely.

By Dan Ennis • July 27, 2020

FDIC makes it easier for banks to hire people with minor criminal offenses

The final rule, approved Friday, is expected to cut by 30% the number of applications through Section 19 without increasing risk, agency Chairman Jelena McWilliams said.

By Anna Hrushka • July 27, 2020

Seattle-area tech exec transferred PPP funds to Robinhood account, DOJ says

One of Mukund Mohan's eight applications claimed the loan would retain 24 jobs. However, the company, which Mohan bought on the internet in May, had no employees and no business activity, a complaint says.

By Dan Ennis • July 24, 2020

Wells Fargo says it 'misinterpreted customers' intentions' in some forbearance cases

Reports that Wells Fargo took action on accounts without customer consent is a troubling look for the bank, which is still working to repair an image damaged by a series of consumer abuse scandals.

By Anna Hrushka • July 24, 2020

Goldman Sachs settles 1MDB scandal with Malaysia for $3.9B

The bank restated its second-quarter earnings to reflect a $2 billion legal charge related to a case for which the country's ex-prime minister, Najib Razak, was sentenced to 12 years in prison.

By Dan Ennis • Updated Aug. 7, 2020

Banks can provide crypto custody service, OCC says

"This opinion clarifies that banks can continue satisfying their customers' needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency," the OCC's Brian Brooks said.

By Anna Hrushka • July 23, 2020

FDIC hatches plan to help fintechs, community banks partner

Under the idea, fintechs could apply for one certification that would be accepted at a number of banks rather than negotiating individual agreements.

By Dan Ennis • July 23, 2020

Truist pushes office return date to end of January

While many banks in North America are using Labor Day as a benchmark, the North Carolina-based lender became the first of its size to extend its remote-work option past the new year.

By Dan Ennis • Updated Aug. 14, 2020

What US fintechs can learn from Wirecard's collapse

"Think about diversifying your supply chain and your partners," said Kim Muhota, vice president at SSA & Company. "It's really just a risk management play — the classic, don't have all your eggs in one basket."

By Anna Hrushka • July 22, 2020

Morgan Stanley joins group aiming to measure, reduce climate impact

The move comes less than two weeks after JPMorgan Chase, Bank of America, Goldman Sachs and Wells Fargo were revealed as backers of a renewable energy group's Center for Climate-Aligned Finance.

By Dan Ennis • July 21, 2020

Congress should consider forgiving all 'small' PPP loans, Mnuchin says

The treasury secretary's comments come as trade groups, including some representing the nation's largest banks, have called for blanket forgiveness for PPP loans under $150,000.

By Anna Hrushka • July 20, 2020

Fed extends Main Street Lending Program to nonprofits

Terms released Friday allow organizations with as few as 10 employees to apply. To be eligible, non-donation revenue must have accounted for 60% or more of expenses from 2017 to 2019.

By Dan Ennis • July 20, 2020

Houston man charged with investing PPP loan money in crypto

A GAO report last month said the number of loans approved, the speed with which they were processed, and PPP's limited safeguards leave it open to "significant risk" of fraud.

By Dan Ennis • July 17, 2020

Mastercard deal brings Finicity to global stage, CEO says

"The days of the walled garden approach to data sitting at a bank, only good for the bank and not so much good for the consumer, are over with the advent of open banking," Finicity CEO Steve Smith told Banking Dive.

By Anna Hrushka • July 17, 2020

Banks, fintechs weigh fallout from H1-B work visa restrictions

Opening a Vancouver office gives corporate card startup Brex a workaround. Others may rely on remote consultants.

By Suman Bhattacharyya • July 15, 2020

Main Street's measured approach could help it avoid PPP pitfalls

It's unclear what the Boston Fed will get from publishing its lender list, but the attempt at transparency is at least starting early.

By Dan Ennis • July 13, 2020

Don't use coronavirus as excuse to close branches, OCC says

Some industry observers have questioned the future of bank branches in light of the pandemic, as customers grow accustomed to digital channels and banks rethink the viability of brick and mortar amid a recession.

By Anna Hrushka • July 13, 2020

SoFi files for national bank charter with OCC

A national charter would let SoFi operate under a unified set of national regulations instead of the "patchwork of varying requirements" it follows to comply with regulations across 50 states, the company said.

By Anna Hrushka • July 10, 2020

Wells Fargo may start cutting tens of thousands of jobs this year

The bank vowed to pause staff reductions as the pandemic escalated. Any announcement — not expected with Tuesday's earnings — could tell other banks that window is over.

By Dan Ennis • July 10, 2020

CFPB rolls back 'ability-to-repay' portion of payday lending rule

The provisions would have limited the number of consecutive, short-term loans a borrower could take out, and would have required lenders to verify borrowers' income.

By Dan Ennis • July 8, 2020

Colorado credit union adds lending to pot banking effort

The move completes a "huge piece of the puzzle" that's missing for cannabis businesses, most of which don't have access to government funding, such as the PPP, the credit union's president says.

By Anna Hrushka • July 8, 2020

Investment company Edward Jones files for ILC charter

"Given market conditions, we believe the need for enhancements to our financial services is more important than ever to our clients as they look to reach their financial goals," Edward Jones Principal Ken Cella said.

By Anna Hrushka • July 6, 2020

Citi survey asks workers if they'd like to return Oct. 5

The bank would cap office presence at 30%, a source told Bloomberg. The questionnaire also asks employees to give a general reason why they're staying home, so the bank can offer potential solutions.

By Dan Ennis • Updated Sept. 10, 2020