PPP bill would make loan recalculations retroactive for farmers, sole proprietors

The legislation would also let borrowers show a 25% year-over-year revenue downturn over any 90 consecutive days, not just quarter to quarter.

By Dan Ennis • April 21, 2021

House lawmakers pass cannabis banking bill

Rep. Ed Perlmutter, D-CO, has introduced the bill every Congress since 2013. It passed in the House in 2019, only to stall in the then-Republican-controlled Senate, where the bill heads now.

By Anna Hrushka • April 20, 2021

Explore the Trendline➔

The Banking Dive Outlook on 2022

Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

By Banking Dive staff

Crypto exchange Binance hires ex-OCC chief Brooks as US CEO

Hiring an executive with intimate knowledge of U.S. regulations presumably would help the exchange, initially based in China, expand its stateside operations without raising red flags.

By Dan Ennis • April 20, 2021

Policy questions remain as global governments explore CBDCs

Bank Policy Institute's chief examines the impact and drawbacks of various models of digital coin as the Fed and other countries forge ahead.

By Anna Hrushka • April 19, 2021

Barclays drops its role as lead underwriter in prison bond sale

Two advocacy groups terminated the bank's membership and refunded its dues last week, while 30 activists castigated the U.K. lender for seemingly going back on a 2019 promise.

By Dan Ennis • Updated April 19, 2021

JPMorgan, Citi follow Bank of America with trillion-dollar ESG pledges

JPMorgan's $2.5 trillion commitment could rebalance the scales. The bank has financed about $317 billion in fossil-fuel activity since 2015, an activist group found. In that time, it has put nearly $210 billion toward green initiatives.

By Dan Ennis • April 16, 2021

Another Marcus exec flees — this time, to JPMorgan Chase

The departure of the digital bank's head of product is being followed closely by that of Goldman's communications chief, who is leaving after nine years.

By Dan Ennis • Updated April 16, 2021

With neobank purchase, Avant mirrors SoFi's path

Buying Level gives Avant direct access to customers' account information, allowing it to look at people's cash flow, spending, bill pay — data points for which Avant currently pays an aggregator.

By Dan Ennis • April 13, 2021

Bank of America boosts its ESG financing goal to $1 trillion by 2030

Combined with the bank's $500 billion pledge toward socially inclusive finance, the figure effectively doubles Goldman Sachs's landmark $750 billion ESG pledge from 2019.

By Dan Ennis • April 12, 2021

California bill would create free banking services for state's residents

The effort comes as the FDIC launches a campaign in the Atlanta and Houston markets to get more Black and Hispanic households to open bank accounts.

By Anna Hrushka • April 7, 2021

Chance for early feedback spurs banks to join FedNow pilot program

More than 110 organizations are participating in the real-time payment effort, which is still slated for a 2023 debut.

By Anna Hrushka • April 6, 2021

Climate-risk players take a one-level-higher approach

A guerrilla tactic of sorts may be helping Fed officials, the Treasury secretary and a U.S. senator push discussion about the proper venue for research on global warming.

By Dan Ennis • April 6, 2021

The growing interest in servicing the cannabis industry

Have you considered working with the cannabis industry? Explore these free resources to learn more.

April 5, 2021

Citi hires FinCEN chief to lead compliance in bank's new unit

The change of leadership at FinCEN comes as the regulator is seeking public comment on how to implement new rules on reporting the identity of corporations' beneficial owners.

By Dan Ennis • April 5, 2021

Wells Fargo, Bank of America roll out office-return benchmarks

Wells extended remote-work arrangements through Sept. 6 but said it would return to a "more normal operating model" soon after. Meanwhile, BofA said it aims to have its 1,800 new-graduate hires working in the office by October.

By Dan Ennis • March 31, 2021

Those footsteps Citi hears on diversity and inclusion are JPMorgan's

The nation's largest bank pledged to hire 300 new Black and Latinx wealth advisers by 2025. The move comes as Citi poaches its next chief diversity officer — in another executive loss for Goldman.

By Dan Ennis • March 29, 2021

Fed to lift dividend, buyback limits June 30 for banks that pass stress tests

The central bank is releasing stress test results June 24. Four banks — Regions, BMO and the U.S. units of MUFG and the Royal Bank of Canada — have opted in to the tests, alongside the 19 institutions already subject to them.

By Dan Ennis • Updated June 8, 2021

Senate passes bill extending PPP deadline to May 31

The bill, which advanced on a 92-7 vote, also gives the SBA until June 30 to close pending PPP applications.

By Anna Hrushka • Updated March 31, 2021

CFPB sees 54% jump in consumer complaints in 2020

Nearly three in five pertain to the nation's credit bureaus. The agency said it plans to issue a separate report this year on those.

By Dan Ennis • March 26, 2021

Illinois moves to create special charter for digital assets trust

"I had to get out of the bubble of the way I look at money in our country," said the bill's sponsor, state Rep. Margaret Croke, D-Chicago.

By Lynne Marek • March 26, 2021

SBA more than triples EIDL cap to $500K

The change applies to loans approved beginning the week of April 6. The SBA said it will email borrowers who have already received loans but would qualify for more under the new limit.

By Dan Ennis • March 25, 2021

Goldman cleared of bias claims in NYDFS's Apple Card probe

The regulator found no evidence of disparate impact in the bank's credit decisions but said the case should serve as a reminder that credit-scoring models and anti-discrimination laws need a refresh.

By Dan Ennis • March 24, 2021

Federal Reserve forms 2nd climate change risk panel

Separately, Fed Chair Jerome Powell and Treasury Secretary Janet Yellen detailed their stances on climate-related risks Tuesday in front of the House Financial Services Committee.

By Anna Hrushka • March 24, 2021

Citi hopes a 'reset' with hybrid schedules, Zoom-free Fridays will preserve bank's 'soul'

Most Citi employees' schedule after the COVID-19 pandemic subsides will include at least three days a week from the office and as many as two days remote, CEO Jane Fraser wrote in a memo.

By Dan Ennis • March 24, 2021

Powell reiterates 'no-rush' stance on Fed's digital dollar

Powell insists on Congress's approval before proceeding with a CBDC, but researchers are hoping to unveil prototypes as early as July. Meanwhile, the Senate's new banking panel chair is calling for faster action.

By Dan Ennis • March 23, 2021