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

Explore the Trendline➔

Top 5 stories from Banking Dive

Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.

By Banking Dive staff

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 hypes ‘reset’ with hybrid schedules, Zoom-free Fridays

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

Revolut applies for California charter, launches Revolut Business

The challenger bank is showing it's expanding its target to include small and medium-sized U.S. businesses, in addition to the consumer accounts that fellow digital players Chime and Varo Bank are chasing.

By Anna Hrushka • March 22, 2021

Coinbase settles CFTC 'wash trading' probe for $6.5M

The settlement comes as the cryptocurrency exchange is delaying until next month its hotly anticipated IPO, but a CFTC commissioner said the enforcement action is a poor reflection of the regulator's priorities.

By Dan Ennis • March 22, 2021

Visa's debit card business comes under DOJ scrutiny

Visa said in an SEC filing that it hasn't received a civil investigative demand from the agency but that the Justice Department sent a notice telling the company "to preserve relevant documents related to the investigation."

By Lynne Marek • Updated March 19, 2021

Goldman takes heat for first-year analysts' 100-hour workweeks

In a voice memo, Goldman CEO David Solomon commended the analysts for taking their concerns to their management. "We want a workplace where people can share concerns freely," he said.

By Dan Ennis • Updated March 22, 2021

House lawmakers reintroduce cannabis banking bill

While supported by bank trade groups and cannabis advocates, not all stakeholders are convinced the bill would have a sweeping effect on how banks respond to serving the industry.

By Anna Hrushka • March 19, 2021

Warren, Brown press Goldman on dividends, lending as SLR window wanes

The Fed's decision to let changes to the supplemental leverage ratio expire March 31 means Treasurys and deposits will again count as assets. As a result, some banks may have to take fewer of both or increase their capital requirements.

By Dan Ennis • Updated March 19, 2021

Early prep for stimulus payments pays off for digital banks, customers

"Digital banks are nimbly making strides, and incumbents are fully captivated," said Lane Martin, a partner at the consulting firm Capco.

By Anna Hrushka • March 16, 2021

How Citi can vanquish Revlon's ghost

The bank is barring the companies it sued from participating in debt deals — and is adding safeguards to its debt contracts. But a quicker office return via a COVID testing pilot may turn Citi's fortunes.

By Dan Ennis • March 12, 2021

Lawmakers introduce plan to extend PPP deadline to May 31

The bill, which also gives the Small Business Administration until June 30 to process PPP applications, passed the House by a 415-3 vote.

By Anna Hrushka • Updated March 17, 2021

CFPB rescinds Trump policy that eased 'abusiveness' enforcement

The change gives regulators the bandwidth to demand stiffer penalties by enforcing against abusive conduct in addition to going after unfair or deceptive acts or practices when companies' conduct falls short of both standards.

By Dan Ennis • March 12, 2021

Colorado credit union spinoff has ambitions beyond pot banking

Partner Colorado CEO Sundie Seefried plans to leave her post in July to lead a new entity that will launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.

By Anna Hrushka • Updated June 23, 2021

Goldman Sachs pledges $10B decade-long investment in Black women

Several banks have made billion-dollar commitments to fight racial inequality. Others regularly highlight their progress on the gender pay gap. But Goldman's is the highest-profile effort to tackle wealth imbalance on two fronts at once.

By Dan Ennis • March 11, 2021

Biden's SBA nominee gives fintechs hope for inclusion beyond PPP

Funding Circle executive Ryan Metcalf said he was "heartened" by what he heard from a candidate to lead the agency that oversees the 7(a) program, for which the company applied to be a lender in 2019.

By Anna Hrushka • March 9, 2021

SoFi to buy community bank in $22.3M deal to speed charter

Sacramento, California-based Golden Pacific Bancorp and its three branches would operate as a division of SoFi Bank once the transaction closes by year's end, pending regulator approval, SoFi said.

By Dan Ennis • March 9, 2021

Treasury launches $9B effort to reach business owners of color through CDFIs, MDIs

About $2 billion of the Emergency Capital Investment Program's funding for loans, grants and forbearance is set aside for institutions with less than $500 million in assets.

By Dan Ennis • March 8, 2021

Fed extends PPP facility through July 30

The central bank, in a statement, took pains to note the extension would be the last of its kind.

By Dan Ennis • Updated June 29, 2021

CFPB pick Rohit Chopra walks fine line on bank enforcement

Chopra pledges a strong hand on fair lending and mortgage servicing, stiffer penalties for fraud and misconduct, and a watchful eye on big tech. But the nomination only advanced to the full Senate when the majority leader broke a partisan deadlock.

By Robert Freedman • Updated March 11, 2021