Regulations & Policy: Page 87
-
OlyaSolodenko/iStock via Getty Images
'Hours matter' as fintechs angle for new wave of PPP money
Nonbank lenders are better positioned this time, but the new infusion may last only a couple days, a trade group leader says.
By Anna Hrushka • April 21, 2020 -
JPMorgan, Wells Fargo, Bank of America, U.S. Bank chased larger PPP loans' fees, lawsuit says
"Had [the bank] been honest, small businesses could have (and would have) submitted their PPP applications to other financial institutions," the lawsuits said. One of the banks, Wells Fargo, emailed customers to that effect.
By Dan Ennis • April 21, 2020 -
Explore the Trendline➔
wildpixel via Getty Images
TrendlineThe 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 -
As lawmakers near new PPP deal, banks and fintechs gear up for Round 2
An abundance of caution from big banks and late entry from fintechs gave small banks an edge, as institutions with $10 billion or less in assets doled out 60% of PPP small-business loans.
By Dan Ennis • April 20, 2020 -
Wells Fargo, Citi, JPMorgan won't apply stimulus checks to negative balances
The Treasury Department is reviewing whether it has the legal authority to prevent banks from using customers' stimulus payments to collect on overdrafts, a source told The Washington Post.
By Dan Ennis • Updated April 21, 2020 -
Small-business relief program hits limit
Republican and Democratic lawmakers are at an impasse over how they would want any additional funds allocated.
By Anna Hrushka • April 16, 2020 -
Permission granted by Current
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 -
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 -
OlyaSolodenko/iStock via Getty Images
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 -
Courtesy of Kabbage Media
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 -
Courtesy of Fifth Third
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 -
Daphne Howland/Banking Dive
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 -
Courtesy of Kabbage Media
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
Previous
