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

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

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

Wells Fargo asks Fed to lift asset cap

Adding deposits or loans may be one way the nation's fourth-largest bank could help businesses and customers hit hard by the coronavirus outbreak.

By Dan Ennis • March 23, 2020

Kabbage asks Congress to retool SBA's lending rules amid coronavirus crisis

The online lender wants private-sector partners to help the agency with its disaster loan program as it faces a potential flood of small businesses in need of cash.

By Anna Hrushka • March 20, 2020

FDIC approves ILC charters for Square, Nelnet

The recent approvals are bound to usher in more scrutiny from the banking establishment, which has called the industrial loan company model's lack of oversight a consumer safety issue.

By Anna Hrushka • March 19, 2020

Wells Fargo cancels ex-CEO Sloan's $15M bonus

The bank considered the timing of Sloan's resignation, the company's performance and the status of its risk management objectives and outstanding regulatory matters in its decision, according to a proxy filing.

By Dan Ennis • March 18, 2020

Regulators weigh easing more bank rules as markets stay jittery

A spate of initiatives, some released and some under consideration, are intended to keep credit flowing to businesses hard hit by the novel coronavirus outbreak.

By Robert Freedman • March 18, 2020

Banks tap Fed discount window to signal readiness on credit

The biggest U.S. banks have been cooperating with each other and with the Federal Reserve to show they'll keep people and companies liquid as the economy worsens.

By Robert Freedman • March 17, 2020

The novel coronavirus impact on the banking industry

The banking industry is central to the global economy's stability. Follow Banking Dive's coverage of the pandemic here.

Updated March 18, 2020

Major US banks halt share buybacks in response to coronavirus pandemic

The forum called the COVID-19 pandemic “an unprecedented challenge for the world and the global economy,” and said the U.S.’s largest banks have an “unquestioned ability and commitment” to support the nation. 

By Anna Hrushka • March 16, 2020

Markets drop despite Fed weekend rate cut on coronavirus

Stock trading had to be halted for the third time in recent weeks as pessimism over the government's coronavirus response overshadowed the Federal Reserve's latest monetary move.

By Robert Freedman • March 16, 2020