Commercial: Page 46
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Bank branches will be extinct by 2034, fintech study finds
Figures released by Self Financial hinge on the acceleration of closures from 2012 to 2018. Particularly, the rate of closure doubled from 0.81% per year between 2012 and 2015 to 1.6% between 2015 and 2018.
By Dan Ennis • March 17, 2021 -
Permission granted by Office of the Comptroller of the Currency
Brian Brooks, former OCC acting chief, joins blockchain startup
The new role places Brooks in a position where he can continue his push for the inclusion of blockchain and cryptocurrency in the financial sector, actions he took during his tenure at the helm of the bank regulator.
By Anna Hrushka • March 15, 2021 -
Explore the Trendline➔
Permission granted by O’Malley Hansen Communications
TrendlineTop 5 stories from Banking Dive
Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.
By Banking Dive staff -
ColumnHow 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 -
Permission granted by Partner Colorado Credit Union
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 -
Fotolia
SBA's delay in onboarding new PPP guidance squeezes applicants, lenders
Banks have exacerbated the crunch with early cutoffs. Bank of America has stopped taking new loan paperwork. JPMorgan and Citi's cutoffs are next week. The Fed extended the PPP facility, but only Congress can push the deadline.
By Dan Ennis • March 10, 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 -
Permission granted by SoFi
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 -
Adeline Kon/Banking Dive
Deep DiveIn serving the Amish, Lancaster County bankers find 'make-a-difference' work
Banking some of Pennsylvania's most conservative people means forging creative solutions around mobile banking, photo IDs, flood insurance and even picnic-table business deals.
By Anna Hrushka • March 4, 2021 -
Permission granted by Citigroup
Citi marks a quiet transition as Fraser takes the reins
The Wall Street bank's first woman CEO announced an ESG initiative on her first day, but risk-management fixes and potential reorganization stand as a tougher test.
By Dan Ennis • March 2, 2021 -
PPP changes get mixed reactions from banking industry
"Many lenders are questioning whether the two-week exclusive window for smallest businesses is truly necessary," one bank consultant said.
By Anna Hrushka • Feb. 24, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo sells its asset-management unit for $2.1B
The bank will keep a 9.9% equity interest in the spun-off operation after the deal closes. That's expected in the second half of this year.
By Dan Ennis • Feb. 23, 2021 -
Fintech Brex applies for ILC charter
The FDIC has received more than a dozen deposit insurance applications from proposed ILCs since 2012, to the chagrin of a number of lawmakers and trade groups.
By Dan Ennis • Feb. 22, 2021 -
Retrieved from Gage Skidmore/Flickr.
Smallest businesses get exclusive 2-week PPP window, Biden admin says
The administration also announced changes to the way loans are calculated for businesses without employees, such as sole proprietors, independent contractors and the self-employed.
By Anna Hrushka • Feb. 22, 2021 -
Moriah Solomon. (2021). [Photograph]. Retrieved from Unsplash.
Prior business relationships influence PPP coronavirus lending, study finds
Three-quarters of "relationship-borrowers" got a PPP loan, compared with 18% of "non-relationship firms," a study by researchers at Washington University in St. Louis, Boston College and the University of Geneva found.
By Jim Tyson • Feb. 18, 2021 -
Wells Fargo asset cap closer to ending as Fed reportedly OKs overhaul plan
The nation's fourth-largest bank has operated for three years under a $1.95 trillion asset cap set by the Federal Reserve in response to a 2016 fake-accounts scandal that has cost the bank billions of dollars in fines.
By Anna Hrushka • Feb. 18, 2021 -
Citi on the hook for $500M blunder, judge rules
In a 101-page decision in which a judge called the error "one of the biggest blunders in banking history," asset managers are not required to return the money. However, the judge said a freeze on the funds should remain in place.
By Anna Hrushka • Feb. 16, 2021 -
Virginia-based bank provides Bitcoin access at ATMs
Blue Ridge Bank's announcement comes as larger players such as BNY Mellon and Mastercard are showing greater acceptance of digital assets. Bitcoin traded above $50,000 for the first time Tuesday.
By Anna Hrushka • Feb. 12, 2021 -
Fotolia
OppLoans rebrands, will go public through merger with SPAC
The Chicago-based loan servicer looks to reach upmarket with a credit-card rollout this year and a payroll deduction secured installment loan, currently in beta.
By Suman Bhattacharyya • Feb. 12, 2021 -
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Opinion3 steps for scaling as an alternative lender
Leaning on a growing segment of borrowers (small-business owners), leaning into digital transformation and picking the right solution can help alternative lenders scale through a downturn.
By Jorge Sun • Feb. 12, 2021 -
U.S. Bank partners with construction software firm amid booming homebuilders market
Built’s technology streamlines the sector's labor-intensive lending process by bringing all relevant parties onto one digital platform.
By Anna Hrushka • Feb. 11, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo pledges investments in 11 Black-owned banks
"The capital investment we are announcing is important, but it's our relationship approach that will make the difference in [the banks'] futures," Bill Daley, Wells Fargo's vice chairman of public affairs, said Tuesday.
By Anna Hrushka • Updated April 14, 2021 -
David McNew via Getty Images
ColumnA cognitive dissonance in bonus pay
Bank of America walked back "cliff vesting" for its investment bankers but left it in place for others. Even if the bank keeps its bonus pool level, it's still far more lucrative than some in the U.K.
By Dan Ennis • Feb. 8, 2021 -
Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
Credit unions top Fed survey of small-business lending satisfaction
The annual report paints a dire picture of the pandemic's impact and shows a disparity along racial lines as to what is the top concern for 2021.
By Dan Ennis • Feb. 5, 2021 -
Kali-Extracts
House lawmaker continues push to include cannabis banking in COVID relief bill
With Democrats now in control of the House and Senate, and a Democrat chairing the Senate Banking Committee, some industry observers said 2021 will be the year for SAFE Banking, in addition to broader pot legislation.
By Anna Hrushka • Feb. 5, 2021
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