Commercial: Page 48
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Community-based lenders to get first 2 days of PPP 2.0 to themselves
CDFIs and minority depository institutions get exclusive access to the portal for at least the first two days once it reopens Monday, according to Small Business Administration guidance.
By Dan Ennis • Jan. 7, 2021 -
Bank leaders, trade groups condemn insurrection at US Capitol
"We have to begin reinvesting in our democracy," Goldman Sachs CEO David Solomon said in a LinkedIn post, adding that the country has "squandered" its "reservoir of goodwill around the world."
By Anna Hrushka • Jan. 7, 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 -
U.S. Bank to buy MUFG Union Bank's $320B custody portfolio
The deal, expected to close by March, bolsters the West Coast reach of a Midwest stalwart and marks a shift in priorities for another U.S. subsidiary of a foreign banking giant.
By Dan Ennis • Jan. 7, 2021 -
Anna Hrushka/Banking Dive
Main Street Lending Program ended at 3% capacity, data shows
Businesses availed themselves of $17.5 billion of the $600 billion the facility made available, the Federal Reserve indicated Tuesday. The program launched in June but saw two-thirds of its activity in November and December.
By Anna Hrushka • Updated Feb. 10, 2021 -
PPP reboot promises some relief for borrowers, lenders
Certain provisions indicate lawmakers took the challenges and criticism of the first version to heart and made "PPP 2.0" more targeted, a consultant said.
By Anna Hrushka • Dec. 23, 2020 -
Fed allows banks to resume stock buybacks with limitations
Just minutes after the Fed released stress test results Friday, JPMorgan Chase said its board approved a new share repurchase program of $30 billion. The central bank said it would continue to cap dividend payments through March.
By Anna Hrushka • Dec. 21, 2020 -
Yelp deposits $10M into 3 Black-owned banks
The move follows an increase in banks and corporations earmarking funds for minority-owned depository institutions and racial equality initiatives following the May killing of George Floyd at the hands of police.
By Anna Hrushka • Dec. 17, 2020 -
FDIC releases final rule on controversial ILC charters
The rule, which opponents argue eases the path for commercial companies to operate as banks without Federal Reserve oversight, comes as a growing number of nonbanks have recently applied for ILC charters.
By Anna Hrushka • Dec. 16, 2020 -
Courtesy of BioNTech
Bank tellers, loan officers should be in second group vaccinated, ABA says
The trade group wrote to the CDC, saying customer-facing front-line bank employees should be allowed to get the COVID-19 vaccine after healthcare workers and long-term care facility residents.
By Anna Hrushka • Dec. 15, 2020 -
Deutsche could scatter half of its New York staff within 5 years, exec says
"I'm optimistic that New York remains, to a degree, a hub," the bank's chief executive for the Americas told the Financial Times. "But that isn't maybe going to be relevant for all of those people."
By Dan Ennis • Dec. 15, 2020 -
Courtesy of State Street
State Street, UBS weigh merger of asset-management units
The banks discussed a tie-up as early as 2012 and were close enough to a deal this summer that roles had been determined for top executives and brand names were being considered, The Wall Street Journal reported.
By Dan Ennis • Dec. 14, 2020 -
Huntington, TCF agree to all-stock merger
The Columbus, Ohio-based bank will close all 97 of its branches located inside Meijer grocery stores in Michigan, and plans to shutter 198 overlapping branches in the state after the deal closes.
By Dan Ennis • Updated Jan. 25, 2021 -
Courtesy of Fifth Third
Fifth Third pledges $2.8B toward racial equity, inclusion
The bank aims to increase its mortgage lending by 31% while achieving parity in its top eight markets where Black Americans reside, and is targeting a 25% increase in small-business lending in majority-minority communities.
By Anna Hrushka • Dec. 11, 2020 -
Banks could face deadline for board diversity requirements
While most of Nasdaq's companies would have at least one woman director, many fail on the second tenet: to include an underrepresented minority.
By Anna Hrushka • Dec. 10, 2020 -
Kendall Davis/Banking Dive
Dive Awards
The Banking Dive Awards for 2020
The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.
By Banking Dive Team • Dec. 9, 2020 -
Courtesy of Kabbage Media
Dive Awards
Deal of the Year: American Express buys Kabbage
The fintech was growing beyond lending. The payment network was building beyond cards. Together, they saw the chance to expand outside of themselves.
By Dan Ennis • Dec. 9, 2020 -
Permission granted by Cross River Bank
Dive Awards
Company of the Year: Cross River Bank
A lean operation dependent on partnerships helped the New Jersey-based lender punch above its weight and process the third-highest number of PPP loans.
By Suman Bhattacharyya • Dec. 9, 2020 -
Permission granted by Citizens Bank of Edmond
Dive Awards
Executive of the Year: Jill Castilla, Citizens Bank of Edmond
"A little bank in Oklahoma with one location can have a seat at the table because we have a network," Castilla said.
By Anna Hrushka • Dec. 9, 2020 -
How Bank of America's small-business strategy laid groundwork for PPP efforts
A 'digital plus human' strategy, combined with ongoing tech investments, helped position the nation's second-largest bank to deliver more than 343,000 of the coronavirus aid loans.
By Suman Bhattacharyya • Dec. 8, 2020 -
Column
Morgan Stanley, JPMorgan, Bank of America diverge on bonuses
Banks usually move in lockstep on issues such as environmentally conscious investing, but compensation may prove an individual decision.
By Dan Ennis • Dec. 7, 2020 -
Permission granted by Stripe
Stripe partners with Goldman, Citi to offer merchant bank accounts
Similar to Google's Plex accounts, Stripe's latest venture further demonstrates how banks are turning to fintech partnerships as a way to grow customers.
By Anna Hrushka • Dec. 4, 2020 -
Jurisdiction issue may threaten Citi's suit over errant $900M payment
Most defendants could proceed in the case, lawyers reassured a federal judge Thursday — a day after he questioned whether his venue was the proper setting for a trial set to begin Dec. 9.
By Dan Ennis • Updated Dec. 3, 2020 -
Fed, Treasury agree to extend PPP, 3 more lending facilities through March 31
A special investigator general, meanwhile, is investigating Mnuchin's November decision to claw back unused funds the CARES Act set aside for the Fed.
By Anna Hrushka • Updated Feb. 2, 2021 -
GM’s lending arm applies for ILC charter
The automaker's previous lending arm, GMAC, held an ILC charter until 2008, when the Federal Reserve gave emergency approval for it to become a bank holding company amid a trio of government bailouts worth $17.2 billion.
By Dan Ennis • Updated Dec. 18, 2020 -
OCC fines JPMorgan $250M over weak controls in its advisory business
Last week's fine from the OCC comes amid a surge of settlements some banks may be looking to secure before the Biden administration takes office.
By Anna Hrushka • Nov. 25, 2020
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