Commercial: Page 53
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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 -
Explore the Trendline➔
Natalie Meepian via Getty Images
TrendlineM&A
President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
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 -
'PPP fatigue' sends lenders to Customers Bank's white-label service
"It's very difficult to build what we built," said Sam Sidhu, the bank's vice chair and COO. "We thought that this would resonate well with other banks and we were right."
By Anna Hrushka • Feb. 4, 2021 -
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OpinionThe way we look at brokered deposits for banks is broken
A bank that predominantly holds traditional core deposits is susceptible to a "bank run," whereas one funded primarily by brokered CD deposits is not. That's because these deposits have precise maturity dates.
By Charlie Knadler • Feb. 4, 2021 -
(2020). "Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust". Retrieved from https://www.youtube.com/watch?v=Sf5D9BprcXg&feature=youtu.be.
Wells Fargo CEO Scharf sees 12% cut in compensation to $20.3M
Beyond financial performance, Wells' board weighed the bank's liquidity throughout the pandemic, its progress on enforcement actions and Scharf's introduction of new diversity goals.
By Dan Ennis • Feb. 1, 2021 -
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Plaid launches tool to help banks, fintechs compete for direct deposits
The product, still in beta, is meant to combat the friction associated with manually changing the destination of a direct deposit, which can prevent customers from designating a new banking relationship as their primary one.
By Anna Hrushka • Jan. 29, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC halts controversial fair access rule
Pausing publication of the rule will allow the next confirmed comptroller to review it — along with the more than 35,000 public comments the OCC received, the regulator said Thursday.
By Anna Hrushka • Jan. 28, 2021 -
SBA outlines steps to improve PPP, reports $35B in approved loans
The agency said a review of first-draw loans identified data mismatches and eligibility concerns in about 4.7% of the lender-submitted data.
By Anna Hrushka • Jan. 27, 2021 -
Permission granted by Greenwood Financial
Black- and Latinx-focused digital bank Greenwood hits 500K signups in 100 days
"We see that there is definitely an appetite for what we're doing," said Ryan Glover, who founded the startup with civil rights leader Andrew Young and rapper Killer Mike. Glover said the platform could launch in May or June.
By Anna Hrushka • Jan. 26, 2021 -
Deep Dive
What’s in store for challenger banks in 2021?
As the challenger bank market continues to attract venture capital, new users and even celebrity endorsements, how will the momentum and hype surrounding this new way to bank continue into 2021?
By Anna Hrushka • Jan. 25, 2021 -
Morgan Stanley CEO Gorman gets 22% raise to $33M
The $6 million bump puts him ahead of JPMorgan's Jamie Dimon among top-paid U.S. bank executives, and comes after the bank engineered two multibillion-dollar acquisitions. Gorman took a 7% cut in pay in 2019.
By Dan Ennis • Jan. 25, 2021 -
Courtesy of KeyBank
KeyBank aims to launch digital bank for doctors in March
"Think about a digital company that refinances student loans for doctors and dentists that are accredited, employed, have an average salary of about $200,000 per year," CEO Chris Gorman said. "These are great clients to get."
By Anna Hrushka • Jan. 22, 2021 -
Photo illustration by Kendall Davis/Industry Dive; photographs by Gage Skidmore and Getty Images
Alternative credit data, fair lending may take focus under Biden
Among his first actions as president, Joe Biden signed an executive order to extend the pause on student loan payments through Sept. 30.
By Anna Hrushka • Jan. 21, 2021 -
Permission granted by Truist
Truist reports Q4 profit, continues merger-related job cuts, branch closures
The bank eliminated 1,307 positions during the fourth quarter. It said it closed 149 branches in 2020 and plans to shutter more than 400 this year.
By Anna Hrushka • Jan. 21, 2021 -
Deep Dive
4 banking trends to watch in 2021
Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.
By Dan Ennis , Anna Hrushka • Jan. 20, 2021 -
U.S. Bank hangs on to loan loss reserves, reports slight Q4 profit
The bank completed its branch consolidation project this month, closing nearly 25% of its brick-and-mortar locations, it said.
By Anna Hrushka • Jan. 20, 2021 -
David McNew via Getty Images
Bank of America year-over-year profits drop nearly 22% in Q4
Net interest income and revenue, especially in consumer banking, saw double-digit percentage-point drops. But deposits jumped 23% and investment banking fees climbed 26%.
By Dan Ennis • Jan. 19, 2021 -
Plaid sees 'opportunity' after $5.3B Visa deal ends
The data aggregator's biggest priority now is getting 75% of its traffic dedicated to application programming interfaces by the end of 2021 — a prospect John Pitts, Plaid's head of policy, calls an "immense challenge."
By Anna Hrushka • Jan. 19, 2021 -
JPMorgan Chase
JPMorgan net income jumps 42% YoY over trading revenue, lower credit reserves
The bank said it plans to add an extra $900 million to its $11 billion technology budget in 2021 and to expand its branch presence to 48 states by midyear.
By Anna Hrushka • Jan. 15, 2021 -
Citi's net income jumps 44% in Q4 over previous quarter
The bank released $1.5 billion in credit loss reserves, after setting aside $436 million in the third quarter and $253 million a year ago.
By Suman Bhattacharyya • Jan. 15, 2021
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