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U.S. Bank branch closures could accelerate amid pandemic
A 17% to 35% jump in digital activity would have occurred in branch before the coronavirus outbreak took hold, CEO Andy Cecere said.
By Anna Hrushka • May 29, 2020 -
Citi aims to bring 5% of US employees back to offices July 1
The bank plans to maintain that level of staffing through Labor Day, assess the results, then increase capacity toward 30%, a person with knowledge of the plan told Bloomberg.
By Dan Ennis • Updated June 11, 2020 -
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 -
Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
House passes bill to ease PPP payroll rule, triple spending period
The legislation, which also extends the time recipients have to repay the loan from two to five years, heads to the Senate, which reconvenes Monday.
By Anna Hrushka • May 28, 2020 -
Banks face logistical, security challenges with branch reopenings
The right date to allow lobby foot traffic — and the proliferation of face masks — present just two tests in post-pandemic banking.
By Anna Hrushka • May 28, 2020 -
Permission granted by Provident Bank
Pandemic not discouraging Provident Bank's acquisition plan
"When we announced the deal, the market was getting hammered," Provident Bank CEO Chris Martin told Banking Dive. "We're going to be better together than separate, so why not continue?"
By Anna Hrushka • May 27, 2020 -
Survey: 3 in 4 PPP borrowers confused by loan's terms
The uncertainty leaves some recipients reluctant to use the funds, even though new guidance doesn't expand the eight-week window. Waning interest in the program is spurring some banks to stop taking new applications.
By Dan Ennis • May 26, 2020 -
How Starling is seizing momentum during the pandemic
The U.K. challenger is seeing a sharp uptick in small-business loan traffic, launched a card that lets self-isolating customers farm out payment, and reversed planned furloughs.
By Suman Bhattacharyya • May 22, 2020 -
Shopify to launch banking services this year for merchants
The Canadian e-commerce company is also rolling out Shop Pay Installments, a buy-now, pay-later option at checkout that will let customers split purchases into four equal payments over time.
By Tatiana Walk-Morris • May 22, 2020 -
Permission granted by Office of the Comptroller of the Currency
OCC defends timing, lack of regulatory support for CRA revamp
The absence of lock-step with the Federal Reserve and the FDIC — and the rule's quick turnaround — led one advocate to call it an "administrative fiasco."
By Anna Hrushka • May 21, 2020 -
Column
How Citi earned its day off
The nation's third-largest bank this week said it would buy $50 million in PPP loans from nonwhite-owned depository institutions. It's shopping for suburban, post-COVID office space. And it stood up an environmental sustainability unit.
By Dan Ennis • May 21, 2020 -
Expect more PPP fraud cases as DOJ moves past 'low-hanging fruit'
The speed with which the SBA and Treasury Department set up the program, and the volume of loans funneled through it, means more cases are likely to emerge, an attorney says.
By Anna Hrushka • May 20, 2020 -
Truist Financial
Truist spent $125M on rebrand, court document shows
The disclosure came amid a copyright infringement lawsuit Truliant Federal Credit Union filed against the bank. Truist said it would cost $34 million — and take six to nine months and a shareholder vote — to change its name again.
By Dan Ennis • May 19, 2020 -
75% of small businesses sought PPP aid, Census Bureau finds
About 38% of the survey's 22,000 respondents said they've received loan money — and the coronavirus's impact appeared disproportionately felt in the Northeast and Great Lakes.
By Dan Ennis • May 15, 2020 -
JPMorgan's Gemini, Coinbase play is a crypto industry 'roadmap,' analyst says
While concerns over fraud and money laundering have made banks hesitant to link up with crypto firms, the regulatory gains Gemini and Coinbase have made could signal those risks are diminishing.
By Anna Hrushka • May 15, 2020 -
SBA sued for PPP transparency as agency boosts another loan's limit
The New York Times and other publications filed requests for the names of PPP recipients, the amount of each loan, and the banks that processed them — even though the SBA has given that information in the past.
By Dan Ennis • May 13, 2020 -
Jeff Swensen via Getty Images
PNC’s BlackRock sell-off could position bank for future acquisition
The sale will at least boost the bank's capital levels and its capacity for credit losses. But the Pittsburgh-based lender also has a history of making aggressive moves and playing the long game.
By Dan Ennis • May 12, 2020 -
Aleksandr Kravtsov/Getty Images
House Democrats attach pot banking bill to $3T coronavirus relief package
The bill's inclusion in the package follows multiple calls from lawmakers and advocates who say the largely cash-based cannabis industry poses health and safety risks to business owners and consumers.
By Anna Hrushka • Updated May 12, 2020 -
Permission granted by Piermont Bank
Deep DiveDe novos see silver lining amid coronavirus pandemic
It's a difficult time to launch any business, much less a bank. But the timing comes with opportunities and challenges, industry leaders say.
By Anna Hrushka • May 11, 2020 -
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Capital One employees to stay remote through at least Labor Day
A number of big banks are pondering how and when to return to the office. One potential plan at JPMorgan Chase would have employees working remotely on a rotating basis, reducing demand for office space.
By Dan Ennis • May 6, 2020 -
Do bank branches have a future? Pandemic reveals ultimate 'A/B test'
Many customers turned to digital options once banks began temporarily closing branches in March. Most may not be missing the trip.
By Anna Hrushka • May 6, 2020 -
Fotolia
2 men charged with fraud over PPP loan applications
David Staveley claimed he had dozens of employees at three restaurants. He only owned two, and neither was open when the coronavirus pandemic hit, the Justice Department found.
By Dan Ennis • May 6, 2020 -
Getty Images
Regulators give Tennessee de novo conditional approval
RockPoint Bank is Tennessee's third new bank to open since 2008. Executives told Banking Dive in 2020 it had hoped to open by Oct. 31.
By Anna Hrushka • Updated March 22, 2021 -
Israeli bank fined $900M over tax evasion, role in soccer bribery scandal
The enforcement action against Hapoalim comes as regulators hit banks with a near-record $10 billion in fines over 15 months, a figure European startup Fenergo expects will increase.
By Anna Hrushka • May 4, 2020 -
Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
75% payroll rule makes PPP loans useless, entrepreneurs say
Small-business owners need help with operational costs, which the government's program fails to cover without risking loan forgiveness.
By Robert Freedman • May 4, 2020
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