Fed expands Main Street program, cuts loan threshold by half

The central bank is including larger companies, but some small-business advocates and industry leaders say the $500,000 minimum loan is still too high.

By Anna Hrushka • May 1, 2020

SBA gives small lenders 8-hour PPP window, drawing big banks' ire

"Many small businesses went to banks over $1 billion to help provide for their family," Richard Hunt, president and CEO of the CBA, tweeted Wednesday. "Don't play favorites with small businesses. All need a lifeline right now."

By Anna Hrushka • April 30, 2020

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M&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

Wells Fargo's ties to NRA 'declining,' CEO Scharf says

The lender has been winding down its relationship with the gun lobby over the past two years, a bank spokesman said. Wells had arranged $431 million in debt for gunmakers between 2012 and 2018, Bloomberg data shows.

By Dan Ennis • April 29, 2020

Credit union trade group questions PPP's batch processing system

The 5,000 minimum required to submit loans in batches is too high to benefit smaller lenders like credit unions, CUNA Chief Advocacy Officer Ryan Donovan told Banking Dive.

By Anna Hrushka • April 29, 2020

Day 1 of PPP's Round 2 didn't bring the refresh bankers wanted

Technical glitches and overwhelming demand again took down the SBA's loan processing system, as lenders ponder all-nighters, equality and copious screen-checking.

By Dan Ennis • April 28, 2020

Lenders get 2nd chance to correct PPP flaws

Despite some negative press, the first rollout of the SBA program has let some banks prove they can help their customers even in the worst of times, said David Zaring, a Wharton professor of legal studies and business ethics.

By Anna Hrushka • April 27, 2020

Lenders report PPP portal access issues minutes after relaunch

"The difference between this program and unemployment is if you qualify for this program, it’s like getting unemployment authorization and then having a footrace to the office," Bank of America CEO Brian Moynihan said Sunday.

By Dan Ennis • Updated April 27, 2020

House passes $484B relief package, including $320B for PPP loans

Despite the flaws associated with the first round of funding — from last-minute guidance to a portal outage to alleged borrower favoritism — the new infusion is expected to be available only briefly.

By Dan Ennis • April 23, 2020

Moven's lean toward B2B was part reach, part mission, CEO says

"Part of our original vision ... was to improve the lives of tens of millions of consumers, so that becomes a more critical imperative for us ... versus what type of a business model we have," Moven CEO Marek Forysiak said.

By Kate Patrick Macri • April 23, 2020

$60B carveout for small lenders doesn't solve PPP's problems, fintech exec says

The set-aside should have taken into account the size of loan, not the bank, Funding Circle's Ryan Metcalf told Banking Dive.

By Anna Hrushka • April 23, 2020

Coronavirus delays First Horizon's acquisition of 30 Truist branches until Q3

The Memphis-based bank's proposed merger with IberiaBank should still close on schedule, CEO Bryan Jordan said. Shareholders are set to vote Friday on the deal.

By Dan Ennis • April 22, 2020

Reciprocal deposits can help community banks save small business

Allotting space on their balance sheets allows banks to immediately increase lending to small businesses before having to scour for additional deposits, writes Tom Nelson, CIO at Reich & Tang.

By Tom Nelson • April 22, 2020

Citi pledges to stop thermal coal-mining financing by 2030

The nation's third-largest bank has long been a green stalwart, reaching a goal to finance $100 billion of activities to address climate change four years ahead of schedule.

By Dan Ennis • Updated July 28, 2020

'Hours matter' as fintechs angle for new wave of PPP money

Nonbank lenders are better positioned this time, but the new infusion may last only a couple days, a trade group leader says.

By Anna Hrushka • April 21, 2020

As lawmakers near new PPP deal, banks and fintechs gear up for Round 2

An abundance of caution from big banks and late entry from fintechs gave small banks an edge, as institutions with $10 billion or less in assets doled out 60% of PPP small-business loans.

By Dan Ennis • April 20, 2020

Truist reports 31.6% profit, weighs COVID-19 impact

The pandemic could affect the timeline of the bank's $1.6 billion post-merger cost-savings goal, which it plans to hit by the end of 2022.

By Anna Hrushka • April 20, 2020

Houston de novo Agility eyes a female front office and a tech focus

"It became clear that we needed to set an example and provide opportunities for women to be at the level they deserve to be at," CEO Lauren Sparks told Banking Dive.

By Hillary Richard • April 17, 2020

PNC profit drops 29% as bank prepares for coronavirus-related loan losses

The bank will likely increase its reserve build in the second quarter because the pandemic's impact on the economy has worsened since Q1 wrapped up, PNC CEO Bill Demchak said.

By Anna Hrushka • April 16, 2020

Small-business relief program hits limit

Republican and Democratic lawmakers are at an impasse over how they would want any additional funds allocated.

By Anna Hrushka • April 16, 2020

Bank of America profits drop 45% as it builds reserves amid pandemic

The bank expects loan losses to increase dramatically this year as social distancing orders enacted in response to the pandemic continue to slow the economy.

By Anna Hrushka • April 15, 2020

Citi's jump in Q1 fixed-income trading can't offset net income drop

The world's largest credit card issuer more than tripled its safeguard against defaults. In the last week of the quarter, card spending dropped as much as 30%, the bank's CFO said.

By Dan Ennis • April 15, 2020

Wells Fargo's net income plummets 89% from a year ago

Much of the drop stems from $3.1 billion in reserves the bank set aside in case loans sour — a reflection of newly implemented accounting standards and of the tenuous position in which the coronavirus crisis has put clients.

By Dan Ennis • April 14, 2020

JPMorgan profits plunge as bank reserves funds for 'severe recession'

The bank attributed the massive earnings drop to a $6.8 billion addition to its credit reserves, a move it said it took in response to a potential economic downturn.

By Anna Hrushka • April 14, 2020

PayPal, Square, Intuit approved to participate in coronavirus relief program

The ability to provide the loans is a major step for fintechs, which have been lobbying Congress for weeks for the opportunity to assist in the program.

By Anna Hrushka • April 13, 2020

PPP portal gets Amazon makeover as nonbanks get seat at table

The Treasury Department released a hotly anticipated PPP form for nonbanks. Meanwhile, JPMorgan Chase temporarily stopped taking non-PPP small-business loans, and Citi's portal appears to be up and running.

By Dan Ennis • April 9, 2020