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

It's complaint season, and the OCC is a common target

State attorneys general, bank advocacy groups and even fellow regulators are weighing in on the agency's perceived shortcomings.

By Dan Ennis • Jan. 6, 2021

Explore the Trendline➔

Top 5 stories from Banking Dive

As the banking sphere prepares for a second Trump presidency, institutions are weighing branch strategy and regulatory changes — and looking at how past crises have altered their perception of risk.

By Banking Dive staff

Banks can use stablecoins, blockchains for payments, OCC says

The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.

By Anna Hrushka • Jan. 5, 2021

Silicon Valley Bank to buy Boston Private for $900M in wealth-management push

The deal, expected to close mid-2021, would vault the bank's assets under management to $17.7 billion, from $1.4 billion. SVB said it planned $200 million in restructuring charges tied to the deal.

By Dan Ennis • Jan. 5, 2021

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

CFPB gives Synchrony, Payactiv sandbox protection, fines Omni $2.2M

Synchrony has a three-year safe harbor to develop a secured credit card the issuer plans to offer borrowers with limited or damaged credit. The product would let the cardholder opt to transition to unsecured credit after 12 months.

By Dan Ennis • Jan. 4, 2021

CFPB dings Discover, Santander in year-end enforcement actions

Data migration issues will cost Discover $35 million, while Santander will pay $4.75 million for errors in reporting loans' date of first delinquency.

By Dan Ennis • Dec. 23, 2020

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

SEC sues Ripple, top execs over sale of XRP cryptocurrency

Ripple executives accused the regulator of "picking virtual currency winners and losers." XRP lost 60% of its value in the week after the suit, which one Twitter user called a "kill shot."

By Anna Hrushka • Updated March 5, 2021

Gender breakdown of Citi promotions shows incremental pace of change

About 29% of the people the bank promoted to managing director in 2020 are women — a company record, but far off the 40% proportion it intends to achieve by 2021.

By Dan Ennis • Dec. 22, 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

PPP would get $284B under coronavirus aid bill

A $2.3 trillion bill the Senate and House passed Monday touches all three of 2020's most notable loan types. The Main Street program, set to wind down Dec. 31, has seen its lending power double in the past five weeks.

By Dan Ennis • Dec. 21, 2020

Robinhood agrees to pay $65M to settle SEC charges

Customers lost $34 million from 2016 to 2019 by trading on Robinhood instead of through other brokers, the SEC said. Massachusetts officials a day earlier accused the company of manipulating customers with "gamification" strategies.

By Dan Ennis • Dec. 17, 2020

Citi to offer employees 12-week sabbaticals starting next year

The pandemic-inspired perk comes with a catch: Eligible workers would get only 25% of their base pay during their time away. The bank will also let employees buy up to five extra vacation days per year starting in 2021.

By Dan Ennis • 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

Fed, FDIC, OCC approve 36-hour window for reporting cyberattacks

Under the rule, which takes effect May 1, banks must notify their primary federal regulator within 36 hours of determining whether a "significant computer-security incident" could disrupt business.

By Dan Ennis • Updated Nov. 19, 2021

Fed joins global climate-focused network of central banks

Fed membership in the Network for Greening the Financial System was one of 53 actions a CFTC panel suggested this year to manage climate-related risk and signals the central bank is taking the fight more seriously.

By Dan Ennis • Dec. 16, 2020

Crypto firm Paxos gets OCC's conditional approval for trust charter

In contrast to Anchorage and Protego Trust Co., which are converting their state trust charters to national ones, Paxos will maintain its New York state charter and additionally seek a federal one.

By Anna Hrushka • Updated April 27, 2021

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

AML reform measure would shift burden from banks to clients

U.S. corporations would have to register the identity of their beneficial owners in a FinCEN database, taking the data-collection onus off banks. President Trump has threatened to veto the defense bill in which the measure is couched.

By Dan Ennis • Updated Dec. 12, 2020

Former banking regulators Bair, Curry join Wealthfront's new advisory group

The fintech said the advisory group will play a crucial role in navigating regulatory efforts as it moves deeper into the banking ecosystem.

By Anna Hrushka • Dec. 9, 2020

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

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

CFPB sues LendUp for allegedly violating Military Lending Act

The bureau alleges the lender made over 4,000 single-payment or installment loans to more than 1,200 covered borrowers in violation of a federal law that caps interest rates at 36% for active-duty service members.

By Anna Hrushka • Dec. 7, 2020