Regulators urge banks to offer responsible small-dollar loans

Five agencies promise future guidance on the lending vehicle, which some trade groups advocated long before the coronavirus pandemic sent the economy into a spiral.

By Anna Hrushka • March 27, 2020

Fintech lenders find an opening in $2T coronavirus relief package

"The language does include opportunity for fintechs to support, but it's now up to the Treasury to finalize the definition," said Kabbage's Sam Taussig. "This is not the time to debate the definition of a bank."

By Anna Hrushka • March 26, 2020

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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

Fed temporarily curbs exams for banks with less than $100B

Big banks are still expected to submit their capital plans by April 6, but some in the industry argue the coronavirus creates a scenario worse than the stress test's most dire, making it irrelevant.

By Dan Ennis • March 25, 2020

Unbanked would get digital accounts for virus relief under Senate bill

Legislation is aimed at giving more than 8 million U.S. households — and even more underbanked Americans —​ access to outbreak-related stimulus checks.

By Anna Hrushka • March 25, 2020

Rakuten resubmits FDIC application

The Japanese e-commerce company withdrew its paperwork in March, with the intention to refile. Rakuten is "confident that the revised application is stronger and is responsive to the FDIC’s feedback," a company spokesperson said.

By Dan Ennis • Updated June 1, 2020

Regulators ease loan modification rules amid coronavirus pandemic

Examiners will exercise judgment in reviewing loan modifications, including troubled debt restructurings, according to a joint statement by five agencies and an organization of state regulators.

By Anna Hrushka • March 23, 2020

Wells Fargo asks Fed to lift asset cap

Adding deposits or loans may be one way the nation's fourth-largest bank could help businesses and customers hit hard by the coronavirus outbreak.

By Dan Ennis • March 23, 2020

Kabbage asks Congress to retool SBA's lending rules amid coronavirus crisis

The online lender wants private-sector partners to help the agency with its disaster loan program as it faces a potential flood of small businesses in need of cash.

By Anna Hrushka • March 20, 2020

FDIC approves ILC charters for Square, Nelnet

The recent approvals are bound to usher in more scrutiny from the banking establishment, which has called the industrial loan company model's lack of oversight a consumer safety issue.

By Anna Hrushka • March 19, 2020

Wells Fargo cancels ex-CEO Sloan's $15M bonus

The bank considered the timing of Sloan's resignation, the company's performance and the status of its risk management objectives and outstanding regulatory matters in its decision, according to a proxy filing.

By Dan Ennis • March 18, 2020

Regulators weigh easing more bank rules as markets stay jittery

A spate of initiatives, some released and some under consideration, are intended to keep credit flowing to businesses hard hit by the novel coronavirus outbreak.

By Robert Freedman • March 18, 2020

Banks tap Fed discount window to signal readiness on credit

The biggest U.S. banks have been cooperating with each other and with the Federal Reserve to show they'll keep people and companies liquid as the economy worsens.

By Robert Freedman • March 17, 2020

The novel coronavirus impact on the banking industry

The banking industry is central to the global economy's stability. Follow Banking Dive's coverage of the pandemic here.

Updated March 18, 2020

Major US banks halt share buybacks in response to coronavirus pandemic

The forum called the COVID-19 pandemic “an unprecedented challenge for the world and the global economy,” and said the U.S.’s largest banks have an “unquestioned ability and commitment” to support the nation. 

By Anna Hrushka • March 16, 2020

Markets drop despite Fed weekend rate cut on coronavirus

Stock trading had to be halted for the third time in recent weeks as pessimism over the government's coronavirus response overshadowed the Federal Reserve's latest monetary move.

By Robert Freedman • March 16, 2020

Report: House scales back coronavirus leave bill, sends revisions to Senate

The bill also would temporarily amend the FMLA, creating protections for leave related to the new coronavirus for some employees.

By Kate Tornone • Updated March 17, 2020

FDIC to issue proposed rulemaking on ILCs at next board meeting

While the FDIC has not approved an ILC applicant in more than a decade, Square Capital and Japanese e-commerce company Rakuten have pending applications with the FDIC.

By Anna Hrushka • March 13, 2020

Fed injects $1.5T into Wall Street as regulators, lawmakers respond to coronavirus

Some analysts welcomed the move, but said a fiscal stimulus from Congress is also needed.

By Anna Hrushka • March 13, 2020

Former Wells Fargo board members defend scandal response in House hearing

Betsy Duke and James Quigley said they were shocked and troubled when they first learned of the bank’s misconduct, but both told the panel they had done all they could to steer the bank in the right direction. 

By Anna Hrushka • March 11, 2020

Wells Fargo's long, winding path to recovery

March 11, 2020

Maxine Waters calls for DOJ probe into former Wells Fargo CEO's 'false statements'

Tim Sloan, who led the scandal-plagued bank from October 2016 to March 2019, resigned shortly after testifying at a House hearing over the bank’s widespread consumer abuses.

By Anna Hrushka • March 11, 2020

Wells Fargo CEO: 'Broken' culture led to consumer abuse scandals

Scharf told lawmakers Wells Fargo’s structure was "problematic," and company leadership failed its stakeholders. "Our culture was broken, and we did not have the appropriate controls in place across the company," he said.

By Anna Hrushka • March 10, 2020

Fifth Third charged with opening fake accounts

The alleged practice by the large Midwestern bank resembles the incentive scheme that recently cost Wells Fargo a $3 billion fine.

By Robert Freedman • March 10, 2020

Wells Fargo board members Duke, Quigley resign following House report

Resignations come ahead of Wednesday’s House Financial Services Committee hearing, where the board members are expected to testify regarding their previous response to a series of consumer abuse scandals.

By Anna Hrushka • March 9, 2020

Fed approves rule to simplify stress capital buffer for large banks

While the Fed argued banks are in a stronger financial position than when Dodd-Frank was enacted, Gov. Brainard dissented, saying the rule will encourage the kind of behavior that contributed to the 2008 financial crisis.

By Kate Patrick Macri • March 6, 2020