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What Biden's pledge to forgive student loans means for consumer lenders

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The president-elect's plan to eliminate $10,000 of debt would help borrowers meet other loan obligations, reducing their risk of default. Yet the banking industry seems wary of the precedent it could set.

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Huntington agrees to buy TCF Financial for $6 billion

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The deal would create a $168 billion banking company in the Midwest and be the latest in a string of regional bank combinations.

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FDIC finishes long-awaited rules on brokered funds, ILCs

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The FDIC advisory came a day after the agency and the Fed ordered Voyager Digital to take down any misleading claims of deposit insurance.
The revamp of the brokered deposits framework offers relief to banks and their partners that saw the prior rule as outdated. Meanwhile, new standards for industrial loan company parents aim to clarify the bank chartering process for fintechs and other nontraditional firms.

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Banks play catch-up as customer shift to digital accelerates

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The mobile banking and paperless habits bank customers picked up during the pandemic are here to stay, and financial institutions are working to strengthen their digital offerings, speakers at an American Banker conference said.

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Pandemic's projected hit to bank revenues: $3.7 trillion

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A new report from McKinsey says that cost-cutting alone won't make up for the steep revenue declines brought on by low interest rates and sluggish loan demand. "For some banks," argues the report's author, "mergers might be the best way out."

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Banks would have 36 hours to report cyberattacks under proposed rules

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Federal banking agencies want to give the industry a hard deadline for notifying their regulators about serious security breaches and failed system upgrades.

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To lend to doctors, banks get an assist from fintechs

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Fifth Third is partnering with Provide and Panacea Financial works with Sonabank in Virginia to meet the specialized needs of medical professionals who own their own practices.

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FHFA proposes formal liquidity rules for GSEs

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The proposal builds on guidance the agency gave to Fannie Mae and Freddie Mac earlier this year.

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Bank regulators mull stricter rules for reporting of data breaches

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It has been 15 years since the federal banking agencies issued guidance on an institution's obligation to inform its regulator about a cyberattack. A proposal to be unveiled this week could establish a more specific notification deadline.

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How an app is helping Eastern Bank bond with small businesses

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The Boston community bank and a fintech called Monit have developed an app that helps small-business owners forecast their cash flow and how certain events could affect them.

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