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Fed will continue supporting PPP loans until June 30

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Nonbanks had worried the end of the Paycheck Protection Program Liquidity Facility would hurt their ability to lend to small businesses. On Monday, the Federal Reserve announced the facility would be extended for three months.

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CFPB throws mortgage market another curveball

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Some applaud the agency's recent delay of the mandatory compliance date for a new Qualified Mortgage standard. Others say it leads to more uncertainty for lenders, opens the door to additional changes and enables some companies to loosen their underwriting.

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Outsider emerges as top contender to lead OCC

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Many in Washington have been in suspense about whether the Biden administration would favor a former Obama official or a financial inclusion advocate for comptroller of the currency. Mehrsa Baradaran, the candidate preferred by community activist groups, appears to have the edge.

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SoFi buying small California bank for $22.3 million

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SoFi CEO Anthony Noto said he's "really happy for the American people" that the administration has given more clarity on what happens to student loan payments so that "families can plan accordingly."
The acquisition of Golden Pacific Bank will accelerate the online lender's effort to become a full-service bank.

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Too many small banks are 'digital have-nots': FDIC innovation chief

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Community banks with meager tech budgets need help identifying the right systems for institutions their size and finding good partners, says Sultan Meghji, who recently joined the Federal Deposit Insurance Corp. in this newly created role.

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Fears of a backlog as PPP deadline looms

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Lenders are preparing scores of Paycheck Protection Program applications to secure approval from the Small Business Administration by March 31, but unresolved error codes continue to hinder their efforts.

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Huntington's Harmening set to take helm at Associated

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Andrew Harmening, who oversaw Huntington's digital strategy, will succeed the retiring Philip Flynn as president and CEO of the Wisconsin regional bank in April.

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Bank CEO sought meeting with Trump while eyeing job, prosecutors say

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Stephen Calk, who is scheduled to face trial in June on bribery charges, allegedly reversed course on whether to make a multimillion-dollar loan to Trump's campaign chairman following the then-president-elect's surprise victory in November 2016.

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State data privacy laws pose compliance headaches for banks

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New measures in California and Virginia give consumers more control over their information and may prevent banks from using geolocation services or analyzing personal data without obtaining consent first — except when preempted by federal law.

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Megabanks rein in CEO pay. Expect others to follow.

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The largest banks have cut compensation or held it steady for their top executives. Many regionals, though not all, are expected to make similar decisions as boards balance the desire to reward strong leadership during the pandemic with lackluster financial performance and public relations concerns.

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