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New PPP angst: Waiting for SBA to sign off on loan forgiveness

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It's been six weeks since the Paycheck Protection Program expired and banks started filing forgiveness applications on behalf of borrowers. So why isn't the Small Business Administration responding?

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Banks criticized for requiring balloon payments on loans in forbearance

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Some homeowners who sought relief as a result of COVID-19 may owe a lump sum when their forbearance period ends, according to a report from the Committee for Better Banks. The group is calling on banks to instead extend the repayment periods for affected customers.

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Three more former Wells Fargo execs settle civil charges

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Matthew Raphaelson, Kenneth Zimmerman and Tracy Kidd, all of whom were senior executives in the company's consumer banking unit, have agreed to pay six-figure fines in connection with Wells Fargo's unauthorized account scandal.

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Will backlash over Scharf remarks hinder Wells Fargo's diversity push?

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Wells Fargo CEO Charles Scharf received a 12% pay cut last year.
The company has been experimenting with ways to recruit more women and minorities, including a program to hire professionals who had left banking. But CEO Charlie Scharf's reference to "a very limited pool of Black talent" for important jobs may make it harder for Wells to meet inclusion goals.

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How Cross River Bank gathered $250 million in deposits in 15 days

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Partnering with the account-opening software firm Mantl, the New Jersey bank created a CD campaign that helped fund its Paycheck Protection Program lending.

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PayPal and Capital One alums launch bundled banking app

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The app, dubbed One, allows users to save, spend, borrow and even share funds from a single account.

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Live Oak outpaces larger rivals in moving core system to public cloud

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The North Carolina bank deployed Finxact's new technology, which runs on Amazon Web Services, to make Paycheck Protection Program loans and will use it next to offer business savings accounts and CDs.

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Fed plan to reform CRA at odds with OCC rule

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The central bank's proposal to overhaul the Community Reinvestment Act differs markedly from the OCC's regulation in testing, data collection and other areas.

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OCC reports surge in 'seriously delinquent' mortgages

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The agency reported signs of stress on the credit quality in residential loans serviced by seven large banks as a result of the COVID-19 pandemic.

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Wells Fargo says it has nearly eliminated screen-scraping threat

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The company's new agreement with Envestnet Yodlee to share customers' account data over secure pipes is its 17th pact with aggregators and other fintech firms.

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Paycheck Protection Program Wells Fargo Deposits Apps CRA Core systems
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