PNC thinking big, PPP fee fight, FBI's hacker warning: Top stories of the week

June 12, 2020 3:57 PM

PNC open to deal that would boost assets to $700 billion, CEO says

Flush with capital from the sale of its stake in BlackRock, PNC is willing to go big on an acquisition but would be wary of buying a bank with a heavy concentration of consumer loans, CEO William Demchak said.

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Banks take hard line against accountants seeking fees for PPP referrals

Accountants, as well as lawyers and consultants, who helped small businesses apply for emergency relief funds through the Paycheck Protection Program want to be compensated. Are they entitled to be?

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How coronavirus pivot helped this British fintech land PNC

The challenger bank OakNorth has been peddling its lending platform to U.S. banks for a year. When it saw COVID-19 on the horizon, it retooled to include a ratings system predicting how borrowers will be affected by the pandemic.

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Digital banking's explosive growth compounds cyber risks, FBI warns

Mobile banking use has swelled since the pandemic hit, and law enforcement officials expect hackers to target the credentials of digital novices. The FBI stressed the importance of two-factor authentication and ensuring consumers know how to spot fake apps that carry malware.

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We'll be back: OCC examiners are more effective on-site

The acting head of the agency says it cannot continue relying on web-based exams put in place during the coronavirus and will start sending staff into banks.

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The pandemic's CRE domino effect

As revenue-starved retailers fall further behind on rent payments, landlords' cash flow will be strained, and defaults on commercial real estate loans could rise.

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How Union Bank's crisis-tested leader took control of virus response

Greg Seibly, who led the turnaround of Sterling Financial during the Great Recession, was nine days into his new job as president of Union Bank when the pandemic was declared.

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Guarded optimism from bank execs as economy reopens

Leaders of companies including Citizens, Comerica and Truist offered more upbeat assessments of loan demand and credit quality than they have in recent weeks. But others warned of weakness in key sectors such as energy and real estate, and said forbearance policies may be hiding potential pitfalls.

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JPMorgan Chase plans to let mobile customers scan in their receipts

The company is partnering with Sensibill, a fintech whose technology turns photos of receipts into text and helps people track and manage their expenses.

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GSE capital plan would make buying a home more expensive, critics say

The FHFA's proposal is intended to strengthen Fannie Mae and Freddie Mac, but many experts warn that it could boost guarantee fees for lenders that they say may be passed on to borrowers.

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