News Topic: BankThink

Craft Bank, which plans to open this summer, is in the final stage of raising $30 million in initial capital. ... Read full article

The Ohio company said the decision reflects branch overlap and lower customer usage of the locations being shuttered. ... Read full article

The Toronto company is testing new software from Cinchy that lets its technology teams visualize how datasets spread across departments might work together to make client referrals or collaborate with fintechs. ... Read full article

Four federal agencies offered guidance Wednesday on how to offer products that compete against payday loans without incurring Washington's wrath. The announcement could spark the rebirth of deposit advances, which were regulated out of existence ... Read full article

Some staff will be sitting at different desks, and in some cases different floors, when they return to work, according to the memo sent to employees Wednesday. ... Read full article

The Small Business Administration gave lenders some direction ⁠for closing out Paycheck Protection Program loans. Bankers say it's an encouraging start, but they want more protection from liability and a concession on nonpayroll expenses. ... Read full article

The sellers will continue to service the loans and retain the fees they receive from the Small Business Administration. ... Read full article

One of the biggest subprime auto lenders agreed to pay $550 million to settle predatory lending charges; the bank regulator has largely completed his goal of overhauling the Community Reinvestment Act. ... Read full article

Comptroller of the Currency Joseph Otting says the revised Community Reinvestment Act will provide more credit access to communities in need and won't, as some had feared, create new thresholds for grading banks. ... Read full article

Comptroller of the Currency Joseph Otting’s regulation reforming the Community Reinvestment Act lacks performance metrics criticized in an earlier proposal. But neither the FDIC nor the Fed is supporting the final plan. ... Read full article

Lenders are scrambling to pause ranchers’ loan payments as meat processing plant shutdowns during the pandemic threaten $25 billion in losses for the livestock industry. ... Read full article

The final regulation will significantly revise a December proposal, responding to concerns from stakeholders. Meanwhile, in a surprising move, the regulator who had championed the reforms is expected to resign this week. ... Read full article

The memo from CEO Michael Corbat acknowledged the challenges many employees have faced working remotely during the coronavirus outbreak while taking care of family members and home-schooling their children. ... Read full article

Nearly 4 million households that were to be mailed paper checks will instead receive their pandemic relief aid via prepaid debit cards issued by MetaBank. ... Read full article

Director Mark Calabria, who abandoned the Fannie and Freddie capital proposal written by his predecessor, said he expects a revised framework to be ready “very soon.” ... Read full article

The lender will pay $65 million in restitution and forgive nearly $500 million in auto debt to settle charges that it steered subprime borrowers into risky loans. ... Read full article

Congress should pass legislation authorizing use of nontraditional data sources to make credit more available to consumers who’ve taken a hit from the coronavirus pandemic. ... Read full article

Ten weeks after his emergency procedure, the longtime CEO told shareholders Tuesday that he's in good health and will not be stepping down anytime soon. ... Read full article