News Topic: BankThink

Late approval and delayed access to the Fed’s liquidity facility have forced fintechs to play catch-up in the Paycheck Protection Program. A strong finish could bolster their case for becoming full-fledged Small Business Administration lenders. ... Read full article

Mortgage lenders impose steep pricing adjustments for cash-out refinancing; bankers fear massive borrower fraud in the Paycheck Protection Program; some worry the coronavirus is giving banks an excuse to spy on employees; and more from this week's ... Read full article

The Federal Reserve also said in a supervisory report released Friday that it would conduct stress tests this quarter as planned, taking into account sudden deterioration in the economy brought on by the coronavirus pandemic. ... Read full article

The startup, which had already been offering unsecured loans to newcomers to the U.S., is working with technology and banking partners to offer them deposit accounts and debit cards. ... Read full article

The pandemic has fostered the distribution of even more bad information on social media. Banks and other companies need to step up to solve the problem — including support of tougher legal restrictions on internet content. ... Read full article

Mortgage rates are at record lows, but borrowers hoping to take advantage are running into the toughest loan-approval standards in years. ... Read full article

The Independent Community Bankers of America accused the National Credit Union Administration of using the coronavirus outbreak to usher in additional changes without the normal amount of scrutiny. ... Read full article

Thomas Lopp cited health reasons for leaving Sterling Bancorp less than six months after becoming CEO. Sterling has been dealing with revenue issues after shutting down its biggest lending program over underwriting concerns. ... Read full article

Organizers representing five tribes aim to create a financial institution to serve their members. ... Read full article

The SBA's long-standing Economic Injury Disaster Loan program has been so overwhelmed with applications that the agency has capped loan sizes; ECB finding few takers for a program in which it pays banks to make business loans. ... Read full article

Up to 12% of loans under the $660 billion small-business rescue program could be tied to misleading or completely phony applications, fueling concerns about lenders' potential liability. ... Read full article

Frank Bisgnano, who engineered a technology-driven recovery at First Data before it was acquired by Fiserv last year, will shortly take Fiserv's top job as the company forges its coronavirus strategy. ... Read full article

Through its partnership with SpringFour, a fintech BMO Harris mentored in 2017, the Chicago bank is referring customers — including many hurt by the pandemic — to reputable nonprofits to help with job training, financial assistance and more. ... Read full article

The OCC is plowing ahead on plans to modernize the Community Reinvestment Act, but a growing consensus of industry and community voices says now is not the time for a major overhaul. ... Read full article

Lenders that scrambled to grant forbearance as the coronavirus pandemic took hold are unsure about the extent of potential losses. ... Read full article

The European Union is taking another small step toward setting up a common authority to fight money laundering in the bloc, after a string of revelations over the last two years exposed fundamental flaws of its framework. ... Read full article

Stuart Levey, HSBC’s chief counsel and a former U.S. Treasury undersecretary, will head the cryptocurrency project; lender groups say the demands of those small business loans are not so easy to meet. ... Read full article

Coronavirus has taken bankers out of their comfort zone. But they should view adaptations they’ve made in confronting the pandemic as a chance to hone their emergency response skills, not a permanent new normal. ... Read full article