BankThink

Congress passes two-month PPP extension

03/25/21

Lawmakers approved a bill that will allow the Paycheck Protection Program to remain open until May 31. It was originally set to expire on March 31.

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Microloans, CDFI partnerships: How Greenwood will use big-bank funding

03/25/21

The challenger bank will apply some of the $40 million it raised from Truist, BofA and others to a microloan program aimed at Black and Hispanic groups. It also plans to offer a debit card through community development financial institutions and minority depository banks.

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Three new candidates emerge to head OCC

03/25/21

Former Obama-era regulators Kara Stein and Sarah Bloom Raskin, as well as Atlanta Fed President Raphael Bostic, have joined the field of potential nominees to lead the Office of the Comptroller of the Currency, according to sources familiar with the process.

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Maine credit unions call off merger

03/25/21

A planned combination of Maine State Credit Union in Augusta and Midcoast Federal Credit Union in Freeport has been nixed despite receiving approval from regulators.

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Achieva Credit Union surpasses $2 billion-asset mark

03/25/21

The Dunedin, Fla.-based institution reported an 18.8% surge in assets last year, along with substantial growth in commercial lending, thanks in part to the Paycheck Protection Program.

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Fintech Greenwood raises $40M from U.S. banking and payments giants

03/25/21

Greenwood, a digital banking platform aimed at Black and Latino customers, raised $40 million in funding from some of the biggest U.S. lenders and payments companies.

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SBA more than triples size of emergency pandemic loans; Tesla to accept bitcoin

03/25/21

The cap on Economic Injury Disaster Loans is being raised to $500,000 from $150,000; the electric car maker said it won’t convert the digital currency to fiat dollars but will retain them.

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Yellen balks at calling asset managers systemically risky

03/24/21

Treasury Secretary Janet Yellen said she prefers to have the Financial Stability Oversight Council flag hazardous activities by nonbanks rather than subject specific firms to heightened supervision.

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Billie Jean King invests in Chicago de novo effort

03/24/21

The tennis legend will also serve as a strategic adviser on gender equality issues and First Women's Bank, which will be mostly owned and run by women.

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CFPB complaints skyrocket as credit reporting issues again top the list

03/24/21

Complaints to the Consumer Financial Protection Bureau jumped 54% to 542,300 in 2020. Concerns about credit reports have long outnumbered those in other categories and jumped significantly as a share of the total from 2019.

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