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.
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.
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.
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.
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.
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.
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.
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.
