SoFi applies to open a national bank


If it’s approved, the charter is expected to lower the fintech’s cost of funds and allow for more product offerings. It comes nearly three years after SoFi pulled the plug on an earlier effort to open an industrial bank.


Big banks join fight against new ILCs


Small banks have long led the campaign against industrial loan companies, arguing they can be used to violate the separation of banking and commerce. But now the industry’s heavyweights are also taking a hard line in response to an FDIC proposal that would give tech companies a smoother path into the lending business.


Societal upheaval strengthens case to expand CRA to nonbanks: Ludwig


Former Comptroller of the Currency Gene Ludwig says making online lenders, credit unions and other nonbanks comply with the Community Reinvestment Act would be a powerful tool in addressing racial and economic injustices.


SBA looks to CDFIs in PPP lending; U.K. banks worried about ‘PR disaster’


The agency is trying to get small lenders to help underserved businesses get the loans; although the British government is guaranteeing small business loans, banks are required to collect on delinquents.


Rakuten refiles with FDIC for ILC charter


The Japanese e-commerce giant is taking another run at a U.S. banking charter after receiving feedback from the Federal Deposit Insurance Corp. about its initial application, which was withdrawn earlier this year.


OCC finishes rule meant to sidestep 'Madden' ruling


The new regulation is intended as a workaround for banks affected by the 2015 decision that created legal uncertainty for loans sold across state lines.


SBA comes in for more criticism; nonbanks' mortgage share raises concerns


The agency’s IG says the PPP failed to prioritize borrowers in underserved and rural markets; the firms, which lack deposits to cushion them, are vulnerable to borrowers defaulting on their loans.


Justice Department targets PPP fraud; Wells (again) under the microscope


Prosecutors charge two Rhode Island men with trying to rip off the program; the bank says it has received “inquiries” from state and federal officials on its offering of small business loans.


Cash-out refis dry up as price hikes prove too costly


Mortgage lenders have imposed steep pricing adjustments for cash-out refinancing as more borrowers seek forbearance.


OnDeck sharply curtails lending as delinquencies mount


The online lender reported a hefty first-quarter loss on Thursday and said that a whopping 45% of its small-business loans are past due.