Square

SBA discloses PPP loan recipients; bank drive-throughs make a comeback

07/07/20

Restaurants, medical offices and car dealerships were the top recipients of large loans; increased usage of the drive-ups is putting a strain on the low-tech lanes.

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Big banks join fight against new ILCs

07/06/20

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.

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Payment facilitators struggle with risk of pandemic payments — would banks do better?

06/25/20

Brick-and-mortar merchants that have shifted to online have changed their risk profile, causing conflicts with the fintechs like Square that handle their payments. And that could be an opportunity for banks.

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Wirecard CEO arrested; fintech financing may get costly

06/23/20

Markus Braun turned himself in to Munich prosecutors, who arrested him on suspicion of false accounting and market manipulation; the Wirecard fallout may make it harder for European fintechs to attract investors.

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Mom-and-pop shops left holding bag in consumer card disputes

06/12/20

Payments processors are keeping a portion of payments as a reserve against potential disputes between cardholders and merchants. Small-business owners say the practice is eating into their profits.

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Even with FDIC endorsement, fintechs' path to becoming banks is bumpy

06/03/20

Recent steps that would help nonbank lenders enter the traditional banking system, like a proposal clarifying the industrial loan company charter, are needed but face strong opposition.

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Prepping for PPP 2.0, new bankers’ hours, rethinking branch design: Top stories of the week

04/24/20

Lenders are set to flood the SBA with new PPP applications; long nights and weekends the new normal; Fifth Third rethinks new-branch designs in light of coronavirus; and more from this week's most-read stories.

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‘Leave room for the little guys’: Square's advice for PPP 2.0

04/17/20

Square Capital and other online lenders joined the Paycheck Protection Program just before it ran out of money. Now they’re ready and waiting for Congress to reload funds that could be better aimed at the smallest companies.

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Fintechs OK'd to make emergency small-business loans

04/13/20

PayPal, Intuit QuickBooks Capital and Square Capital have been named direct lenders in the Paycheck Protection Program, and more await the OK. They could be crucial to reaching the smallest firms trying to survive the economic toll of the coronavirus pandemic.

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Square gets OK for bank; Banks seek regulatory relief

03/19/20

Utah bank is expected to launch next year; banks want to hold off regulations that would hamper efforts to keep money flowing during virus crisis.

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