Commercial lending

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.

The company has established a fund that will provide capital, technical assistance and long-term recovery support to small businesses, especially minority-owned companies. The other megabanks are expected to donate their fees, also.

But Boston Fed chief sees more interest among banks and borrowers if the economy worsens; the failed payments company is being investigated for its alleged role in a $100 million caper.

The New York commercial bank says geographic diversification is a long-term necessity and that the interplay of its private banking and commercial banking businesses has helped it withstand the economic shock of the coronavirus.

Consumers now have more control over their own financial decisions and loan options.

More than 30 banks across the country, including dozens of community banks and some lenders with more than $1 billion in assets, could generate fees that surpass their 2019 net revenue before set-asides for loan losses.

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.

The Trump administration released details of almost 4.9 million loans to businesses — from sole proprietors to restaurant and hotel chains — under the federal government's largest coronavirus relief program so far, the $669 billion Paycheck Protection Program.

Banks participating in the Main Street Lending Program were able to register for and offer credit to businesses last month, but the Federal Reserve said Monday it was set to make the effort fully operational.

Small businesses have been hard hit by the pandemic, meaning commercial lenders are considering how they can better manage risk in this portfolio and make other changes to help.