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New president of Promontory Interfinancial Network says recession will cause "hundreds" of nonbank disruptors to fail; lenders face dilemma over offering Main Street loans to noncustomers; PNC Financial expands, diversifies executive leadership team; and more from this week’s most-read stories.
July 11
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For all banks' claims that credit unions pose a threat to their commercial lending market share, they've accounted for just 2% of volume in the Paycheck Protection Program.
July 10
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However, those who aren't current bank customers need to have $1 million in a qualifying account.
July 10
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The panel later this month will vote on the nomination of Judy Shelton, whose views on certain policy issues have met with skepticism from both Democrats and Republicans.
July 10
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After tech firms assisted community bankers in processing applications in the Paycheck Protection Program, small-business lenders are continuing to engage with cloud providers and other outside companies to automate the loan forgiveness process.
July 10
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Center Parc Credit Union, which will operate as a unit of Atlanta Postal, is set to open a pair of Walmart branches this year and a free-standing facility in 2021.
July 10
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Citizens Bancorp Investment has agreed to buy American Bancshares in a deal expected to close later this year.
July 10 -
A subprime-related settlement between the government and Deutsche Bank provided meaningful benefits to some U.S. consumers in need, according to a new report. But the author acknowledged that those gains could prove illusory for some consumers given the coronavirus crisis.
July 10
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It’s no surprise that the first step in the modernization of the payment industry was the issuance of virtual cards. These new payment instruments abstracted debit cards, credit cards, and prepaid gift and incentive cards down to their essence, says Marqeta's Vidya Peters.
July 10
Marqeta -
The Fed has already eased certain capital requirements in response to the coronavirus pandemic. It should avoid making any further adjustments to the surcharge, which is meant to keep global banks from creating systemic risks.
July 10
