Coronavirus, U.S. Bank's opportunism, CFPB sues Fifth Third: Top stories of the week

Coronavirus scams to watch out for

Financial institutions need to alert customers about emails or websites that pretend to offer important COVID-19 information but instead could end up stealing their account numbers or logins.

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As State Farm bows out, U.S. Bank seizes an expansion opportunity

State Farm struggled to make its bet on banking pay off and decided like other insurers to exit the business. U.S. Bancorp swooped in to add deposits and credit card accounts at little cost or risk.

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Do banks have a role to play in SBA's coronavirus loan program?

The agency will be tasked with providing $50 billion in loans to small businesses harmed by the pandemic. It is unclear whether the SBA will need bankers' help.

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Bank regulators update pandemic guidance as coronavirus cases grow

The agencies recommend steps banks should take to proactively prevent disruption of operations, minimize contact between staff and customers, and plan for how affected employees reenter the workplace, among other things.

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Next round of Wells Fargo hearings will shine spotlight on board's role

The House Financial Services Committee is expected to question two of the bank's former board members, raising public scrutiny to a new level for bank directors.

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CFPB sues Fifth Third for allegedly opening phony accounts

The Consumer Financial Protection Bureau says the Cincinnati bank engaged in aggressive sales practices and open bank and credit card accounts without consumers' authorization in order to meet sales targets.

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OCC guidance on data sharing could stifle innovation, fintechs say

The agency's recent update to its guidelines for banks on working with data aggregators and other third parties was not extreme, but some critics say its heavy emphasis on security could be a setback for open banking.

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Virus could deal blow to leveraged loans. What's that mean for banks?

Banks may be protected from a direct hit, but they have invested in vehicles that include such loans, potentially exposing them to defaults.

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SoFi hires exec from Amazon to lead deposit, card businesses

The addition of Maria Renz shows how much emphasis the San Francisco fintech is putting on operations and customer experience.

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How banks are helping customers withstand coronavirus shock

No-interest loans and overdraft forgiveness are among the lifelines banks are offering to consumers and small businesses whose livelihoods are being upended by the economic fallout.

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Coronavirus, U.S. Bank's opportunism, CFPB sues Fifth Third: Top stories of the week

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