'There will be hundreds of fintech failures'

gladstone-071020-topten.jpeg
Jane Gladstone, new president of Promontory Interfinancial Network, says the recession will accelerate the shakeout among the nonbank disruptors and that small banks have an opportunity to forge new bonds with the survivors.

(Full story here.)

Lenders face quandary over offering Main Street loans to noncustomers

rosengren-071020-topten.jpeg
Many big banks say they will focus on existing customers in offering credit through the Federal Reserve's emergency lending program for midsize businesses. Complex vetting and fear of being inundated are said to be among their concerns.

(Full story here.)

PNC Financial expands, diversifies executive leadership team

pnc-071020-topten.png
Less than three weeks after making a $1.05 billion pledge to fight racism, the Pittsburgh company promoted two Black bankers to its top-level management committee.

(Full story here.)

Inside Goldman's new corporate banking portal

goldman-071020-topten.jpeg
The Wall Street firm is jumping into a market dominated by a handful of big U.S. banks, betting that superior technology can lure companies with complex cash-management needs.

(Full story here.)

CFPB makes it official, rescinds Cordray-era limits on payday lenders

kraninger-071020-topten.jpeg
The agency delivered long-anticipated regulatory relief to the small-dollar loan industry by eliminating ability-to-repay requirements imposed under the bureau's former director.

(Full story here.)

4 takeaways from Biden's embrace of progressive banking policies

biden-071020-topten.jpeg
The Democrats' presumptive presidential nominee called for a public credit reporting agency and for the Postal Service to offer financial services, among other proposals issued through a unity task force with Bernie Sanders. But analysts suggest the recommendations are more about electoral politics than pushing for real reforms.

(Full story here.)

SoFi applies to open a national bank

sofi-071020-topten.jpeg
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.

(Full story here.)

Big banks join fight against new ILCs

ilcs-071020-topten.jpeg
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.

(Full story here.)

Dime-Bridge a conventional deal in unconventional times

dime-071020-topten.jpeg
The New York-area companies' $489 million agreement runs counter to recent merger pacts built around branch cuts and more tech spending.

(Full story here.)

Here's where Wells Fargo is donating its $400M in PPP fees

wells-071020-topten.jpeg
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.

(Full story here.)
MORE FROM AMERICAN BANKER