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House PPP forgiveness plan is better than nothing, bankers say

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Lenders are disappointed with a low proposed cutoff for blanket forgiveness, but they said the proposal, which waives applications for some loans, is a good first step.

(Full story here.)

Why some banks still lean on mainframes

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Sales of the tried-and-true hardware keep rising despite a global shift to the cloud, and a recent survey found that large companies continue to prefer the performance and security they get from big iron.

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Fed's Wells Fargo review should consider forbearance snafu: Warren

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Customers suffered when they were placed in mortgage relief plans without their consent, the Massachusetts senator says. She urged the Federal Reserve to take the blunder into account as it weighs when to lift other sanctions against the bank.

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What's next for Goldman Sachs's Marcus

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Harit Talwar, who is moving from CEO of the digital banking unit to chairman of consumer banking, says Marcus wants to add checking and investment products, embed its offerings in additional high-profile platforms, and grow far beyond its current 5 million customers.

(Full story here.)

'Solid reputation': Why regulators long deferred to Wells Fargo on sales abuses

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A new watchdog report finds that prior to 2015, the Office of the Comptroller of the Currency missed numerous opportunities to address misconduct at the San Francisco bank.

(Full story here.)

Bankers give Election 2020 edge to Trump

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New research reveals the financial services industry both prefers and predicts an incumbent win in November.

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Twitter veteran launches credit score that digs deep into cash flow

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Harvest, a fintech founded by Nami Baral, has developed an alternative scoring method that amasses data on spending patterns, debt payments and even earnings potential to get a better sense of consumers' creditworthiness.

(Full story here.)

'Fincen files' underscore urgency of AML reform

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Better dialogue between banks and authorities coupled with stronger anti-money-laundering measures could help address the suspicious activity report flaws revealed by investigative journalists.

(Full story here.)

Court case reveals new details of fake-account allegations at Fifth Third

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The bank contends that the misconduct was widespread, but a whistleblower letter unearthed by the Consumer Financial Protection Bureau points to Chicago as a hotbed of customer abuse. "We are becoming a 'predatory' financial institution," the 2010 letter said.

(Full story here.)

Government says it will start forgiving PPP loans within days

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To date, the Small Business Administration hasn't acted on tens of thousands of applications that lenders have submitted since early August. However, it will begin doing so by early next week, an official says.

(Full story here.)

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Paycheck Protection Program Wells Fargo
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