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PPP forgiveness plan leaves bankers wanting

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A new Small Business Administration notice explains what steps lenders must take to seek approval of their forgiveness decisions under the Paycheck Protection Program. But lenders say lawmakers and regulators must do more to cut red tape.

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McConnell announces new round of PPP funds in GOP stimulus plan

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The Senate Republicans' coronavirus relief package, known as the HEALS Act, would continue to make the loan program available to businesses, but any final bill would need to be negotiated with House Democrats.

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Why OnDeck is being sold on the cheap

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The pioneering online lender had long struggled to live up to the hype that drove its early growth, even before the pandemic pushed it to the brink.

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Banks sharpen focus on cost-cutting as revenue outlook dims

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With the coronavirus pandemic intensifying and hopes for a quick economic recovery fading, banks large and small are reducing headcounts, shuttering branches, shedding office space and generally trying to trim expenses wherever they can.

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To decide fate of branches, banks refine their data models

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BBVA and Rockland Trust have taken a highly numbers-driven approach to branch reopenings. All banks are having to rethink their branch networks during the pandemic and beyond, and analytics software is helping.

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Consumer lender Oportun hits pause on debt collections

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Many of its borrowers have struggled to make payments since the pandemic struck, so it is helping them by suspending debt collections and capping rates on new loans at 36%.

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IPO done, nCino now has to prove it can turn a profit

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The pressure is on the fintech, which helps banks make digital loans, to stanch its losses and show its lofty market valuation was deserved.

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How the pandemic redefined Truist's philanthropic priorities

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The company's foundation, whose mission had been carefully planned by BB&T and SunTrust before their merger, opened just nine days before the novel coronavirus was declared a pandemic. Here's what happened next.

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Fannie, Freddie to face banklike liquidity standards starting Sept. 1

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The mortgage giants will have to meet benchmarks for covering cash flow needs during stressed periods. The FHFA views the requirements as a prerequisite to the companies exiting conservatorship.

(Full story here.)

It's official: Varo Money has national bank charter

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"We can control our destiny," says Colin Walsh, CEO of the challenger bank, which spent more than three years seeking to become a full-fledged bank.

(Full story here.)

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Paycheck Protection Program OnDeck Capital
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