PPP guidance, Santander's settlement, Wells' virus response: Top stories of the week

SBA, Treasury release more guidance on PPP loan forgiveness

The agencies produced an application process that includes favorable interpretation of qualifying expenses.

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Santander Consumer reaches $550M settlement with state AGs

The lender will pay $65 million in restitution and forgive nearly $500 million in auto debt to settle charges that it steered subprime borrowers into risky loans.

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How Wells Fargo's tech chief is managing coronavirus response

Saul Van Beurden's team is tasked with keeping systems running during the pandemic, including driving equipment to homebound workers. Yet the bank must continue making upgrades demanded by regulators, investing in new technology and recruiting top talent, he says.

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OCC to overhaul CRA rule as Otting plans to leave agency

The final regulation will significantly revise a December proposal, responding to concerns from stakeholders. Meanwhile, in a surprising move, the regulator who had championed the reforms is expected to resign this week.

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FHFA plan would make GSEs hold banklike capital amounts

The much-anticipated proposal, which would not go into effect until after Fannie Mae and Freddie Mac are privatized, reflects Director Mark Calabria's aggressive efforts to get the companies on a strong financial footing.

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An insider account of JPMorgan's PPP approach

Jennifer Roberts, the company's head of business banking, details a process to have units work one-on-one with customers to get Paycheck Protection Program funds deployed faster.

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Pad reserves or buy out a rival? BlackRock haul gives PNC options

The Pittsburgh company's sale of its stake in the asset manager yielded billions of dollars that could cushion the pandemic's economic blow and eventually help fund a big acquisition.

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Otting's legacy at OCC? It's complicated

The comptroller of the currency, who is stepping down after two and a half years on the job, ruffled feathers and won some fans in pushing through CRA reform, cutting costs and trying to reshape the agency's examiner culture.

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Bankers seek clearer guidance on forgiving PPP loans

The Small Business Administration gave lenders some direction ⁠for closing out Paycheck Protection Program loans. Bankers say it's an encouraging start, but they want more protection from liability and a concession on nonpayroll expenses.

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PPP lending helps brand-new bank get off to promising start