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SBA, Treasury release more guidance on PPP loan forgiveness

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

(Full story here.)

Santander Consumer reaches $550M settlement with state AGs

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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.

(Full story here.)

How Wells Fargo's tech chief is managing coronavirus response

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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.

(Full story here.)

OCC to overhaul CRA rule as Otting plans to leave agency

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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.

(Full story here.)

FHFA plan would make GSEs hold banklike capital amounts

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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.

(Full story here.)

An insider account of JPMorgan's PPP approach

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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.

(Full story here.)

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

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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.

(Full story here.)

Otting's legacy at OCC? It's complicated

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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.

(Full story here.)

Bankers seek clearer guidance on forgiving PPP loans

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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.

(Full story here.)

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

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Triad Business Bank in North Carolina, which opened in March, has made $106 million in Paycheck Protection loans.

(Full story here.)

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Paycheck Protection Program Santander Consumer USA
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