Banks, PPP recipients caught in bind between two SBA rescue programs
bind-101620-topten.jpeg
Businesses that received Paycheck Protection Program loans and Economic Injury Disaster advances discovered later they can't get full forgiveness. Lenders want the rules changed.

(Full story here.)
SoFi gets preliminary OK on bank charter, launches credit card
sofi-101620-topten.jpeg
Both developments are part of the company's strategy of becoming a full-service bank for its young, affluent customer base.

(Full story here.)
HSBC vows to 'accelerate' U.S. cost-cutting plan
hsbc-101620-topten.jpeg
The global bank, which has already closed more than 30% of its U.S. branches this year, indicated that the pandemic is prompting it to adjust its plans on the fly.

(Full story here.)
Texas Capital hires JPMorgan Chase exec as its next CEO
holmes-101620-topten.jpeg
Rob Holmes, who will join the Dallas company in January, has been the global head of corporate client banking and specialized industries at JPMorgan Chase.

(Full story here.)
Wall Street's Cohn is wrong about community banks
cohn-101620-topten.jpeg
The assertion by former Goldman Sachs executive Gary Cohn that smaller banks won't be viable in a high-tech world overlooks their success in partnering with fintechs, according to the Independent Community Bankers of America.

(Full story here.)
Customers have turned cautious and banks are getting pinched
pinched-101620-topten.jpeg
Customers have turned cautious and banks are getting pinched
Deposits have piled up, curtailing overdrafts and other fees. The trend could force lenders to find other ways to make money — or start cutting to the bone.

(Full story here.)
Fifth Third promotes Tim Spence to president. Is he next CEO?
spence-101620-topten.jpeg
Spence's promotion to president could signal that the Cincinnati banking company is grooming him as a potential successor to Chairman and CEO Greg Carmichael.

(Full story here.)
Should banks be worried about skyrocketing fintech valuations?
more-101620-topten.jpeg
Speculation is part of the reason for the growing differential in market capitalization between legacy financial institutions and upstarts. But one venture capitalist says it's "a call to action" for traditional banks to match fintechs' all-digital, customer-friendly services.

(Full story here.)
OCC clarifies who is 'true lender' in bank-nonbank partnerships
occ-101620-topten.jpeg
The agency finalized a rule to determine which party in a loan sale is subject to regulatory requirements. Advocates charged that the move will help predatory lenders.

(Full story here.)
What's behind the leadership shake-up at TCF
tcf-101620-topten.png
Craig Dahl said working seven-day weeks to shepherd the integration with Chemical and then the combined company's coronavirus response led to his abrupt retirement.

(Full story here.)
MORE FROM AMERICAN BANKER