Lenders press Congress to restart — and revamp — PPP

Bankers and fintech executives want lawmakers returning to Washington to focus on streamlined forgiveness and a second round of Paycheck Protection Program loans for small businesses.

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Fed corrects stress test error for Morgan Stanley, Goldman Sachs

The central bank said it had miscalculated the loss rates for certain public welfare investments, which led to incorrect capital requirements for the two companies.

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M&T's new fintech unit rolls out first product

The bank's innovation group has developed a software tool for law firms. It hopes the project will help it speed products to market and attract top technology talent.

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OCC chief, N.Y. regulator dig in on fintech chartering, preemption

Acting Comptroller of the Currency Brian Brooks and Department of Financial Services Superintendent Linda Lacewell stuck to opposing scripts on whether federal or state regulators are best equipped to protect consumers and supervise new entrants into the banking system.

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What's next for Jiko now that it owns a bank

The fintech and the Minnesota bank it acquired last week, renamed Mid-Central National Bank, intend to pioneer a new method of storing and moving money for consumers.

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Small Texas bank doubles down on hotel lending

At a time when many lenders are shying away from an industry hit hard by the pandemic, State Bank of Texas is going all in.

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DOJ has filed over 50 PPP fraud cases

The 57 charges involve $175 million allegedly stolen from the small-business loan program. Defendants are accused of lying on their applications and using funds to buy cars, jewelry and other luxury items.

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Why banks are reinstating share repurchase programs

Several community banks that put buybacks on hold during the pandemic's earliest days have recently authorized new plans, signaling an easing in regulatory pressure and greater comfort with capital levels.

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Investor group to buy Georgia Banking Company

Bartow Morgan Jr., who ran Brand Banking when it was sold to Renasant, also plans to raise $150 million to expand the seller's products and services.

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Online loans are holding up better than expected

Fintech lenders that reported a surge in missed payments at the start of the pandemic have seen credit quality rebound substantially since. But credit performance could still deteriorate if high unemployment persists and Congress fails to enact more relief measures.

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