Why banks are putting PPP forgiveness on the back burner
The Small Business Administration began accepting applications Monday, but lenders such as JPMorgan Chase are holding off in hopes that Congress will grant blanket forgiveness for smaller Paycheck Protection Program loans.
Fee to shield Fannie, Freddie from COVID losses draws instant backlash
The new "adverse market fee" for refinanced mortgages resembles steps the companies took to combat the 2008 mortgage crisis. But critics charge it isn't necessary and will hurt borrowers' ability to tap into low rates.
A second-term Trump administration would likely continue its deregulatory efforts, focus on Fannie Mae and Freddie Mac's exit from conservatorship, and seek to facilitate fintech participation in the banking system.
Wells Fargo names new compliance chief, other risk executives
The executive shuffle at the company continues as Credit Suisse America's Paula Dominick is hired to replace Mike Roemer as chief compliance officer. It also hired or promoted four line-of-business chief risk officers and an enterprise testing leader.
Truist's pandemic chatbot could have staying power
Built to respond to borrowers' questions about mortgage deferrals, the bot created by Salesforce is evolving and in the future could conduct transactions, handle a wide range of queries or help with emergencies.
More than a third fear the fallout from the coronavirus pandemic could drag into 2022 or later, and they are most worried about commercial real estate loans, according to a Promontory Interfinancial Network survey.
Diversity chiefs gain prominence as banks confront racial inequality
Institutions large and small are either creating new positions or elevating existing diversity heads to C-suite roles. Will the moves help banks improve equality within their ranks and better serve their communities?
The company's Silicon Valley Bank unit reduced its loan-loss cushion by $52 million. Private-equity and VC clients have warmed to the practice of doing deals virtually, which increases lending opportunities, SVB executives said.