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Why banks are putting PPP forgiveness on the back burner

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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.

(Full story here.)

Fee to shield Fannie, Freddie from COVID losses draws instant backlash

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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.

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What Trump's reelection would mean for banks

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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.

(Full story here.)

Wells Fargo names new compliance chief, other risk executives

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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.

(Full story here.)

Truist's pandemic chatbot could have staying power

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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.

(Full story here.)

Capital One fine is latest wake-up call for banks using the cloud

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A year-old data breach, which earned the company an $80 million OCC penalty this week, continues to offer lessons to banks as they put more sensitive information in the hands of cloud vendors.

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Here's the credit quality metric to keep an eye on

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Criticized assets are on the rise, especially in commercial portfolios, and may be the forerunner of a wave of loan losses later this year or next year unless economic conditions strengthen.

(Full story here.)

Bankers don't see economy recovering anytime soon

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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.

(Full story here.)

Diversity chiefs gain prominence as banks confront racial inequality

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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?

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Outside of PPP, it's crickets in small-business lending

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The Paycheck Protection Program has masked what has been a year of tepid demand and tightened lending standards. And bankers aren't expecting a rebound anytime soon.

(Full story here.)
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