Swipe fee showdown, PPP’s repeat customers, OCC’s conflict of interest: Top stories of the week

February 12, 2021 4:16 PM

Big banks, Big Tech face off over swipe fees

A showdown between megabanks such as JPMorgan Chase and the likes of Apple and PayPal could be the prelude to a broader fight.

(Full story here.)

MUFG promotes Kevin Cronin to head of operations in the Americas

The former head of U.S. corporate banking for Mitsubishi UFJ Financial Group, Cronin will succeed Stephen Cummings as CEO of the New York-based MUFG Union Bank and its holding company, MUFG Americas Holdings Corp.

(Full story here.)

Most PPP loans going to repeat customers

The majority of Paycheck Protection Program loans are being approved for borrowers in industries that have yet to regain their footing.

(Full story here.)

Regardless of who leads it, OCC has inherent conflict of interest

The jockeying over who President Biden should appoint to head the Office of the Comptroller of the Currency has focused attention on how to regulate the fintech sector, but the discussion has glossed over flaws in the agency's funding structure that have persisted across administrations.

(Full story here.)

SBA rolls out fixes for PPP error codes

Bankers have claimed that the Small Business Administration's procedures to counter fraud and improper lending have ensnared legitimate Paycheck Protection Program applications.

(Full story here.)

CFPB considers halting implementation of QM, debt collection rules

Acting Director Dave Uejio wrote in a blog post that the Consumer Financial Protection Bureau needs more time to consider rules that were finalized under the Trump administration but have not yet gone into effect.

(Full story here.)

First Horizon experiments with taking core to the cloud

The regional bank is switching VirtualBank, a digital-only unit added through a recent merger, to a core system that relies on Finxact software and Amazon Web Services. The move epitomizes the industry's cautious approach to cloud-based technology.

(Full story here.)

Acting CFPB head calls out industry for slow complaint response times

Acting CFPB head calls out industry for slow complaint response times
Interim CFPB Director Dave Uejio expressed concern that financial institutions have dragged their feet in resolving disputes with consumers for service issues during the pandemic.

(Full story here.)

Why banks are rewarding customers for exercising

Discovery Bank in South Africa and other overseas financial companies say healthier customers are more profitable. They are giving reward points, gym subsidies and even free Apple Watches to those who meet fitness goals.

(Full story here.)

Lower taxes, more M&A: Behind a California bank's move to Texas

First Foundation is relocating its corporate headquarters to Dallas, where the tax burden is lighter and it sees more opportunity to beef up lending, add wealth management clients and pursue acquisitions of community banks.

(Full story here.)

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