Regulation

Bankers have become more uncertain about how to serve marijuana businesses owing to confusion about which states deem them essential.

The veteran banker will serve as chief administrative officer, with responsibilities that include strengthening Citi’s data architecture, creating greater consistency in its dealings with regulators and enhancing its efforts to combat money laundering.

John Dugan says a successful effort by banks to alleviate the economic damage of the pandemic could boost the industry's reputation.

Recent steps that would help nonbank lenders enter the traditional banking system, like a proposal clarifying the industrial loan company charter, are needed but face strong opposition.

The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.

An interagency notice meant to encourage lenders to offer small consumer loans also provides federal agencies too much say on what constitutes “reasonable” pricing.

Thomas O'Brien will take the helm at Sterling Bancorp, which is dealing with internal control issues and probes by the OCC and Justice Department into its mortgage operations.

The closure of IBEW Local Union 712 Federal Credit Union marks the first CU to shut its doors in the wake of the coronavirus.

The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the pandemic.

Several Senate Banking Committee members from both parties are facing tough reelection challenges in a year when control of the entire chamber — and the banking policy agenda — may be up for grabs.