Retail & Commercial

Lawmakers need to create a coronavirus relief program targeting owners of smaller businesses facing more hardship than larger competitors that received much of the aid from the Paycheck Protection Program.

Sells, American Banker's Digital Banker of the Year for 2020, says he will help the New York fintech startup create digital currency products for banks.

The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.

Executives from U.S. banks continue to play down near-term expectations, but they say customers are growing more confident ahead of the rollout of coronavirus vaccines, and that key commercial lending segments could drive an economic rebound.

Some lenders are poring over commercial portfolios more frequently than normal — perhaps as often as once a month — to uncover problems hidden by payment deferrals and government stimulus before it's too late.

Montecito Bank in California began streamlining originations after a natural disaster decimated its community in 2018. The move paid off when the COVID-19 crisis hit and the bank had to quickly step up efforts to help clients.

Citigroup looked to the success of Asian super-apps like Ant Financial and Paytm while developing its new checking-account offering with Google.

Citigroup appointed Elissar Farah Antonios as the first woman to run its Middle East and North Africa operations, among the U.S. bank’s fastest-growing businesses in emerging markets.

Credit quality has remained strong at credit unions, but there are hints that some of them — especially the smallest ones — could report lackluster earnings well into next year, according to the National Credit Union Administration's latest intel on industrywide finances.

On the same day that Mr. Cooper announced a settlement with state and federal authorities over its servicing practices, the Dallas company, U.S. Bank and PNC reached separate agreements with DOJ regarding bankrupt borrowers.