Banking

PNC open to deal that would boost assets to $700 billion; banks take hard line against accountants seeking fees for PPP referrals; rush to online banking during coronavirus has hackers salivating, bureau says; and more from this week's most-read stories.

Uwharrie Capital in North Carolina and Valley National in New York used their community connections to seek out small companies in need of loans from the Paycheck Protection Program. They found plenty of them.

Credit unions are once again opposing language in draft legislation of the 2021 National Defense Authorization Act that would allow banks to rent space on military bases for free.

First-quarter income for credit unions chartered in the Badger State increased by about 6% from the same period one year earlier.

The success of Isbank's Maxi service is a lesson for all banks: Chatbots, with the right training, can provide the kind of human touch customers need in times like these.

Financials drop 8.2% on prediction of low rates through 2022 and dim economic outlook; the largest mortgage originator and a top challenger to traditional lenders has filed what may end up being the year's largest initial public offering.

The industry was well positioned in terms of net worth before the pandemic and recession, but some institutions could run into issues with sluggish earnings and a surge in deposits.

Mobile banking use has swelled since the pandemic hit, and law enforcement officials expect hackers to target the credentials of digital novices. The FBI stressed the importance of two-factor authentication and ensuring consumers know how to spot fake apps that carry malware.

The Oregon company tapped Tory Nixon to serve as president of its bank.

The credit union will pay an undisclosed amount for Community State Bank of Southwestern Indiana.

A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.

After three months of supervising national banks remotely, examiners will soon resume visiting them in person and working in regional offices, says acting Comptroller of the Currency Brian Brooks.

In the wake of the pandemic, Americans are taking on more debt to cover expenses. That could signal an opportunity for growth in some unsecured lending products.

Lenders are cautioning not only that second-quarter provisions might exceed the spike seen earlier this year, but also that credit costs could be elevated into 2021 if the economic slowdown drags on or fears of a second coronavirus wave are borne out.

The acting head of the agency says it cannot continue relying on web-based exams put in place during the coronavirus and will start sending staff into banks.

The company is partnering with Sensibill, a fintech whose technology turns photos of receipts into text and helps people track and manage their expenses.

Lenders stock up on masks, Plexiglas barriers and cleaning supplies; lawmakers hope recent fixes will attract more borrowers, but small businesses remain wary after constant changes.

As revenue-starved retailers fall further behind on rent payments, landlords' cash flow will be strained, and defaults on commercial real estate loans could rise.

Groups representing community banks and credit unions generally support the new percentage-based goals set by the Federal Housing Finance Agency.

The central bank is only now nearing the launch of the credit facilities after the effort was announced in April. But Chairman Jerome Powell said loans have been available through other means.