Economy

Community development financial institutions would reach even more underserved households and business if they had strong relationships with tech firms and national banks. Here's how the Office of the Comptroller of the Currency can foster such partnerships.

A survey commissioned by Bank of America found that Black entrepreneurs are more hopeful about revenue opportunities than other small-business owners, though many are still struggling to bring in the capital needed to expand.

Year to date Sep. 30, 2020. Dollars in thousands.

On Sep. 30, 2020. Dollars in thousands.

On Sep. 30, 2020. Dollars in thousands.

In a book that was decades in the making, retired law professor Art Wilmarth tells the story of the Glass-Steagall Act — its origins, demise and aftermath. He also makes a case for restoring the separation between banks and securities firms, arguing that erecting such a barrier would reduce systemic risk and weaken the big banks’ political power.

A full rebound won’t occur until next year at the earliest because of the slow vaccine rollout, most executives at small banks said in a new survey. Last summer, more than half expected a turnaround this year.

While its net income declined annually for the second consecutive year, CEO Hugh Frater touted Fannie Mae’s resiliency in a record year for providing mortgage liquidity.

Transportation and clean-energy upgrades could create significant new lending opportunities, but some observers fear the government will foot the bill through a special tax on banks and other financial firms.

The trust bank and the credit card company said they'll make it easier for customers to use cryptocurrencies. The announcements contributed to another jump in the price of the largest digital asset.

Harris Simmons of Zions Bancorp. warned that excess deposits could suppress loan demand and pose an inflation threat, while Darren King of M&T tried to reassure investors that deposits will be less volatile than some fear once the economy improves.

Ken LaRoe, whose First Green Bancorp was sold a few years ago, is seeking approval for a de novo called Climate First Bank that would cater to low-income communities hurt by climate change and favor ecology-minded tech vendors.

The Jackson, Miss.-based credit union is part of an alliance that also includes the megabank, seven cities and nine historically Black colleges and universities, and aims to provide investments of up to $130 million to help stabilize businesses and communities hit hard by the pandemic.

Harris Simmons, the chairman and CEO of Zions Bancorp., updated investors Wednesday on his cancer diagnosis, saying a CAT scan last week did not detect the rare form of non-Hodgkin’s lymphoma with which he was diagnosed in November.

Banks and nonbanks are expected to vie for more commercial business this year, and nonbanks already have signaled a willingness to ease lending standards in order to win business.

On Sep. 30, 2020. Dollars in thousands.

On Sep. 30, 2020. Dollars in thousands.

On Sep. 30, 2020. Dollars in thousands.

Protego Trust Bank in Seattle will focus on providing custody services for investors that hold digital assets. The OCC decision comes weeks after the agency granted permission to a South Dakota trust company to offer crypto-related services.

Banks weren't involved in the trading frenzy, but some observers say the regulatory response should address risks to all financial institutions.