ABI Blog Exchange

A new Small Business Administration notice explains what steps lenders must take to seek approval of their forgiveness decisions under the Paycheck Protection Program. But lenders say lawmakers and regulators must do more to cut red tape.

The Nashville bank had sued Gaylon Lawrence in 2017 over allegations that he was pursuing an illegal takeover, but the two sides announced terms of a settlement.

The legislation, which has yet to pass the House, is meant to ensure coronavirus relief funds go to consumers and are not diverted to debt collectors.

Lenders need to use alternative data as an overlay to traditional underwriting methods to help creditworthy customers in hardship because of the coronavirus crisis.

Quantexa, which uses artificial intelligence to detect money laundering and other financial crime, is already being used by HSBC and Standard Chartered Bank.

Longtime executive Christine Lowthian had been serving as interim chief compliance officer at HSBC Bank USA since April.

CEO Greg Carmichael says the Cincinnati company has cut expenses but will proceed with branch openings in the Southeast and investments in its commercial loan and mortgage origination platforms to lay the groundwork for post-pandemic growth.

Finding loan forgiveness programs and keep-the-change loan paydowns are examples of services startups like Savi, Summer and FutureFuel.io are offering banks to help borrowers manage their monthly payments.

The House Financial Services Committee chair vowed to stay focused on the HEROES Act after the panel's top Republican said lawmakers should instead debate bills with bipartisan support.