Industry News
Banking
Top stories summarized by our editors
1/15/2021

The Treasury Department has decided not to take any action on removing Fannie Mae and Freddie Mac from government conservatorship before the Trump administration ends. The Biden administration is not expected to take action on re-privatizing the firms.

More Summaries:
Treasury Department
1/15/2021

Goldman Sachs is partnering with digital payments firm Marqeta to offer checking accounts through its consumer banking unit, Marcus. Marqeta's technology will help the bank provide virtual debit cards and allow customers to tap real-time information about their spending.

Full Story:
Reuters, Bloomberg
1/15/2021

Supporters of President Donald Trump can still send donations to his campaign via Stripe – they just can't do it directly. Although the firm blocked direct payments to the campaign following last week's Capitol Hill riot, indirect payments through intermediaries are still being sent.

More Summaries:
Stripe
1/15/2021

Rep. Katie Porter, D-Calif., was not granted a waiver to continue her placement on the House Financial Services Committee after having prioritized seats on the Oversight and Reform and Natural Resources committees in a letter to House Speaker Nancy Pelosi. Porter was a frequent critic of the financial industry while on the HFSC.

Full Story:
The Hill
More Summaries:
Rep. Katie Porter
1/14/2021

The Small Business Administration says 1.1 million Paycheck Protection Program loans have been forgiven, totaling more than $100 billion. That number could rise significantly since the SBA has simplified the forgiveness process for loans of $150,000 or less.

1/14/2021

Acting Comptroller of the Currency Brian Brooks has said he will finalize the regulator's "fair access rule," which prohibits banks from refusing to lend to controversial industries, before leaving his position today. The banking industry has objected to the rule, calling it political and unworkable.

1/14/2021

South Dakota-based Anchorage Digital Bank is the first cryptocurrency platform to receive a national trust charter from the Office of the Comptroller of the Currency, paving the way for the company to collaborate with banks that want to offer their customers stablecoins and crypto assets. Anchorage Digital Bank will not be able to take deposits, as the national trust charter does not require it to carry deposit insurance.

1/14/2021

Credit card issuers are shifting their rewards programs away from air travel-related incentives as the coronavirus pandemic has hindered travel. Some are now offering rewards on household expenses and giving statement credits to retain high-use customers.

1/14/2021

Lenders with less than $1 billion in assets can submit applications to the Small Business Administration for the second round of Paycheck Protection Program loans beginning Friday, and the program will reopen for all lenders on Jan. 19. Another $284 billion has been allocated to the program, and the early start for smaller lenders is intended to help ensure better access for small businesses.

Full Story:
The Hill
1/13/2021

Visa has abandoned its planned acquisition of fintech Plaid for $5.3 billion, in light of a Department of Justice antitrust lawsuit. Visa initially aimed to fight the lawsuit in court but has come to an agreement with Plaid to cancel the deal.