Fintechs could make life easier for overtaxed SBA

The Small Business Administration should consider partnering with fintechs, which have the capacity to approve loans quickly, to help avoid the kind of application backlog the agency faced after the last government shutdown.
Source: American Banker

HomeStreet acquiesces to activist investor, will sell mortgage unit

HomeStreet Bank will attempt to sell its stand-alone mortgage business and portfolio of servicing rights, a move that comes amid growing pressure from an activist investor to exit home lending and concerns about declining demand and regulatory challenges.
Source: American Banker

Bankers have another data security issue to worry about

Banks want to encourage innovation by extending access to outside developers, but customer data remains vulnerable while in use by an application.
Source: American Banker

Managers at Investors Bancorp hit the streets to pull in deposits

“You can’t meet customers at the headquarters,” CEO Kevin Cummings tells his senior executives.
Source: American Banker

Watt abused role in pursuing relationship with FHFA staffer: Watchdog

Former FHFA Director Mel Watt attempted to coerce an agency employee to engage in a romantic relationship with him, according to an inspector general report.
Source: American Banker

Recipe for an East Coast regional

John Asbury, president and CEO of Union Bancshares, wants to make Virginia something it hasn’t been in decades: home to a regional bank powerhouse. He discusses how striking the right balance between acquisitions and strategic hiring works toward that goal.
Source: American Banker

USAA ordered to improve risk management, information security

The enforcement action from the OCC comes on the heels of a CFPB consent order that said USAA reopened customers’ accounts without consent and neglected stop-payment requests.
Source: American Banker

Wells' tech snafu, BB&T-SunTrust cont'd., JPM Coin: Top stories of the week

Flaws in testing may be real source of Wells Fargo’s tech failure; BB&T-SunTrust deal throws talent and deposits up for grabs, threatens banking’s middle tier; what JPMorgan Chase’s JPM Coin means for Ripple and Swift; and more from this week’s most-read stories.
Source: American Banker

Deutsche Bank reverses pledge to help distressed homeowners

The funds the bank promised to spend on consumer relief will instead be used to make new home loans, according to a report by the monitor of its 2017 settlement with the U.S. Justice Department.
Source: American Banker

SoFi plans new lending products and move Into stock trading

The company’s expansion into new business lines could help offset recent declines in loan volume.
Source: American Banker