Small businesses are exploring online lending, with 44% saying they looked into the option in the past year and 25% procuring an online loan during that time, according to the JPMorgan Chase Business Leaders Outlook survey released yesterday.
Browsing: Community banking
The Federal Reserve today announced the members of its 2021 Community Depository Institutions Advisory Council, which includes several ABA member bankers.
The FDIC today released a large-scale Community Banking Study that examines community bank performance between year-end 2011 and year-end 2019.
As community banks continue to innovate—a task that has only become more important since the COVID-19 pandemic began—regulators play two key roles in that process, ABA President and CEO Rob Nichols said during a virtual industry event today.
Community banks took on an outsized share of Paycheck Protection Program lending, according to a blog post today by the Conference of State Bank Supervisors. Nationwide, community banks’ outstanding balance of PPP loans to total assets was 6.04%, compared to 1.81% for non-community banks.
The FDIC today released a new staff study highlighting how economies of scale developed at community banks (those with $10 billion or less in assets) between 2000 and 2019.
In an interview with NPR Marketplace’s Kai Ryssdal Friday, former ABA Chair Laurie Stewart said that additional funding for the Small Business Administration’s Paycheck Protection Program would be appropriate as many small businesses continue to struggle due to the coronavirus and will likely face a very challenging winter.
In response to feedback from banks and fintech providers, the Federal Reserve, working with other financial regulatory agencies, is developing a fintech vendor due diligence guide for community banks, that would provide specific information about the documents and information they need to successfully complete their due diligence obligations, Federal Reserve Governor Michelle Bowman said in a speech today.
FDIC-insured banks and savings institutions earned $51.2 billion in the third quarter of 2020, a 10.7% decline from the year prior, but a significant improvement from the first half of the year, the FDIC reported today in its Quarterly Banking Profile.