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The Pandemic Is Giving Banks the Opportunity to Create Goodwill With September 2020 | americanbanker.com Never let a good crisis go to waste — the pandemic is giving banks the opportunity to create goodwill with consumers and our annual survey of bank reputations offers some insight on how to keep the positive momentum going REPUTATION REBOUND ABM0920_Cover_Final.indd 1 8/11/20 2:11 PM Maximize the Value of Your Seniors Housing Loans Welltower (NYSE: WELL), an S&P 500 company, is the largest owner of seniors housing and medical-related real estate assets in the world. Our platform of best-in-class operators, key health care industry relationships, unparalleled data analytics capabilities and access to capital allows us to work alongside and in partnership with you to maximize the value of your seniors housing industry loans (CRE as well as construction loans). We o er solutions to buy your existing loans or to bring in operating partners to turn around existing situations. Please contact us today to explore ways we can partner WELL with you. CONTACT US TODAY Tim McHugh, EVP and CFO Nikhil Chaudhri, VP, Investments [email protected] [email protected] (646) 677-8743 (646) 677-8772 0C2_ABM0920 2 8/12/2020 2:30:18 PM Contents September 2020 | VOL. 130 | NO. 9 REPUTATION SURVEY 14 14 On the rebound Buoyed by its efforts to help consumers and businesses weather the pandemic, the banking industry saw its reputation improve for the first time in several years. Our annual survey offers some insight on how to keep the goodwill flowing. 20 Talking points The coronavirus crisis shows how much crisis communications matter. Wells Fargo is among the banks getting credit from consumers for doing well on that front. 3 7 Briefings BankTechnology 11 A challenger bank’s new strategy 3 7 Rho Business Banking rolled out a list of A bet on bettors How to offer weary students options interesting new features to appeal to larger Lexicon Bank in Las Vegas is inviting poker Fintechs that help students manage college businesses than the startups it initially attracted players to open accounts for depositing their debt are eager to sign up bank partners tournament winnings 9 4 From hot asset to fire sale BankThink Can’t pay? It’s OK. Why OnDeck agreed to a deal worth less than 22 One consumer lender dismissed all pending 10% of what its market value was in 2015 Don’t lose the privacy debate collections cases and suspended filings of new Data has tremendous power to improve lives cases to help customers amid the pandemic 9 when employed the right way, and the financial DoorDash to the rescue services industry should call out exemplary 5 cases, Katherine Flocken and Tyler Griffin write How the food delivery app and the challenger Inscrutable could mean ‘un-investable’ bank BlueVine helped a California eatery stay Some investors, struggling to assess community in business banks’ earnings potential, are giving up BackPorch 6 11 24 SoFi knocks on banking door Looking past the rap sheet Quotes from former Congressman Barney Frank, The fintech is trying again to become a bank, A revised FDIC rule makes it easier for banks to Bank of America’s Haim Israel, Berkshire Bank’s joining a handful of others actively pursuing hire people with minor criminal backgrounds Malia Lazu and more regulatory approval americanbanker.com September 2020 American Banker 1 001_ABM0920_001 1 8/12/2020 1:58:33 PM Volume 130, No. 9 What’s going on american banker.com Editor’s View Executive Editor Bonnie McGeer Senior Designer Nick Perkins @americanbanker.com Contributors Laura Alix, Miriam Cross, Matthew de Paula, Jim Dobbs, Brendan Pedersen, Kevin Wack Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 www.americanbanker.com Phone 212-803-8200 Editor in Chief Alan Kline 571-403-3846 Managing Editor Dean Anason 770-621-9935 Executive Editor Bonnie McGeer 212-803-8430 Technology Editor Penny Crosman 212-803-8673 Washington Bureau Chief Joe Adler 571-403-3832 BankThink Editor Rachel Witkowski 571-403-3857 Community Banking Editor Paul Davis 336-852-9496 Contributing Editor Daniel Wolfe 212-803-8397 Digital Managing Editor Christopher Wood 212-803-8437 Copy Editor Neil Cassidy 212-803-8440 Reporters/Producers Laura Alix 860-836-5431 Kate Berry 562-434-5432 Miriam Cross 571-403-3834 Jim Dobbs 605-310-7780 Neil Haggerty 571-403-3837 John Heltman 571-403-3847 Allissa Kline 716-243-2679 Hannah Lang 571-403-3855 Brendan Pedersen 571-403-3878 Jon Prior 214-629-5894 John Reosti 571-403-3864 Gary Siegel 212-803-1560 Jackie Stewart 571-403-3852 Kevin Wack 626-486-2341 Executive Director, Brand Studio MOST READ MOST SHARED Michael Chu 212-803-8313 Evolving process ADVERTISING Here are steps the SBA has taken to clarify how lenders should VP, Media Sales pursue approval for forgiveness of PPP loans Brad Bava 212-803-8829 May 15: Introduces 11-page application Midwest/Southwest June 17: Unveils shorter "EZ" form Shelly Schmeling 312-932-9392 July 17: Says it's willing to consider blanket forgiveness for West smaller loans Sara Culley 831-438-8408 July 23: Details submission procedures for applications Midatlantic/Southeast David Cleworth 843-640-3713 Aug. 10: Will launch online portal where applictions may be filed Senior Marketing Manager Bloomberg News Jamie Billington 212-803-6099 Group Director Custom Marketing Solutions Mortgages get returned to sender A more forgiving process, please Virginia Wiese 704-987-3224 A jump in buybacks — required for Lenders called on lawmakers and Customer Service/Subscriptions servicers of delinquent Ginnie Mae- regulators to do more to cut red [email protected] 212-803-8500 backed loans — is one of the first real tape after seeing the steps the Small Licensing and Reuse of Content: Contact our official signs of how the pandemic is hitting Business Administration laid out for partner, Wright’s Media, for more information about available usages, license and reprint fees, and award seal banks’ loan books. The amount Wells getting approval for loan forgiveness artwork at [email protected] or (877) 652-5295. Fargo had to purchase in July far under the Paycheck Protection Please note that Wright’s Media is the only authorized company that we’ve partnered with for Arizent materials. surpassed that of any other servicer. Program. CHIEF EXECUTIVE OFFICER....................................Gemma Postlethwaite American Banker (ISSN 2162-3198) Vol. 130 No. 9, is published monthly by Arizent, One State Street Plaza, 27th Floor New York, NY 10004. CHIEF FINANCIAL OFFICER .....................................................Debra Mason Subscription price: $149 per year in the U.S.; $229 per year for all other countries. Periodical postage paid at New York, NY and additional U.S. mailing offices. POSTMASTER: send all address changes to American Banker, One State Street Plaza, New York, NY 10004. For CHIEF STRATEGY OFFICER ........................................................Jeff Mancini subscriptions, renewals, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. Send editorial inquires and manuscripts to American Banker, One State Street Plaza, 27th Floor, New CHIEF CUSTOMER OFFICER ....................................................Dave Colford York, NY 10004. This publication is designed to provide accurate and authoritative information regarding the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering financial, legal, accounting, tax or other CHIEF CONTENT OFFICER..........................................................David Evans professional service. American Banker is a registered trademark used herein under license. ©2020 Arizent and American Banker. CHIEF PEOPLE OFFICER ..................................................................Lee Gavin All rights reserved.www.americanbanker.com. 2 American Banker September 2020 002_ABM0920 2 8/10/2020 1:54:49 PM Briefings CUSTOMER STRATEGY | DEBT COLLECTION | COMMUNITY BANKING | REGULATION ART FROM GETTYIMAGES FROM ART A bank with a poker face Lexicon Bank in Las Vegas gives gamblers a safe place to deposit their winnings — often six-figure sums — without triggering suspicion of money laundering By Jim Dobbs Lexicon Bank in Las Vegas, founded rather avoid being hassled for what tion closed his account in July. nearly a year ago by poker enthusiasts, they see as small sums of money. Poker winnings are posted publicly, is betting big on the professional But for a young bank like Lexicon, said Rosenblum, who has competed gamblers who help make the de novo’s which began 2020 with less than $100 professionally as a poker player, hometown a major gaming destination. million in assets, the six-figure deposits including in several World Series of Bigger banks have been pulling back — and sometimes more — that Poker events. The public posting makes from poker because of elevated prominent players park in their it easier for banks with gaming compliance demands. Large transac- accounts is a substantial funding expertise and a willingness to track tions such as wire transfers conducted source, said Russell Rosenblum, the tournament participation and winnings by poker players who frequently bank’s chairman. “There’s a very big to verify the legitimacy of deposits. participate in tournaments are more gap” between a player’s needs and the “If you know poker, you know a pro susceptible to money-laundering availability of reliable banking services, player is actually easier to vet than your scrutiny. Rosenblum said. typical retail business,”
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