TUESDAY SEPTEMBER 1, 2020 VOL. 185 No. 169 AMERICANBANKER.COM Follow us on Twitter @AmerBanker WesBanco in West Virginia 5 closing 20 branches Fast decline The company said migration to digital channels spurred its decision to shutter Washington Federal had consistently reported profits, locations across five states.Page 5 but then examiners uncovered froud See story on page 4 Stepping up: How pandemic 6 response boosted October 2017: OCC finds reporting irregularities ahead ’ reputations of an exam Buoyed by its efforts to help consumers and businesses weather the pandemic, the banking industry saw its reputation improve Nov. 28: OCC tipped off to “mojor froud” involving $68M for the first time in several years. Our annual in loans survey offers some insight on how to keep the goodwill flowing.Page 6 Dec. 3: John Gembara, the ’s president, commits Student borrower suicide 7 protection bill on verge of passage in California Dec. 5: OCC directs bank to recognize first of $62M in The legislation, which would apply to both loan looses banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur. Page 8 Dec. 15: Washington Federal fails Hanover Bancorp making Sources: Treasury Department and published reports 8 bigger push into New York with Savoy acquisition The company will use Savoy’s midtown Manhattan office to coordinate business Four bankers of failed thrift development efforts around the city.Page 9 dailybriefing 3 charged with helping client embezzle funds Chase launches its first Are public-private partnerships The Justice Department alleges that the 9 Mastercard-branded consumer 1 the future of postal banking? bankers worked with “higher-ranking bank in 5 years Bankers have long opposed the idea of officials” at Washington Federal Bank for Visa and JPMorgan Chase & Co. are in the the U.S. Postal Service taking deposits and Savings in Chicago to falsify records and middle of a 10-year merchant services making loans directly, but some in the hide funds before the bank’s December 2017 agreement that gives Chase merchants industry are open to the idea of letting banks collapse. (See chart above.) Page 4 certain advantages with the expected goal and credit unions offer services at post of favoring Visa card volume. But it’s not an offices.Page 2 Heartland discloses exclusive arrangement. Page 9 4 delayed closing for The community banker AimBank acquisition Colo. ‘true lender’ settlement 2 at the center of the The Iowa company said the coronavirus 10 is path forward for bank- mail-in voting fracas outbreak and litigation against AimBank fintech partnerships Mike Duncan had kept a low profile as will postpone the deal’s completion by a few The agreement between Colorado chairman of the U.S. Postal Service’s board months. Page 5 authorities, marketplace lenders and banks of governors until it hired Louis DeJoy as offers a way to structure partnerships postmaster general. Now he is sharing an without triggering the wrath of state unwanted spotlight with the embattled regulators, Peter Weinstock, Marysia DeJoy. Page 3 Laskowski and Eric Flynn write in BankThink.Page 10 TUESDAY SEPTEMBER 1, 2020 AMERICANBANKER.COM PAGE 2

partnering with financial institutions. investigation into the discussions. CONSUMER BANKING “If the postal service were to come up with “Any exclusive arrangement, negotiated a fair and equitable and transparent process, behind closed doors, to allow a profit-driven competitive bid, whatever we typically expect entity to leverage the USPS branch network Are public- our government agencies to do to procure is a formula for corruption and should be a services, if they were to go through a process serious concern to all Americans who care private like that in that manner, then I think it would about the integrity of our public institutions,” make sense,” Gwaltney said. “Particularly ICBA President and CEO Rebeca Romero for communities where there is not a bank Rainey wrote to Taub. partnerships branch and there needs to be access to The spokesperson for JPMorgan said that services, the post office makes sense.” “there was never any discussion about an the future The comments from industry‘exclusive partnership’ for banking services” representatives follow the report last week by between the USPS and the bank. Capitol Forum, citing anonymous sources, But industry representatives are not of postal that said JPMorgan Chase and the USPS may opposed to the idea of public-private deals have even discussed some type of exclusivity between the USPS and smaller financial banking? arrangment for the bank to provide banking institutions. services to postal employees. Ryan Donovan, chief advocacy officer By Neil Haggerty But the JPMorgan Chase spokesperson at the Credit Union National Association, August 28, 2020 denied that the parties discussed exclusivity said that the post office should consider WASHINGTON — For years, bankers have and said the talks had focused on leasing partnering with local community banks opposed attempts by Democratic lawmakers space for ATMs. or credit unions, rather than a Wall Street to enable the U.S. Postal Service to provide “Our Real Estate group regularly megabank like JPMorgan Chase. , arguing that the struggling explores a variety of locations for ATMs “It certainly begs the question of how did government agency is not equipped to for the convenience of our customers,” the Wall Street giant get in the room with handle such an undertaking. the spokesperson said. “We had very early the postal service on this and why wouldn’t But the industry’s position appears to conversations with the Postal Service about the postal service want to partner with local soften on the topic of banking services being what it might look like to lease unused providers to provide the services?” Donovan offered at USPS sites through partnerships exterior space for a small handful of ATMs.” said. “In most communities, I think the postal with financial institutions. But the revelation of those talks ruffled service would find a willing provider in a local Some industry observers said bankers some feathers among community bankers financial services provider.” may be more open to the partnership idea concerned about the idea of a large bank Still, some in the banking industry think following a report that JPMorgan Chase had potentially negotiating a deal with such a the USPS should stay out of the financial been in discussions with the agency before large national organization as the USPS. services sphere entirely, including partnering the coronavirus pandemic to offer ATMs The news prompted the Independent with private banks. and other banking services at post office Community Bankers of America to write McCall Wilson, president and chief locations. a letter to Postal Regulatory Commission executive of the $660 million-asset Bank of “We are not fans at all of the postal service Chair Robert Taub on Aug. 24, calling for an Fayette County in Tennessee, said he would getting into core banking functions,” said Rick Clayburgh, president and CEO of the North Dakota Bankers Association. “I think their Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 focus should be on what their core delivery is Phone 212-803-8200 AmericanBanker.com and their core business model. The concept of having the post office serve as a potential Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 spot for an ATM machine or even leasing out Managing Editor Dean Anason 770.621.9935 space isn’t necessarily a bad idea.” Reporters/Producers It is still unclear if any talks between Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 JPMorgan Chase and the USPS will advance. Washington Bureau Chief Joe Adler 571.403.3832 A bank spokesperson said the pre-pandemic Executive Editor, Technology Miriam Cross 571.403.3834 “conversations never materialized, and Penny Crosman 212.803.8673 Jim Dobbs 605.310.7780 there are no imminent plans to continue the BankThink Editor Rachel Witkowski 571.403.3857 conversation or move forward.” John Heltman 571.403.3847, Allissa Kline 716.243.2679 Community Banking Editor Paul Davis 336.852.9496 But Peter Gwaltney, president and CEO Hannah Lang 571.403.3855 of the North Carolina Bankers Association, Contributing Editor Daniel Wolfe 212.803.8397 John Reosti 571.403.3864, Gary Siegel 212.803.1560 said the USPS should even allow other Digital Managing Editor banks to make bids to lease space at post Christopher Wood 212.803.8437 Jackie Stewart 571.403.3852, Kevin Wack 626.486.2341 office locations if the agency is interested in

For up to date and complete coverage go to AmericanBanker.com TUESDAY SEPTEMBER 1, 2020 AMERICANBANKER.COM PAGE 3 still be concerned with the USPS partnering profitability of a community. And over the 2020 presidential election. with local banks. last 10 years, most bank closures have been Duncan, chairman and CEO of the “It would be a logistical nightmare to try in lower- and middle-income communities.” $149 million-asset Inez Deposit Bank in and make that work, to manage that model, But financial institutions say a better Inez, Ky., had kept a relatively low profile I think would almost be impossible,” Wilson approach would be reform the regulatory despite close ties to Sen. Mitch McConnell said. “I think you have to be very careful when framework that they say inhibits their ability and a two-year tenure as chairman of the you take the government and start partnering to serve underbanked consumers. Republican National Committee. with the government.” “There’s changes that can be made in That is no longer the case. Meanwhile, Democratic lawmakers law and regulation that could make it easier Duncan, chairman of the U.S. Postal continue to push for a direct public banking to access credit unions and that can allow Service board of governors, is facing option through the USPS. credit unions to do more for consumers,” said scrutiny on multiple fronts because of Sen. Sherrod Brown, D-Ohio, the top Donovan. “Those are the changes that we changes Postmaster General Louis DeJoy Democrat on the Senate Banking Committee, would encourage policymakers to look at as has made to the organization. The moves has pushed for consumers to be able to opposed to taking a struggling public service have stoked fears that the Postal Service access free digital bank accounts, known as and asking it to get into a highly regulated could struggle to handle a surge of mail-in FedAccounts, backed by the Federal Reserve. line of business.” ballots tied to coronavirus fears. “Millions of Americans don’t have access Consumer advocates have largely endorsed Duncan spent Monday fielding hostile to the financial services they need because public financial services options through inquiries from Democratic lawmakers big banks like JPMorgan Chase make it the USPS, such as Brown’s FedAccounts about the board’s decision in May to hire too expensive for working families to get a proposal. But Porter McConnell, campaign DeJoy. The next day, a group that included bank account,” Brown said in a statement to director at Take on Wall Street, said she would members of the Kentucky Postal Workers American Banker. “That’s why I introduced potentially support partnerships between Union staged a drive-by protest of Duncan’s the Banking for All Act, which would protect private community development financial home and the bank’s headquarters. the financial wellbeing of hardworking institutions and the USPS as an alternative. Numerous attempts to reach Duncan Americans and allow anyone to access a “If someone in the private sector could were unsuccessful. free bank account at the Post Office or a come in and offer a non-predatory option Duncan’s recent notoriety highlights the community bank.” in this space, then I think it would be less balancing act for those who try to pursue Sen. Kirsten Gillibrand, D-N.Y., introduced urgent, but we have not seen that happen yet,” careers in both banking and politics, a bill in April to establish a nonprofit bank McConnell said. “If there was a community industry experts said. offering low-cost checking and savings development financial institution that went “There’s nothing wrong with political accounts, ATMs, mobile banking and low- to work with the post office on something, I participation,” Tony Plath, a finance interest loans through the USPS. That could see that making sense.” professor at the University of North legislation is also aimed at boosting revenue Carolina at Charlotte, said Wednesday in for the ailing agency. an interview, noting that many bankers are Mehrsa Baradaran, a professor at the COMMUNITY BANKING involved in politics. University of California, Irvine School of Law, “But where do you draw the line between and author of “How the Other Half Banks,” business and politics when you have to said that the push for a public banking option The represent the community, shareholders is a result of traditional banks’ failure to and employees?” Plath added. “It is very offer basic financial services for certain low- community hard to do. And remember that the banking income Americans. industry itself is already highly politicized.” “These are going to be very simple accounts that banks have decided not to banker at the Mr. Politics offer,” Baradaran said. “We are talking about Duncan was born in Oneida, Tenn. His providing bank accounts for unbanked and center of the father, Bobby Duncan, owned a general underbanked people. It would seem to me store in nearby Strunk, Ky., from 1946 until that banks should be happy that someone his death in 2016. would be filling this role, because the cost- mail-in voting Described by friends as soft-spoken and benefit [analysis] just doesn’t work out for civic-minded, Duncan got his first taste them.” fracas of politics as an 8-year-old helping an Baradaran added that the USPS is an uncle run for superintendent of schools, attractive option for expanding access to By John Reosti McConnell said during a speech on the financial services because it has a large August 28, 2020 Senate floor honoring his friend’s 65th geographic footprint. Mike Duncan is a veteran community birthday. “There’s over 30,000 branches,” Baradaran banker with a long history of political After graduating from the University of said. “The thing about the footprint of the post activism — and he has become a key figure Kentucky’s College of Law in 1974, Duncan office is that it doesn’t discriminate based on in one of the biggest controversies of the seemed set to pursue a career in politics

For up to date and complete coverage go to AmericanBanker.com TUESDAY SEPTEMBER 1, 2020 AMERICANBANKER.COM PAGE 4 until his father-in-law, who owned Inez action committee that backs Republican Along with banking and politics, Stepp Deposit Bank, became ill. candidates, and he has chaired the and Cassady said Duncan has devoted Duncan joined the bank in January 1977 President’s Commission on White House considerable time to community service in what was intended to be a yearlong Fellowships since April 2017. projects throughout his career. assignment. One year stretched into two. “He’s been a part of” many local Eventually, Duncan and wife Joanne, Inez In the spotlight initiatives, Cassaday said. “Bringing Deposit Bank’s vice chairman, bought the Duncan’s role as chairman of the USPS business back to Kentucky. Building up company. board of governors, which began in late his community. The bank’s apprentice Inez Deposit Bank is based in a town in 2017, had been relatively quiet. Bankers, program for young people. … It’s quite a coal-rich Eastern Kentucky just 10 miles for instance, would be hard-pressed to bucket list.” from the West Virginia line. It serves Martin determine his position on postal banking Duncan “has the highest integrity and and Lawrence counties, where it controls even though Inez Deposit Bank is a member character of anyone I know,” Stepp said. 51% of the $241 million deposit market, of the Independent Community Bankers of “He was on the board when I came here according to June 2019 data from the America, which opposes the proposal. 38 years ago and he’s been chairman all Federal Deposit Corp. But the board’s decision to hire DeJoy, 21 years I’ve been president,” Stepp said, Duncan “has been a force in the industry a former CEO of a North Carolina logistics adding Alice Lloyd College doesn’t pay its in Kentucky for as long as I can remember,” company, to replace retiring Postmaster trustees. “He’s given a lifetime of service Ballard Cassady, president and CEO of General Megan Brennan immediately drew and never accepted one dime.” the Kentucky Bankers Association, said the ire of Democrats who claimed the move Wednesday in an interview. “He’s done a bypassed an established search process. great job.” Changes DeJoy says are aimed at efficiency COMMUNITY BANKING Inez “is about as rural as it gets,” Cassaday have raised concerns that they are delaying added. mail delivery and could imperil mail-in Political activism has been Duncan’s voting. Four bankers passion for nearly five decades. He has At Monday’s hearing of the House been so heavily engaged for so long he Committee on Oversight and Reform, of failed thrift was once known as “Mr. Politics” by other Duncan said the decision to hire DeJoy Kentucky Republicans. — one he said would likely be the biggest Duncan made a big political leap in 1972 choice he will make as part of the Postal charged with when he volunteered for Richard Nixon’s Service — came after an “organized, reelection campaign and was tapped to deliberate and thorough” search process. helping client drive the president during a stop in the “The board has confidence in the Bluegrass State. He has been a delegate to Postal Service’s ability to perform for the Republican presidential conventions on at American people in this election season,” embezzle least six occasions since then. Duncan added. Though he never ran for office, Duncan Still, the hearing was unusual for Duncan, funds built a reputation as political manager, who tends to shy away from attention. serving in the George W. Bush White House Those who know him say he prefers to have By Paul Davis and chairing the RNC from 2007 to 2009. an incremental influence on the future. August 29, 2020 (He lost a bid for a second term to Michael At Inez Deposit Bank, he has developed Four former employees of Washington Steele shortly after Barack Obama was an internship program that mentors high Federal Bank for Savings have been charged sworn in as president.) school and college students. For more with taking actions that led to the Chicago Duncan, for his part, views himself as a than two decades, interns have worked bank’s failure in December 2017. dedicated Republican and a team player. in various departments of the bank while The Justice Department said in a press “I won’t apologize for having been participating in a program that features release Friday that Rosallie Corvitte, who involved in Republican politics since I meetings with social, economic, academic was the bank’s chief financial officer, and was old enough to vote,” Duncan told the and political figures. Jane Iriondo, its corporate secretary, were Lexington Herald Leader in early 2009. Participants are also required to develop indicted on charges of falsifying bank “In the beginning people were looking and implement community service projects records and helping a customer commit for superman,” Duncan said of his RNC with the goal of encouraging them to embezzlement. Alicia Mandujano, a loan role. “Some people who were looking for pursue professional careers in Appalachia servicer, and Cathy Torres, a loan officer, one person to come in and be the face of after college. were also charged. the party were disappointed. We need Duncan “is a tremendous mentor,” said The indictments claim that the bankers many faces and many voices.” Joseph Stepp, president of Alice Lloyd worked with the client and “higher-ranking Over the past decade, Duncan has held College in Pippa Passes, Ky., where the bank officials” to embezzle at least $29 several lower-profile roles. He helped banker has served on the board of trustees million in the years before the bank’s found American Crossroads, a political since 1990. closure. The customer, Robert Kowalski,

For up to date and complete coverage go to AmericanBanker.com TUESDAY SEPTEMBER 1, 2020 AMERICANBANKER.COM PAGE 5 and his sister, Jan Kowalski, were indicted Bancshares in Levelland, Texas. WesBanco, which announced plans last year on charges of defrauding his The $15 billion-asset Heartland said in a earlier this year to close five branches, said creditors and the trustee in his bankruptcy regulatory filing Friday that the $280 million migration to digital banking was a big reason case. deal will likely close late this year or in the first for the decision. The criminal investigation is continuing, quarter of 2021. When Heartland agreed in “Reflecting the reality of the current the Justice Department said. February to buy the $1.9 billion-asset parent of environment, we have experienced Washington Federal Bank for Savings was AimBank it said the transaction would close in increased utilization across all of our digital closed when the Office of the Comptroller July or August. channels as we have effectively met the of the Currency determined that it was Heartland said the delay reflectsfinancial service needs of our customers,” insolvent and had at least $66 million in complications tied to the coronavirus pandemic President and CEO Todd Clossin said in nonperforming loans. and “pending litigation against AimBank” the release. “Therefore, we are accelerating The Federal Deposit Insurance Corp. tied to the bankruptcy of a former AimBank our branch optimization strategy to better sold the bank to Royal Savings Bank in customer. “The parties continue to proceed align our operations with the needs and Chicago. with their efforts to complete the acquisition as preferences of our customers.” Regulators intervened less than two promptly as practicable,” the filing said. WesBanco joins a growing list of weeks after John Gembara, the thrift’s The trustee for a failed Lubbock, Texas, community banks to permanently close chairman, president and CEO, was found auto dealer filed a lawsuit on July 31 in U.S. branches, citing declining foot traffic in the dead at another customer’s home. The Bankruptcy Court for the Northern District branches and increased consumer use of Cook County Medical Examiner’s office of Texas seeking to recover $9.4 million from self-service digital channels. ruled the death a suicide. AimBank. The trustee claimed that AimBank Other banks to recently announce branch A subsequent review by an internal managers ignored evidence of check kiting closures include CB Financial Services in government watchdog agency determined and other fraudulent activities tied to the Carmichaels, Pa.; Mercantile Bank in Grand that supervisory lapses at the OCC made the dealership’s former chief financial officer, who Rapids, Mich.; Nicolet Bankshares in Green failure’s costlier to the Deposit Insurance pleaded guilty to conspiracy to commit wire Bay, Wis.; and National Bank Holdings in Fund than it should have been. fraud in June 2019. Greenwood Village, Colo. The Treasury Department’s Office AimBank, in its reponse to the lawsuit, Simmons First National in Pine Bluff, of Inspector General determined in a denied that bank officials had any knowledge Ark., plans to close 23 branches and a loan material-loss review released in November of fraudulent activity. production office by the end of this year, 2018 that if had examiners acted in a AIM would be Heartland’s 17th bank and Great Southern Bancorp in Springfield, timelier manner the fraud “may have been acquisition since 2012. Heartland said it plans Mo., is considering closuresy. Five Star Bank uncovered sooner and the loss to the DIF to merge AimBank with the FirstBank & Trust in Warsaw, N.Y., is shrinking its branch and individual account holders may have unit in Lubbock to create a bank with 34 network by 10%. been reduced.” branches and $3 billion of assets. While some of these plans were in the works before COVID-19, the pandemic has accelerated the shift from branch banking to M&A COMMUNITY BANKS digital channels. WesBanco said it expects to record $3.5 million to $4 million in charges tied to lease Heartland WesBanco in terminations, severance and other costs. The company said the closures should discloses West Virginia reduce annual expenses by $6 million to delayed closing 20 $6.5 million starting in the first half of 2021. closing for branches

By Laura Alix AimBank August 28, 2020 WesBanco in Wheeling, W.Va., is planning acquisition to close 20 branches. The $16.7 billion-asset company said By John Reosti in a press release Friday that it will shutter August 28, 2020 branches in Indiana, Kentucky, Ohio, Heartland Financial USA in Dubuque, Iowa, Pennsylvania and West Virginia. Two other disclosed that it will take longer than planned branches will be converted to drive-through to complete its pending purchase of AIM locations.

For up to date and complete coverage go to AmericanBanker.com TUESDAY SEPTEMBER 1, 2020 AMERICANBANKER.COM PAGE 6

categories the survey looks at: products capital buffer to sustain them these days, DIGITAL BANKING and services, innovation, leadership, the industry cast as the villain of the performance, citizenship and governance. financial crisis has managed to play more In a year when the banking industry’s of a hero this time — at least so far. Stepping reputation surged, BOK registered the “It really is a fascinating intersection biggest improvement of all the banks between a select few industries that up: How among noncustomers, vaulting to first historically were poorly perceived pivoting place in that ranking, ahead of even USAA during the COVID crisis to not only do good Bank, which had been at the top for two things, but for once get credit for it without pandemic years running. a lot of skepticism,” Hecht said. Bradshaw said one of the likely reasons Besides banking, Hecht cited the oft- response BOK made such a favorable impression maligned pharmaceutical industry — on noncustomers is that its employees which is tasked with creating a vaccine have been especially visible during the for the novel coronavirus — as another boosted pandemic in helping local nonprofits. benefactor of current consumer goodwill. “I’m proud of that and proud of the The upshot is that both banking and banks’ industry, because I see a lot of banks pharma have been able to “rewrite their stepping up to do that as well,” he said. reputations” as a result of the pandemic, Hecht said. reputations From villain to hero One of the benefits of that is people are After dropping for the past two years, more willing to give a bank the benefit of By Matthew de Paula bank reputations are once again on the rise, the doubt when something goes wrong. August 30, 2020 thanks in large part to the goodwill banks A stronger reputation also translates into When BOK Financial conducted a have generated by helping customers and a greater willingness to do business with a leadership audit as part of its succession employees weather the pandemic. bank and recommend it to others. planning process two years ago, some In the survey conducted this spring, All three of those metrics have worrisome gaps emerged. the banking industry as a whole scored increased from last year, but the steepest “It was skewed pretty significantly by a 68.6 out of a possible 100 — a 5.4-point improvement is with the benefit of the age — 55 and older,” said Steven Bradshaw, improvement from last year. doubt, which means banks are regaining president and chief executive of the $40 “Not only is that statistically significant trust, Hecht said. billion-asset BOK. “It doesn’t take much of by a long shot, that’s a big move overall a jump to realize that you’re going to have a for an industry,” said Bradley Hecht, an Gaining momentum pretty significant change in leadership over executive vice president at RepTrak. Banks are also benefiting from some the next 10 years as you’re seeing people Though the score is still considered momentum they started to create before retire.” “average,” the industry regained nearly all the pandemic hit. The upper ranks also lacked diversity, in of the ground it had lost since 2017, coming Many banks have taken note of how contrast to other levels of the organization, close to the 70-point mark that signifies a the public’s expectations on corporate he said. “strong” reputation. citizenship and social activism are This exercise prompted BOK to create With the pandemic battering the changing. Some executives are becoming a diversity and inclusion council, which economy, and consumers and businesses more visible and vocal advocates for since its inception in 2019 has spearheaded suffering, banks have been thrust into tackling issues like racial injustice, climate changes in corporate policy and recruiting, the news more often than usual in recent change and gender discrimination. including experimenting with artificial months, mostly in positive ways. The survey offers some insight into how intelligence to reduce unconscious bias. Many consumers were allowed to such factors influence perceptions of a temporarily skip payments on home and bank, which in turn can help inform the Such changes within the Tulsa, Okla., auto loans without it impacting their credit strategy for improving a bank’s reputation. company also appear to have made a score. Many struggling small businesses “The bank that is perceived to have a positive impression outside of it, based received a lifeline in the form of Paycheck higher purpose is much more reputable on the annual American Banker/RepTrak Protection Program loans. And many banks — that’s why it’s so important,” said Sven Survey of Bank Reputations. (The RepTrak are increasing their philanthropic efforts Klingemann, research director at RepTrak. Co. was formerly called the Reputation to help community organizations like food RepTrak has a new Purpose Power Index Institute.) banks keep up with demand. that helps companies track how well they Of the 40 banks evaluated in the survey, The positivity that is being generated are doing on that front, and it found a BOK earned the highest rating in the by such efforts stands in stark contrast to strong correlation between the purpose and workplace category among noncustomers how people have reacted to the banking reputation scores. The new index gauges familiar with it. BOK also ranked second industry during previous crises, Hecht said. consumer perceptions of companies on with noncustomers in each of the six other Because banks have much more of a four criteria — having a purpose beyond

For up to date and complete coverage go to AmericanBanker.com TUESDAY SEPTEMBER 1, 2020 AMERICANBANKER.COM PAGE 7 just making a profit, being committed to As for how banks are living up to he said. Some areas of the private wealth changing the world for the better, doing expectations with regard to citizenship, management and retail brokerage business things to benefit all stakeholders, not just both customers and noncustomers rate experienced “upwards of a 65% increase” in shareholders, and helping people and them higher this year than last. But regional logins from February to March. communities. banks as a group got the most credit for “The other thing is we were quick to BOK took the top spot with noncustomers being good corporate citizens, with a adopt virtual meetings and virtual forums in that new index and second place with 6.7-point increase in their citizenship score for our clients,” Bradshaw said. “We did an customers. among noncustomers putting them at 66.8. awful lot of investment briefings, economic Bradshaw said that, while having values “That is a huge, huge change,” Hecht briefings and other things facilitated by our and talking about them is important, the said. “That is gigantic, relatively speaking.” corporate communications group.” key to success is in what a company does The citizenship score improved by 5.1 He expects an increase in virtual to live those values, whether that entails points, to 68, for nontraditional banks, a interactions across all business lines to be a actively pursuing greater diversity in the group that includes online players like Ally lasting outcome of the pandemic. senior ranks or manning food banks. and Discover, and by just 1.3 points, to 51.8, “It’s more about actions than words,” he for large banks. The way to win hearts said. Citizenship is among the top three Besides fostering close ties to their He gives a lot of credit to employee- drivers of reputation for both customers and communities, banks would do well to led community initiatives for generating noncustomers this year, as is governance, focus on developing a more positive and positive sentiment for his company, saying which, in this case, is a gauge of whether inclusive workplace environment. more than 1,350 people from BOK logged people perceive the bank as fair, ethical and The reputation survey shows that nearly 34,000 volunteer hours last year. transparent. Products and services rounds consumers increasingly care about how “I think that shapes how people view us,” out the top three in importance. banks treat their employees. Bradshaw said. “That’s where they see us, “It might be the first time in a while that Workplace gained importance as a that’s where they get a sense for what the the top three were the same for customers driver of reputation across the board for values and the purpose of the company are, and noncustomers,” Hecht said. every bank type, with customers and and frankly, it leads to more business for noncustomers alike. u s .” Innovation counts Webster Bank scored high enough in the BOK’s community relations team helps Perhaps because the pandemic is forcing workplace category to rank second of all organize the volunteer manpower around more people to interact with their banks 40 banks among customers, after USAA. It needs employees themselves identify in through digital channels, innovation is was also one of only two banks to earn an their communities, often with the backing another reputation driver that has become “excellent” score from customers in the of the BOK Foundation, which handles the more important. governance category, USAA being the other company’s charitable giving. The corporate Questions about whether a bank “adapts one. And it got the highest score among communications team helps get the quickly to change” and whether consumers customers on the Purpose Power Index. message out, internally and externally. consider it an “innovative company” Chris Motl, the head of commercial One area of recent focus has been food jumped in relative importance. banking for the $30 billion-asset Webster, insecurity. “We’ve done incremental giving At BOK, which had the second-highest said its strong culture of caring is the basis and volunteering in that space because innovation score among noncustomers, for how the bank treats both customers and obviously there is a need that’s come out of the biggest jump in digital adoption this employees. the pandemic,” Bradshaw said. year hasn’t been in — that “I narrow it down to, literally, we do the segment has been going digital for years right thing,” he said. Banking on purpose now, Bradshaw said — but rather on the The five core values it wants employees Hecht noted several data points that commercial and sides to embody are codified in “The Webster reflect how consumer perceptions of of the business. Way,” which have been printed on the back whether a bank has a higher purpose is “We’re a very large organization in terms of everyone’s business cards for as long as having greater influence on reputation of wealth management — it’s more than he’s worked at the company, which is 16 scores. a third of the total revenue of the bank — years, Motl said. One of these mantras is, Questions about “having a positive and that’s a group that has largely been “We respect the dignity of every individual,” societal influence,” “equal workplace very focused on face-to-face business in while others speak to a higher purpose, such opportunities” and “environmental order to manage it,” Bradshaw said. “That’s as earning trust through ethical behavior protection” were among those that also true for a lot of our larger corporate and giving back to the communities the increased the most in relative importance. relationships.” bank serves. Having a positive societal impact alone Capabilities BOK has built up over No matter how it’s defined, there’s saw “almost a 50% increase in relative the past five years that might’ve been something about the culture that resonates importance from the prior year as a overlooked by high-net-worth and with people who stay, Motl said. Those reputation driver” among customers, Hecht commercial banking clients before the who aren’t on board with it “eventually said. “That’s a big deal.” pandemic are getting a lot more use now, self-select out,” he said. “I’m glad I fit in

For up to date and complete coverage go to AmericanBanker.com TUESDAY SEPTEMBER 1, 2020 AMERICANBANKER.COM PAGE 8 the culture, because I think it sort of says Bradshaw said. something about me too.” “Our message to ourselves was, ‘What CONSUMER LENDING Like BOK, Webster also has made can we do to accelerate that and make sure diversity and inclusion a focus. that we see a more diverse transition as we This is an area that carries more weight see leadership turnover in the company?’ ” Student with consumers lately. Such topics are top of mind since they have gotten broad CEOs, listen up borrower media attention via social movements — That sort of leadership is crucial, the starting a few years ago with #MeToo sexual reputation survey indicates. harassment scandals in many industries “CEOs are taking on a more important protection and more recently amid the widespread role,” said Klingemann, the RepTrak protests over racial injustice after a research director. “They’re testifying in bill on verge Minneapolis police officer killed George front of Congress. There’s a political void Floyd by kneeling on his neck for more than and they’re sort of jumping in when it eight minutes while he was handcuffed on comes to talking about socioeconomic of passage in the ground. issues or inequality. There is this demand Based on the survey data, three of the now to know what the bank stands for and California biggest reputation risks for banks involve I think CEOs have been forced to step up.” social justice: unequal pay by gender, RepTrak has started measuring By Kevin Wack unequal opportunities by race, gender or consumer perceptions of CEOs, and it has August 28, 2020 other factors, and discriminatory business found that for every point a CEO’s rating The California Legislature has passed a practices. improves, a company’s overall reputation bill that would impose tough new standards “If you don’t pay people well, if you score has a corresponding increase of half on banks and certain other companies that don’t give them equal opportunity, and you a point, according to Klingemann. service education loans. discriminate against them in your business, Supporters expect the legislation, which then that’s the trifecta of badness when it This illustrates the importance of the is known as the Student Borrower Bill of comes to risk for banks,” Hecht said. CEO’s own reputation in either damaging Rights, to be signed into law by Gov. Gavin BOK’s diversity and inclusion council, or elevating the bank’s reputation overall, Newsom, a Democrat. formed in April 2019, is led by Bradshaw he said. If that happens, California will become himself, and one of the goals is to diversify To help lift a bank’s reputation, CEOs the first U.S. state where borrowers have the its largely white, middle-aged, male should exercise their influence for the right to sue for damages when student loan leadership. greater good, especially during a crisis like servicers fail to process payments in a timely “I think over the next decade or so, as the pandemic, where all constituents, inside manner or fail to meet other obligations. we see the accelerated retirement of the and outside of banks, are experiencing such “The Student Borrower Bill of Rights baby boomers, there’s going to be an even a profound impact, he said. will protect Californians from predatory greater war for talent,” which will make the Of the four drivers measured to evaluate loan servicing practices and help ensure ability to attract top-notch people a major CEO reputations — influence, leadership, they stand a fair shot at putting these debts differentiator for banks, Bradshaw said. management and responsibility — the behind them,” Suzanne Martindale, senior “One of the ways you win that war is to make importance of influence increased the most policy counsel at Consumer Reports, which sure that you’re building an organization this year. pushed for the legislation’s passage, said in that appeals as broadly as it can across What that means is, “he or she needs to a press release. every type of measurable demographic so be able to make a difference,” Klingemann The legislation, introduced by Democratic that you have a chance at the best of the said. Assemblyman Mark Stone, would apply to b e s t .” servicers in both the federal student loan As part of that effort, BOK just rolled out market and the smaller private student unconscious-bias training for its leadership loan market. It easily passed the California and those with hiring oversight. It also Assembly last year but did not get a vote in revamped the training for recruiters to the Senate until Friday, when it passed by a make sure they get diversity and inclusion 29-9 margin. accreditation. And job descriptions are On Sunday, the Senate-passed version being updated to remove gender bias passed the Assembly by a 57-15 vote. No and “extreme modifiers,” while university Democrats voted against the measure this recruitment and internship programs week in either chamber of the Legislature. have an increased focus on women and The current version of the bill includes a minorities. few concessions to student loan servicers, “We’re not the kind of company that Martindale said in an interview. For says, ‘I’m sure it will happen naturally,’ ” example, the legislation now gives servicers

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45 days to cure problems before borrowers’ Savoy has a focus on Small Business lawsuits can proceed. M&A Administration lending and owner- In addition, the bill provides an exemption occupied commercial real estate. Hanover, for federally chartered credit unions, though which expanded in New York with last year’s not for banks, according to Martindale. She Hanover purchase of Chinatown Federal Savings said language was also added to clarify that Bank, has focused on mortgages and while the bill is meant to operate consistently Bancorp commercial lending. with federal law, it can be preempted to the The deal is expected to be more than 20% extent that there is inconsistency. accretive to Hanover’s earnings per share. It Beth Mills, a spokeswoman for the making should take two years for Hanover to earn California Bankers Association, which back any dilution to its tangible book value. opposes the bill, said Friday that the bigger push Stephens and Windels Marx Lane & legislation still fails to include exemptions Mittendorf advised Hanover. Janney that would be necessary to properly address Montgomery Scott and Gallet Dreyer & federal preemption conflicts. into New York Berkey advised Savoy. By requiring state officials to investigate, examine and mandate the production of with Savoy information held by banks, the legislation CREDIT CARDS runs afoul of the exclusive visitorial authority of federal regulators, Mills argued acquisition in an email. Chase Consumer advocates, meanwhile, argue By Paul Davis that legislation is necessary to provide a August 28, 2020 launches check on an industry where abuses are Hanover Bancorp in Mineola, N.Y., has rampant. agreed to buy Savoy Bank in New York. Examples include servicers allocating The $838 million-asset Hanover said in its first partial payments toward multiple loans in a press release Thursday that it will pay ways that were deemed unfair, and servicers $63 million in cash and stock for the $597 Mastercard- sending loans into automatic default if million-asset Savoy. The deal, which values either the borrower or the co-signer filed for Savoy at 125% of its tangible book value, is bankruptcy. expected to close in the first half of 2021. branded The California legislation is part of an Savoy’s board owns about 49% of the effort by Democrats and advocacy groups bank’s outstanding stock. consumer to write stronger state-level rules for the Hanover will have eight branches and student loan industry, in light of what $1.1 billion in deposits when the deal closes. they see as lax treatment by the Trump The company plans to use Savoy’s branch in credit card in administration. midtown Manhattan to coordinate business The bill would require servicers to post, development efforts in New York. 5 years process and credit student loan payments “We are very pleased to announce this within certain time frames. It would require transformational partnership … which By Kate Fitzgerald servicers to apply overpayments in a way that accelerates each company’s expansion August 31, 2020 is consistent with borrowers’ best interests. efforts and strategic initiatives while truly Visa and JPMorgan Chase & Co. are in And it would mandate that servicers apply creating a best-in-class community bank in the middle of a 10-year merchant services partial payments in a way that minimizes the New York City market,” Michael Puorro, agreement that gives Chase merchants late fees and negative credit reporting. Hanover’s chairman and CEO, said in the certain advantages with the expected goal The bill would also create a borrower release. of favoring Visa card volume. But it’s not an advocate within California’s government to “We have been focused on a high-growth exclusive arrangement. receive consumer complaints. and high-profitability strategy that has After months of negotiations, Chase is created significant shareholder value since rolling out its first new Mastercard-branded the company was recapitalized in 2012,” consumer credit card in five years with a Puorro added. “As a combined company we loyalty program that reflects pandemic- will better be able to compete in this fast- influenced habits and suggests travel will evolving marketplace.” soon resume, the companies announced Mac Wilcox, Savoy’s president and CEO, Monday. will join Hanover as chief revenue officer The Freedom Flex World Elite Mastercard and head of commercial lending. Two Savoy falls under Chase’s longstanding Freedom directors will join Hanover’s board. loyalty brand for credit and debit cards

For up to date and complete coverage go to AmericanBanker.com TUESDAY SEPTEMBER 1, 2020 AMERICANBANKER.COM PAGE 10 and mirrors some elements of Chase’s All Chase Freedom Flex card customers marketplace lenders and their bank existing Freedom Visa credit card programs, have free access to Priceless Experiences partners has created a much clearer including cash-back deals with DoorDash that were updated this year in light of the framework in determining who is a true and Lyft, but there are certain differences in coronavirus pandemic, she said. lender for the life of a loan in fintech-bank the two networks’ versions. “Instead of doing wine-tastings live, partnerships. The move underscores Mastercard’s we did a video event to learn about wine The settlement involving the Colorado ongoing rivalry with Visa to score deals with with an award-winning sommelier and attorney general and the administrator of banks, and it also points to Chase’s need to millions of people tuned in,” Kirkpatrick the Colorado Uniform Consumer Credit negotiate with both card networks in an said. Mastercard also hosted exclusive live Code might only apply to the lenders increasingly competitive arena. music events on video within its Priceless involved but the framework addresses “Card issuers really need to be able to play Experiences program. years of legal battles over who is a true one network against another in negotiations Freedom Flex is Chase’s first new lender when the loan is transferred through and you don’t ever want to unplug that Mastercard program for consumers in years, multiple parties — a question that has ability,” said Brian Riley, director of Mercator but Chase continues to support two co- intensified as more banks partner with Advisory Group’s credit advisory service. branded Mastercard credit cards with travel online lenders. Visa and Mastercard seemingly offer companies IHG and United. The framework created through this commoditized services — merchant Kirkpatrick said that despite the overall settlement also establishes a responsible acceptance — but since the two largest card slowdown in air travel, many consumers bank-partnership model for fintech digital networks became independent companies continue to lean toward earning and lending programs that will ultimately help after their respective IPOs within the last redeeming credit card travel rewards. offer access to affordable credit nationwide. decade, their services have diverged in key “People may not be flying as much, but And the timing has never been more critical areas, Riley said. they’re renting cars and Airbnb locations, as more consumers struggle financially in “Visa and Mastercard have different ways keeping travel cards relevant,” she said. the economic downturn triggered by the of handling disputes, and there are also But flexibility was Mastercard’s top goal coronavirus pandemic. significant departures in the way merchant with its new Chase card because consumer Furthermore, the settlement’s category codes play out, so there are some needs are hard to predict in the current responsible bank-partnership model is real nuances separating the networks,” he environment. good timing because federal and state said. “Right now consumers’ needs are financial regulators have openly confronted The newest Chase Mastercard launches changing; they want their loyalty to be each other regarding jurisdiction over Sept. 15 with no annual fee and gives users rewarded in different ways,” Kirkpatrick said. fintech relationships in a flurry of rules and 3% back on drugstore purchases, 3% back litigation. when dining out and 5% on travel purchased For example, the Office of the through the Chase Ultimate Rewards BANKTHINK Comptroller of the Currency in May platform. adopted a long-awaited final rule allowing Freedom Flex Mastercard users will also banks to workaround a 2015 court decision get 5% cash back on rotating bonus categories Colo. ‘true (known as the Madden v. Midland case) like grocery stores and streaming, for up to that limited banks’ ability to sell loans. That $1,500 in combined purchases. World Elite lender’ ruling unwound the so-called “valid when benefits include $10 off for every five Lyft made” doctrine, which allowed the interest rides taken per month plus digital-shopping rate originally written on the loan to carry benefits from online shipment service settlement for the life of the loan even if it’s sold. ShopRunner. The OCC’s new rule seeks to clarify that Chase currently is giving all consumers is path a loan’s interest rate can remain legally who sign up for Visa or Mastercard-branded intact even after the loan is acquired by a Freedom credit cards $200 cash back after purchaser in a state with a lower rate cap. spending $500 in the first three months, plus forward for Shortly after the OCC’s rule, the Federal 5% cash back on supermarket purchases for Deposit Insurance Corp. followed suit and the first year. bank-fintech issued a nearly identical rule in June, both Mastercard has long sought a broad- of which drew immediate attack from state appeal consumer rewards card with Chase, regulators. said Linda Kirkpatrick, president of U.S. partnerships The OCC again sought to bring clarity to issuers at Mastercard. the fintech industry, proposing a rule in July “We worked on this a long time, because By Peter Weinstock, Marysia Laskowski that would determine the identity of the putting Chase’s customer-service focus and Eric W. Flynn “true lender” in a fintech-bank relationship together with Mastercard benefits like August 31, 2020 based on the entity listed as the lender on Priceless Experiences will be powerful,” A landmark settlement that Colorado the loan agreement or the entity funding Kirkpatrick said. authorities recently reached with two the loan at the time of origination.

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Just two months after the OCC finalized addressed the loan purchase process and, its valid-when-made rule, the attorneys in doing so, the settlement represents a M&A general of California, Illinois and New York pioneering effort to regulate the economic brought suit against the OCC claiming the engine that drives the bank-fintech lending rule as “arbitrary and capricious,” attacking industry. Midland it from multiple angles and decrying the To be clear, the settlement agreement lack of consumer protection. does not, nor could it, address every facet of States in The sudden salvos of rules and litigation the complicated loan purchasing process. clearly delineate the battlelines, pitting However, the agreement sets forth certain industry participants, and state and federal transactional pillars related to the types of Illinois to regulators. loans that can be sold, how it can be sold Against this backdrop is the recent and the percentages of loans that can be sell FHA settlement by Colorado regulators with transferred (within the safe harbor). two of the largest fintechs, banks acting There will likely be many questions on as trustees and two prominent platform just how loan purchase agreements can origination banks in the fintech industry. The detailed be molded to fit within the prescribed agreement can be distilled down to one constructs, and whether the agreements platform formula: Banks and fintechs that structure even need to do so. But what’s clear from their relationship in compliance with five the settlement is that the sophisticated By Paul Davis criteria will find a regulatory safe harbor. parties that negotiated the agreement put August 28, 2020 Those five criteria are: bank oversight of careful thought into its terms so as not to be Midland States Bancorp in Effingham, the fintech; certain consumer loan terms; overly disruptive to the vital loan-purchase Ill., has agreed to sell its commercial fintech licensing requirements (including process. Federal Housing Administration origination annual compliance reports); disclosure of Overall, the settlement agreement offers platform to New York mortgage lender the bank’s role to consumers; and perhaps a checklist approach to when a financial Dwight Capital. most significantly, four permissible institution’s involvement is sufficient so The $6.6 billion-asset Midland States structures with respect to the sale of loans that a subsequent loan buyer does not need said it will continue to service a $3.9 billion originated by the bank in connection with to worry about state-usury defenses. It portfolio tied to the business, which operates fintech relationships. This structure will also provides helpful guidance to industry as Love Funding. The portfolio includes likely be closely monitored throughout participants seeking to navigate the current about $284 million in deposits. the industry and become a model in other vacuum created when the Dodd-Frank Act Midland said that the sale will be neutral states as well. changed the preemption rules. to its earnings and that the purchase price The settlement appears to be a grand Rather than fight out the issue in further is roughly equal to the goodwill remaining compromise following three years of court and state enforcement initiatives with on its books since it bought Love Funding in litigation, perhaps providing a middle federal regulators weighing in, at least the 2014. ground for the aforementioned warring parties in Colorado have chosen to find The sale “reflects our ongoing efforts parties between federal and state areas for compromise. to evaluate all aspects of our operations regulators. Editor’s Note: Hunton Andrews Kurth LLP for opportunities to enhance efficiencies, The settlement provides clarity on key represents Cross River Bank, but not as counsel increase our focus on the more profitable issues, including an interest rate cap at in the Colorado litigation. areas of our business, and improve our 36% and funding limits on loans originated overall financial performance,” Jeffrey as part of the fintech-bank relationship. It Peter Weinstock is partner and co-PGL Ludwig, Midland State’s president and CEO, also enumerates top oversight mechanisms Financial Services Group at Hunton Andrews said in a press release. that banks must undertake over fintechs Kurth LLP. Marysia Laskowski is an associate Selling the origination platform “will and mandating licensing for fintechs taking of the Financial Services Group at Hunton reduce volatility in our earnings stream and assignment of certain types of loans. Andrews Kurth LLP. Eric Flynn is counsel in provide capital that can be more profitably The provisions also continue to allow Consumer Financial Compliance & Litigation deployed into other areas of our business,” any Colorado efforts designed to protect at Hunton Andrews Kurth LLP. Ludwig added. “Retaining the servicing borrowers from what regulators consider portion … will allow us to maintain the low- high-interest, predatory lending products cost funding generated by this business and that perpetuate cycles of debt. The continue earning servicing income.” settlement also breaks new ground in the regulation of private contracts to sell loans originated by banks in the fintech relationship to fintechs, securitizations and/or third parties. No other case, regulation or rule has

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temporary $300 weekly benefit using limited CREDIT CARDS disaster relief funds. Applications for state U.S. unemployment benefits decreased last week, indicating the Capital One jobs market continues to gradually recover amid a pullback in new COVID-19 cases. Next cuts card week’s monthly report is projected to show an additional 1.5 million net payroll gains in August. spending That drop in benefits raises the risk for banks that some cardholders won’t be able limits amid to make ends meet through the pandemic, maxing out credit limits as they spiral into bankruptcy. The largest U.S. card issuers are impasse in JPMorgan Chase and Citigroup. Card lenders have been warning for jobless aid months that rapidly shifting outbreaks and shutdowns have left them in the dark on By Bloomberg News which customers have lost work or their jobs, August 28, 2020 making it difficult for executives to assess Capital One Financial is cutting borrowing risks. Some 14.5 million people are claiming limits on credit cards, reining in its exposure ongoing unemployment assistance from as the U.S. reduces support for millions of regular state programs. unemployed Americans. “I don’t think we have a rigorous measure The adjustments, which the company said of how many of our current borrowers are it makes from time to time, set off a swift unemployed,” Capital One Chairman and outcry on social media. Some customers have Chief Executive Officer Richard Fairbank said complained in recent days their limits have last month. “There are a lot of people that are been slashed by a third to two-thirds, eroding in different degrees of unemployment right their ability to borrow in an emergency during now.” a pandemic or potentially hurting their credit In recent days, Capital One’s customers scores. have flocked to platforms such as Twitter “Capital One periodically reviews accounts to complain after receiving emails with an based on a variety of factors and may make “important update” on their account that changes to existing credit lines,” the company turned out to slash their ability to borrow. said in an emailed statement. A spokesman Some were told their limits are being aligned declined to specify how many people are with past spending patterns. Messages from affected. Capital One explained users could still borrow Capital One, the third-largest U.S. credit “significantly above your highest balance over card lender, pioneered the business of offering the last two years,” essentially allowing them cards to people with riskier profiles, putting to continue using cards as they have. it at the vanguard of the industry’s response Card issuers, drawing on the lessons of past to downturns. Its management of credit is downturns, often trim or close inactive credit watched closely as a harbinger of what’s to lines to avoid becoming a borrower’s lender come at other major banks. of last resort. This year, they have also been Suspense has been mounting in the credit offering lower limits on new accounts. card industry in recent weeks, as Congress “We have been tightening credit at and President Donald Trump’s administration the margin as we have felt for some time deadlocked on extending $600 in additional that we are in late credit cycle,” Discover weekly unemployment benefits. ThatFinancial Services Chief Executive Officer assistance has helped millions of households Roger Hochschild said in April. “But given keep up with debts as the pandemic sent the present environment, we are adopting a unemployment soaring above 10%. significantly more cautious view.” q Democrats have sought to continue the payments into 2021 as well as other measures © 2020 Arizent and American Banker. that go significantly beyond what Republicans All rights reserved. favor. Trump signed an order Aug. 8 creating a

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