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The Year in Banking THE YEAR IN BANKING Here are the milestones and missteps, the wonderful and weird, the best and worst, during a year that will be a powerful force in shaping the future of the industry 0C1_ABM1220.indd 1 11/12/20 11:46 AM Diverse voices. Dynamic ideas. Leaders curates perspectives and insights from industry-shaping experts who have encountered challenges and change fi rsthand. Hear their stories, strategies and analysis — and gain from their experience. Diversity & Inclusion Disruption & Innovation Automation & AI Policy & Regulation The Future of Money The Future of the Workplace REALIZING GROWTH BY HOW STARTUPS CHANGING CUSTOMER CAN SURVIVE THE BEHAVIOR PANDEMIC Lou Anne Alexander Jonathan Stein Chief Product Offi cer, CEO, Early Warning Betterment Join the conversati on at americanbanker.com/leaders Leaders0C2_ABM1120 House Ad_WIB2020.indd 2 2 11/12/20209/17/20 9:53:41 12:16 PMAM Contents December 2020 | VOL. 130 | NO. 12 Briefings 3 Consumer credit proves resilient for now 10 The remarkably strong loan repayment rates by U.S. consumers during the first seven months of the pandemic could be a harbinger of durability or the prelude to a collapse 4 Are search funds a good business? One community bank aims to find out, in an example of a trend where more banks are exploring narrow niches in the search for revenue 5 Two rescue programs, one fine mess Businesses that received Paycheck Protection Program loans and Economic Injury Disaster advances discovered later they couldn’t get full forgiveness; lenders want the rules changed BankTechnology 7 HR turns to AI, just a little Cover Story 17 With help from a growing crop of fintechs, some What will replace Libor? financial institutions are experimenting with 10 using artificial intelligence to strip the bias out of recruiting and hiring. Experts say these tech 18 tools have limits The year in banking Reversing an ‘outrageous’ refi fee Here are 20 things we’ll remember about 2020 9 — the milestones and missteps, the wonderful 18 Cash as carrot and weird, the best and worst in banking during Care for employees? Show it The fintech formed by LendingClub founder a year that will be an unusually powerful force Renaud Laplanche, has rolled out a card in shaping the future of the industry rewards program that will give customers cash 19 back when they pay down their debt, rather Pandemic puts M&A on pause than when they spend 12 19 9 Fed uses its entire toolkit … Billions committed to equality A bigger bet on the blockchain business JPMorgan Chase rebranded its Interbank 12 20 Information Network, launched several new … But one initiative falls short Diversity in leadership prioritized blockchain products and formed a unit to oversee its multiple blockchain-related ventures 13 21 OCC’s revamp of CRA advances Square’s bank charter approved BankThink 13 22 24 Climate stress-testing gets real Mad rush to help small businesses Small banks’ cognitive disconnect Entrenched confirmation bias is at work among 14 22 many community bankers when it comes to customers’ growing preference for digital-first A thick glass ceiling finally breaks Mark Cuban, meet Jill Castilla engagement, Bob Meara of Celent writes 15 22 Louder calls for postal banking A drive-through banking revival BackPorch 16 23 25 Quotes from former National Economic Council Challenger banks are contenders The great coin shortage Director Gary Cohn, the New York Fed’s Denise 17 23 Scott, Citigroup’s Jane Fraser, and more ‘Buy now, pay later’ takes off New FDIC logo is a no-go americanbanker.com December 2020 American Banker 1 001_ABM1220_001 1 11/12/2020 11:54:27 AM Volume 130, No. 12 What’s going on american banker.com Editor’s View Executive Editor Bonnie McGeer Senior Designer Nick Perkins @americanbanker.com Contributors Joe Adler, Laura Alix, Kate Berry, Penny Crosman, Miriam Cross, Paul Davis, Jim Dobbs, Neil Haggerty, John Heltman, Alan Kline, Allissa Kline, Hannah Lang, Aaron Passman, Brendan Pedersen, Jon Prior, John Reosti, Jackie Stewart, Kevin Wack www.americanbanker.com Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 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 MOST READ MOST SHARED Executive Director, Brand Studio Michael Chu 212-803-8313 ADVERTISING VP, Media Sales Brad Bava 212-803-8829 Midwest/Southwest Shelly Schmeling 312-932-9392 West Sara Culley 831-438-8408 Midatlantic/Southeast David Cleworth 843-640-3713 Bloomberg News Senior Marketing Manager First Citizens to buy CIT Group Regulatory troubles for USAA Jamie Billington 212-803-6099 Group Director Custom Marketing Solutions The $2.2 billion deal would create the An $85 million penalty and a “needs Virginia Wiese 704-987-3224 19th largest bank in the country, with to improve” rating on its Community Customer Service/Subscriptions $110 billion of assets. First Citizens’ Reinvestment Act exam were tied [email protected] 212-803-8500 Frank Holding Jr. would keep his chair- to alleged violations of the Military Licensing and Reuse of Content: Contact our official man and CEO titles, with CIT’s Ellen Lending Act and Servicemembers Civil partner, Wright’s Media, for more information about available usages, license and reprint fees, and award seal Alemany, shown here, as vice chair. Relief Act at USAA. artwork at [email protected] or (877) 652-5295. Please note that Wright’s Media is the only authorized company that we’ve partnered with for Arizent materials. American Banker (ISSN 2162-3198) Vol. 130 No. 12, is published monthly by Arizent, One State Street Plaza, 27th Floor New York, NY 10004. CHIEF EXECUTIVE OFFICER....................................Gemma Postlethwaite 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 CHIEF FINANCIAL OFFICER .....................................................Debra Mason U.S. mailing offices. POSTMASTER: send all address changes to American Banker, One State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or CHIEF STRATEGY OFFICER ........................................................Jeff Mancini email: [email protected]. Send editorial inquires and manuscripts to American Banker, One State Street Plaza, 27th Floor, New York, NY 10004. This publication is designed to provide accurate and authoritative information regarding the subject matter CHIEF CONTENT OFFICER..........................................................David Evans covered. It is sold with the understanding that the publisher is not engaged in rendering financial, legal, accounting, tax or other 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 December 2020 002_ABM1220 2 11/11/2020 2:46:05 PM Briefings CONSUMER LENDING | GROWTH STRATEGIES | SMALL BUSINESSES Will consumer credit hold up? Payments to auto lenders and credit card issuers have remained strong despite a spike in unemployment. ‘It almost feels too good to be true,’ an analyst says By Kevin Wack The remarkably strong loan repayment layoffs in December, January and reduction is due to lower loan volumes, rates by U.S. consumers during the first February, then start watching payment since both lenders and borrowers have seven months of the pandemic could be rates very closely,” warned John Hecht, become more cautious, but much of it a harbinger of continuing durability, or an analyst at Jefferies. is due to improved payment trends, they could be the prelude to a collapse. Hecht, who has been covering the which have persisted this fall even after Under one plausible scenario, consumer finance industry for about 20 temporary forbearance offers expired. Congress passes a stimulus package years, has been shocked by how well Wall Street analysts point to a range early next year, which shores up the the sector has performed this year, of factors that have contributed to the finances of unemployed Americans until given the steep rise in unemployment. surprisingly strong loan performance a COVID-19 vaccine is widely available. Historically, defaults on consumer loans not only in the credit card business, but In the bleaker forecast, a cold-weather have tracked closely with joblessness. also in auto lending. The list includes spike in coronavirus cases leads to Delinquent loans at five large U.S. the expanded unemployment benefits another sharp decline in U.S. economic credit card issuers were down by that were part of the federal rescue activity, and ongoing political gridlock roughly 40% in the third quarter, legislation, the $1,200 checks that went prevents a repeat of the rescue that compared with the same period a year to most Americans, the decline in Washington provided in March 2020. earlier, according to an analysis by consumer spending during lockdowns “If you see a wave of white-collar Autonomous Research. Some of that and the fact that deferrals of mortgage americanbanker.com December 2020 American Banker 3 003_ABM1220 3 11/11/2020 3:35:32 PM Briefings payments have allowed many consum- were at least 30 days past due was tration lending platform, and it has ers to keep paying their other bills.
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