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Biggest Beefs

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Biggest Beefs WEDNESDAY JUNE 3, 2020 VOL. 185 No. 106 AMERICANBANKER.COM Follow us on Twitter @AmerBanker Pa. bank needed coronavirus 5 shields. Good thing its CEO had a connection. Biggest beefs With the pandemic putting plexiglass in Credit reporting has drawn the most complaints by far to the short supply, Joe McDonald called up a local CFPB portal this year, though mortgage lending has been the source: a former classmate. Page 9 main source of pandemic-related grievances Michigan bank hires COVID 2020 | See story on page 4 6 turnaround expert to tackle long to-do list Thomas O’Brien will take the helm at 55% Sterling Bancorp, which is dealing with 50% internal control issues and probes by 45% the OCC and Justice Department into its 40% mortgage operations. Page 10 35% 30% Justice Dept. asks United 25% 7 Community for PPP documents 20% The Georgia company said the agency is looking at its policies for paying, or 15% withholding, Paycheck Protection Program 10% fees to borrowers’ agents. Page 10 5% 0% ‘Indefinite shutdowns’ Checking/savings Mortgage Credit card Debt collection Credit reporting 8 harming U.S. economy, Source: CFPB (through April 30) new OCC chief says Acting Comptroller of the Currency Brian Brooks took the extraordinary step of wading into the debate over when it was appropriate Coronavirus still a threat to reopen businesses. Page 11 dailybriefing 3 to credit scores despite congressional relief Banks have a mountain Swept up in civic unrest, banks The rescue bill enabled banks to protect 9 of deposits, so they 1 confront deep societal issues loans in forbearance from an immediate hit don’t need PPP funding Bankers spent Monday cleaning up damaged to a borrower’s credit report, but experts say The Federal Reserve set up a liquidity facility branches, wondering if their small-business affected consumers may have trouble getting to help banks meet demand for emergency clients will need more emergency aid and loans after the pandemic ends. small-business loans through the Paycheck contemplating how the racial and economic (See chart above.) Page 4 Protection Program, but it’s gone largely inequalities highlighted by days of violent unused. Page 11 protests nationwide can be corrected. Page 2 Digital Banker of the Year: 4 Quontic’s Patrick Sells The write-downs Bank of America commits How a twentysomething marketing 10 are coming. Start 2 $1B to coronavirus relief entrepreneur helped transform a small preparing now. for people of color community development financial Periods of significant loan defaults are tough The funds will be used to support institution into a digital leader. Page 5 on banks and force unpleasant choices, housing, job training and aid for small Eugene Ludwig writes. He outlines steps to businesses in communities that have been take to evaluate collateral in such uncertain disproportionately affected by the times. Page 12 pandemic. Page 3 WEDNESDAY JUNE 3, 2020 AMERICANBANKER.COM PAGE 2 social service agencies and other businesses business at this point?’” he said. “So I think CRISIS MANAGEMENT “with a goal to make real impact in this area.” it’s creating a fair amount of trepidation in Citizens Financial Group in Providence, the business community, especially for those R.I., was tackling similar problems, but on a operating consumer-facing businesses in Swept up much larger scale. urban settings.” On Monday it temporarily closed 67 of its Some bankers are already beginning to in civic 1,000 branches in New York, Pennsylvania, speculate whether a whole new round of Delaware, Ohio and Michigan. A spokesman emergency aid will be necessary. for the $176.7 billion-asset company said the Kevin Cummings, chairman and CEO of unrest, banks branches were either damaged during riots the $26.7 billion-asset Investors Bancorp or in neighborhoods that were in affected in Short Hills, N.J. — whose branches in confront areas. metropolitan New York and in cities in Jerry Sargent, Citizens’ head of corporate New Jersey had eluded destruction as of banking for the Northeast region, said midday Monday — described the video of deep societal bankers also spent much of the day talking to a white Minneapolis police officer kneeling small-business owners who are now dealing on Floyd’s neck as colleagues looked on as issues with not only the devastating economic “terrible and tragic” and said “people are impacts of the coronavirus pandemic, but rightfully upset and protesting.” By Jim Dobbs, Allissa Kline, Kevin Wack property damage, too. He said many business However, the burning of buildings and and Jon Prior owners who have reopened or are on the looting of retailers is appalling, he said. June 01, 2020 brink of doing so — and whose buildings “There are many small businesses suffering After a weekend of protests that turned were damaged — are hurting. as it is because of the pandemic,” Cummings to violence and looting, bankers in cities “The very organizations whose revenue said. “This comes just as they are trying to across the U.S. faced a three-part agenda evaporated [in March] are the most make their way back.” of ascending difficulty: secure their own susceptible to the rioting and violence we’ve The added devastation on businesses may employees and property, help many small- seen in the last few days,” Sargent said. require additional federal government loans business clients recover from their second “This now complicates reopening for them and grants — something akin to the Paycheck major economic blow this year and figure because not only do they need a little bit of Protection Program, he said. Recently the U.S. out how banks can promote long-term working capital to get restarted … now they’ve House passed a new $3 trillion coronavirus socioeconomic change. got collateral damage to properties and relief bill with provisions addressing the Jeanne Crain, CEO of Bremer Financial somebody has to pay for capital expenditures economic fallout of the pandemic. As in St. Paul, Minn., was wrestling with them on top of this to get these businesses negotiations with the Senate unfold, new all on Monday. Bremer has closed branches restarted.” forms of emergency aid could get addressed near areas where protests were held in nearby Sargent wonders if some small-business in light of the rioting of the past several days, Minneapolis, the epicenter of national anger clients will ultimately decide that enough is Cummings said. over the death there of George Floyd at the enough. Chris Nichols, chief strategy officer at hands of police last week. “I worry that some people might say, the $18.6 billion-asset CenterState Bank in The $13 billion-asset Bremer has begun ‘Why should I invest more money into this Winter Haven, Fla., agreed. “There is a big working to support organizations in rebuilding the corridors of local businesses that were destroyed “in the havoc and grief of Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 the last several days,” Crain said in an emailed Phone 212-803-8200 AmericanBanker.com statement. The banking industry has a responsibility Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 to help rebuild, she emphasized. Managing Editor Dean Anason 770.621.9935 “Racism is endemic in America’s Reporters/Producers history and our culture,” Crain said. “The Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 uncomfortable truth is that for centuries, Washington Bureau Chief Joe Adler 571.403.3832 banks have been a part of furthering these Executive Editor, Technology Miriam Cross 571.403.3834 racist structures, and that means that we have Penny Crosman 212.803.8673 Jim Dobbs 605.310.7780 a crucial responsibility, perhaps more than BankThink Editor Rachel Witkowski 571.403.3857 most organizations, to engage in long-term John Heltman 571.403.3847, Allissa Kline 716.243.2679 Community Banking Editor Paul Davis 336.852.9496 work to ensure that the systems that once Hannah Lang 571.403.3855 held so many people down instead provide Contributing Editor Daniel Wolfe 212.803.8397 John Reosti 571.403.3864, Gary Siegel 212.803.1560 everyone the same opportunity to be lifted Digital Managing Editor u p.” Christopher Wood 212.803.8437 Jackie Stewart 571.403.3852, Kevin Wack 626.486.2341 Crain pledged to work with nonprofits, For up to date and complete coverage go to AmericanBanker.com WEDNESDAY JUNE 3, 2020 AMERICANBANKER.COM PAGE 3 need coming,” he said in an interview. “We in California and Georgia also sustained you are a business whose property or facility might need something that could span a year damage. All Wells Fargo branches in the city is destroyed.” or more — to get these businesses to 2022 at of Philadelphia were closed on Monday, Even after the physical damage and this point.” some because of damage sustained and other immediate consequences are dealt He envisions a modified version of the others due to safety concerns. with, daunting challenges to fix societal and Small Business Administration’s standard Fires were reported at JPMorgan Chase economic inequities remain. 7(a) loans — originated by banks but largely branches in Portland, suburban San Diego Initially peaceful protests late last week guaranteed by the government — perhaps and Oakland. A bank spokesman said that “give hope” that Americans want to come extended to more types of businesses the company is monitoring its branches and together “because clearly we have an and with the potential of at least partial nearby conditions and adjusting its hours as amazing amount of work yet to do on equality forgiveness like was done in the PPP. appropriate.
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