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5 Banks, Borrowers Bristle WEDNESDAY DECEMBER 2, 2020 VOL. 185 No. 231 AMERICANBANKER.COM Follow us on Twitter @AmerBanker Banks, borrowers bristle 5 at SBA questionnaire Who's lending to Latinos on large PPP loans Lenders are worried that the Small Business Among California's biggest lenders, mortgages for Latinos Administration could use borrower made up a larger proportion of portfolios at nonbanks responses to deny forgiveness for many compared with banks Paycheck Protection Program loans that exceed $2 million. Page 8 See story on page 5 Regulators warn banks against 18% 6 using Libor in new contracts 16% The OCC, Federal Reserve and FDIC said that a failure to adequately prepare for the transition 14% away from Libor could undermine banks’ 12% safety and soundness, but also extended the 10% sunset date for many iterations of the interest 8% rate benchmark to July 2023. Page 9 6% 4% Zions’ Simmons reveals cancer diagnosis 2% 7 Harris Simmons, the chairman and CEO of 0% Zions Bancorp. in Salt Lake City, said in a letter Bo fA U. S. W ells JPMor gan Flagst ar Quick en LoanDepo t Calibe r United Fi nance of Bank Fargo Bank Loans Home Shore America to employees that he was recently diagnosed Loans with a form of non-Hodgkin’s lymphoma and would be pursuing a treatment plan over the Source: Greenlining Institute next several months. Page 10 Bank of America says it 8 won’t finance oil and gas dailybriefing Are nonbanks likelier to lend exploration in the Arctic 3 to Black, Latino homebuyers? In November, the Sierra Club singled out Bank A new report from California shows that of America as “the only major U.S. bank not Lockdowns, PPP, Citi’s historic less-regulated mortgage lenders may be to rule out financing for the destruction of the 1 move: The year in banking (Part 1) doing a better than banks of serving Black Arctic refuge” after its five biggest competitors From the industry’s extraordinary response and Latino homebuyers. But consumer updated their policies this year. Page 10 to the coronavirus outbreak to Citigroup advocates say the data bolsters the case for promoting Jane Fraser to CEO, these are tougher supervision of nonbanks. CFPB gives go-ahead to firms some of the storylines that defined banking (See chart above.) Page 5 9 seeking advisory opinions in 2020. First in a two-part series. Page 2 The agency finalized a policy allowing What PNC has in mind companies to submit formal requests for Fed, Treasury agree to extend 4 for BBVA’s technology clarification on a regulatory issue. The 2 four lending facilities to March 31 BBVA USA was one of the first U.S. banks bureau said it will publish the advisory The central bank will prolong the life of to deploy a real-time core system and to rulings in the Federal Register. Page 10 the Commercial Paper Funding Facility purchase a neobank. Here’s what PNC and three other programs while returning may keep, and what it may jettison, after it Climate risk test asks banks congressionally approved funds for five acquires the U.S. unit of the Spanish banking 10 to look too far down the road separate facilities that will shut down giant. Page 7 Global regulators are considering a universal Dec. 31. Page 5 stress test for climate change that requires lenders to use a 30-year horizon, a difficult and speculative projection of the energy industry that could harm bank financials, Greg Baer writes. Page 11 WEDNESDAY DECEMBER 2, 2020 AMERICANBANKER.COM PAGE 2 a shattered glass ceiling that deserves It was widely believed that Corbat would YEAR IN BANKING celebration. stay in the job for another few years, but he In some of her first public remarks since announced his pending departure just weeks the announcement, Fraser shared her after Citi accidentally paid $900 million to Lockdowns, achievement with all women in banking. “This lenders of the cosmetics company Revlon first is an accomplishment for us all,” she said. and blamed human error. Citi officials have PPP, Citi’s “And with the extraordinary cadre of women dismissed questions about the timing, saying in our industry, I’m very certain it’s the first of Corbat always planned to retire in 2021. many, many more to come.” But it has left some to wonder if Fraser is historic move: Skeptics might disagree. After all, while perched on what’s known as a “glass cliff,” Fraser’s promotion has rightly been hailed, referring to instances where women in The year in it comes as two of banking’s most prominent business are promoted to leadership jobs at female leaders exit CEO roles. Former moments of crisis. If that is the case, though, KeyCorp Chairman and CEO Beth Mooney, it is hard to imagine anyone whose experience banking who was the first woman to lead a top 20 would have better prepared them for it than U.S. bank when she was appointed in 2011, Fraser. — Allissa Kline (Part 1) was succeeded by Chris Gorman when she retired from the Cleveland-based company Employees work overtime to help small November 29, 2020 in April, while CIT Group’s Ellen Alemany will businesses Under normal circumstances, this would vacate the CEO role at her company when A centerpiece of the Coronavirus Aid, Relief be the time of year when we would be it completes a merger of equals with First and Economic Securities Act Congressed showcasing our selections for Banker of the Citizens BancShares in 2021. Frank Holding passed in March was the Paycheck Protection Year, Community Bankers of the Year and Jr., First Citizens’ chairman and CEO, will Program, and it fell on banks and credit Lifetime Achievement. retain those roles at the combined company. unions to quickly get the hundreds of billions But 2020 was disruptive in a profound Fraser has been viewed as the heir apparent ofdollars in federal aid to small businesses that and pervasive way, so we’re taking a break at Citi since her appointment to president in desperately needed the funds to ride out the from tradition to reflect on the year that was, October 2019. Reports had said she won the pandemic. particularly how the industry responded to job after Wells Fargo had tried to recruit her to Banks large and small needed all hands on the coronavirus outbreak and the protests be its CEO. deck first to get the program up and running over racial equality. Rather than honor the Since joining the $2.2 trillion-asset bank in and then to process what ended up being achievements of a few individuals, we wanted 2004, Fraser has built an impressive resume about 4.5 million loans totaling more than to recognize the regulatory agencies, banks, as a fixer by taking on businesses in turmoil, $500 billion. “It was around the clock,” recalled credit unions and individuals who stepped up including handling the mortgage operation in Bank of America’s head of Small Business to help households and businesses weather the wake of the financial crisis and overhauling Sharon Miller. the economic shocks of the pandemic and operations and controls in Latin America The Herculean effort went beyond just the took meaningful action to help close the racial following scandals at its Banamex unit. Lately small-business team at many banks, including wealth gap. she has been leading the company’s response BofA, which made more than 345,000 PPP We also wanted to highlight some of the to the coronavirus pandemic. loans in a matter of weeks. year’s milestones — finally, a female CEO at a U.S.-based global bank — look ahead at how the year’s events could shape banking and Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 banking policy in the future, and have a bit of Phone 212-803-8200 AmericanBanker.com fun. It’s a lot to pack into a single slide show, so we’re presenting in two parts over two days. Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 Here’s part one. Managing Editor Dean Anason 770.621.9935 Reporters/Producers Thickest glass ceiling in banking finally Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 breaks Washington Bureau Chief Joe Adler 571.403.3832 For decades it’s been one step forward, two Executive Editor, Technology Miriam Cross 571.403.3834 steps back when it comes to gender diversity Penny Crosman 212.803.8673 Jim Dobbs 605.310.7780 at the top in the banking industry, and Jane BankThink Editor Rachel Witkowski 571.403.3857 Fraser’s ascension to chief executive at John Heltman 571.403.3847, Allissa Kline 716.243.2679 Community Banking Editor Paul Davis 336.852.9496 Citigroup is no exception. Hannah Lang 571.403.3855 But what a step forward it is. Contributing Editor Daniel Wolfe 212.803.8397 John Reosti 571.403.3864, Gary Siegel 212.803.1560 Fraser will be the first woman to lead one Digital Managing Editor of the four largest U.S. banking companies Christopher Wood 212.803.8437 Jackie Stewart 571.403.3852, Kevin Wack 626.486.2341 when CEO Michael Corbat retires in February, For up to date and complete coverage go to AmericanBanker.com WEDNESDAY DECEMBER 2, 2020 AMERICANBANKER.COM PAGE 3 “It was 10,000 of our teammates coming the central bank to return to the Treasury any of loans. — Hannah Lang together, redeployed to our space saying, ‘How emergency funds that went unused by Dec.
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