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Welcome Relief TUESDAY3pt AUGUST stroke, 100% 10 size, 2021 for VOL.top of 186newspaper No. 152 = 8.9931 inches AMERICANBANKER.COM Follow us on Twitter @AmerBanker PNC rebrands wealth 5 businesses as lenders vie for rich clients Welcome relief Personal-wealth businesses in the asset- Parents expect the expanded child credit to have a big management arm will be consolidated 2.5pt stroke = 6.75 inches under the newly christened PNC Private impact on their household finances, according to a Bank. Page 6 survey conducted before the payments began in July JPMorgan brings back See story on page 2 6 its mask mandate for vaccinated employees Very large impact The largest U.S. bank, which often sets 2pt stroke = 5.75 inches 27% policies ultimately adopted by the broader Large impact financial industry, announced the change in 28% a memo to staff Friday. Page 7 Moderate impact 22% Small impact Small bank seeds green lending with assist from fintech 1.5pt stroke = 4.666711% inches 7 No impact Ando, a challenger bank focused on 4% sustainability, is helping Virginia Don't think will be eligible Community Capital Bank expand its 5-year- 7% old clean energy lending program by finding 1pt stroke = 3 inches a bigger pool of depositors who are eager to 0% 5% 10% 15%20% 25%30% fund solar loans. Page 7 Source: J.D. Power Financial Health and Advice Program Brex withdraws applications 8 for industrial bank The San Francisco company says it will “modify and strengthen” its filings with the dailybriefing Complaints about crypto Federal Deposit Insurance Corp. and Utah 3 are soaring. Is a CFPB officials and “resubmit at a later date.” It’s the crackdown imminent? latest fintech to encounter such a setback, What the child tax credit — a As people more heavily use exchanges and though some later secured approval. Page 8 1 windfall for families — means other providers of digital-asset-related for banks services, they’re registering more beefs with Plaid settles class-action In the short term, the Biden administration the Consumer Financial Protection Bureau, 9 lawsuit for $58 million is asking the industry to help previously too. Experts say it’s only a matter of time The San Francisco data aggregator has unbanked households access their funds. before the agency invokes its broad authority committed to minimizing how much data it Longer term, some banks see a real to police the sector. Page 3 extracts from bank accounts. Page 9 opportunity in advising their customers on what to do with the large cash influx. Facebook learns from its For card issuers, (See chart above.) Page 2 4 mistakes in payments 10 Fed’s Durbin proposal If the new Facebook Pay feels sows confusion Fed sets big-bank underwhelming compared to the social The Federal Reserve’s decision to reexamine 2 capital requirements network’s past efforts, that’s by design. It’s the Durbin amendment’s Regulation II following stress tests now taking a slower approach that could raises a host of concerns for banks and This year’s stress tests examined 23 banks help overcome the privacy concerns that credit unions over the processing of including JPMorgan Chase and Goldman plagued earlier projects. Page 5 purchases made online, Keith Ash and Sachs, with the remainder of the firms on Myron Schwarcz of Strategic Resource an “every other year” test cycle. The capital Management write. Page 9 requirements for those remaining firms are unchanged from last year. Page 3 TUESDAY AUGUST 10, 2021 AMERICANBANKER.COM PAGE 2 other families. institutions have an important operational CONSUMER BANKING Last month, Democratic Sen. Ron Wyden role with respect to the child tax credit, of Oregon demanded that the IRS fix stating that more than 85% of the first round technological issues with an online portal of payments were made by direct deposits. What the child where families that did not file tax returns last “In addition to increasing awareness year can go to sign up for the payments. Many and facilitating direct deposits, financial tax credit — of those families have low incomes. institutions can promote financial inclusion On July 30, three bank CEOs discussed through participation in programs like Bank the child tax credit during a meeting with On,” the statement read. “The Treasury a windfall Deputy Treasury Secretary Wally Ademeyo. Department will continue to engage A Treasury Department press release did not stakeholders in the financial community to for families name the chief executives but did identify ensure that all eligible Americans can receive them as members of the board of directors of these payments.” the Bank Policy Institute, an industry group Meanwhile, some banks have started — means for that represents big banks. reaching out to existing customers who are During the meeting, the CEOs spoke about eligible for the expanded tax credit about banks synergy between the child tax credit and a smart ways to use their funds. Such efforts private-sector-led initiative, known as Bank could generate more business for banks, as By Kevin Wack On, in which banks offer low-fee accounts in parents elect to stash some of the money in August 08, 2021 an effort to increase access to the mainstream savings accounts or college savings plans. The expanded child tax credit, signed financial system, according to a source The government payments figure to make into law by President Biden in March, is an familiar with the discussion. a particularly big impact on the household unexpected windfall to many families. For Safe and affordable bank accounts are balance sheets of families with relatively low banks, it represents both a short-run test and critical to receiving and using the child tax incomes. a longer-term opportunity. credit funds faster and without fees, Jonathan A single parent who earns $65,000 per The test is that many unbanked households Mintz, president and CEO of the Cities year and has two young kids could receive are having trouble accessing their funds in a for Financial Empowerment Fund, which an additional $15,000 between July 2021 timely manner, and the Biden administration establishes standards for Bank On accounts, and March 2022 as a result of various child- is asking banks to be part of the solution. said in a July statement. related provisions in the law that Biden On the flip side, parents who do have bank It’s unclear what exactly was said at the signed last spring, according to calculations accounts are likely to want advice on what Treasury meeting last month, but banks by Commonwealth, a nonprofit organization to do with the sudden influx of cash, offering have previously faced pressure to market that focuses on financial security. banks a unique customer engagement Bank On accounts more aggressively, which “We talk about it internally as a once-in- opportunity. would make more consumers aware of a-generation opportunity,” said Arijit Roy, an “I think that there’s a substantial their availability. In addition, not all banks executive vice president at Truist Financial. opportunity for banks and for others to currently offer the low-fee accounts. After the tax credits were enacted, Truist communicate with consumers about this In a written statement to American Banker, quickly assembled what executives called a basically free money in their accounts,” a Treasury spokesperson said that financial SWAT team to sort through the consequences. said Peter Tufano, a finance professor at the University of Oxford’s Said Business School who has been surveying U.S. families about Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 the child tax credit. Phone 212-803-8200 AmericanBanker.com Under the new law, married couples with 3pt stroke, 100% size for top of newspaper = 8.9931 inches income under $150,000 receive a tax credit of Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 $3,600 for each child under age six and $3,000 2.5pt stroke = 6.75 inches per child ages six to 17. The benefit, which Managing Editor Dean Anason 770.621.9935 Reporters/Producers gradually phases out for higher-income 2pt stroke = 5.75 inches families, is larger than in previous years. But Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 arguably as important, much of the money Miriam Cross 571.403.3834 1.5ptWashington stroke = 4.6667 inches Bureau Chief Joe Adler 571.403.3832 is arriving in monthly cash payments over Jim Dobbs 605.310.7780 the second half of 2021, rather than only as a 1ptExecutive stroke = 3 inches Editor, Technology lump-sum credit at tax time. Penny Crosman 212.803.8673 John Heltman 571.403.3847, Allissa Kline 716.243.2679 Families that have direct deposit Hannah Lang 571.403.3855 information on file with the IRS received Community Banking Editor Paul Davis 336.852.9496 John Reosti 571.403.3864, Gary Siegel 212.803.1560 their first monthly payment in mid-July. But Contributing Editor Daniel Wolfe 212.803.8397 the Biden administration has been struggling Kevin Wack 626.486.2341 with how to get the funds quickly to certain For up to date and complete coverage go to AmericanBanker.com TUESDAY AUGUST 10, 2021 AMERICANBANKER.COM PAGE 3 “It was a pure sprint,” said Bahari Harris, a State Street has the lowest capital retail strategy manager at the Charlotte, North FEDERAL RESERVE requirements out of the eight GSIBs at 8%, Carolina, bank. “This was an opportunity for followed by Bank of New York Mellon at 8.5%. us to say, ‘Hey, let’s think about savings.’” In a release, the Fed also said that HSBC Truist has published tips about what to do Fed sets big- had requested reconsideration of its stress- with the government payments — and about test results after they were published in how saving, paying down debt and buying bank capital June, but that the central bank had upheld kids’ essentials could all play a part.
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