Bankers said legislative fixes to the small-business rescue program should help more borrowers secure loan forgiveness, though new demand will likely remain tepid because the process is still extremely cumbersome.
As part of its commitment, the Minneapolis company said it will provide $100 million in capital to African American owned and operated businesses and organizations.June 5
The race to provide coronavirus relief for small businesses is opening new routes to fund payments, including underused credit lines.June 5
Past is not prologue, and a successful strategy for becoming a top-performing bank in 2020 is very different from what it might have been just six months ago.June 5PartnerCapital Performance Group
The employee assisted authorities in currency trading investigations that cost the bank $714 million; Citi is eyeing an expansion of its commercial banking ops in Europe, Middle East and Africa as other lenders exit on coronavirus fears.June 5
The agency sought industry feedback on a host of potential changes to ensure that rules are “sufficiently flexible and clear in light of the technological advances that have transformed the financial industry over the past two decades."June 4
The policy comes more than a month after a different agency issued similar guidance for loans backed by Fannie Mae and Freddie Mac.June 4
Competition over virtual currency could alter politics and global power structures, potentially to the detriment of the U.S., the author of "The Currency Cold War" argues.
The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the pandemic.
Dan Geller, behavioral economist and developer of the Money Anxiety Index, describes how the gauge has spiked and what banks can do about it.
The SBA and Treasury Department release more guidance on PPP loan forgiveness; Santander Consumer reaches $550M settlement with state AGs; how Wells Fargo's tech chief is managing coronavirus response; and more from this week's most-read stories.
Lawmakers are working to head off a wave of pandemic-related personal credit downgrades. But there are bigger problems with how credit risk is assessed that are harder to solve.
Tilman Ehrbeck, managing partner at Flourish Ventures, a mission-driven venture capital firm that spun out of the Omidyar Network last year, explains how startups like Summer, Propel, Steady and Cushion are helping people cope with debt and cash flow problems.
The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished other regulatory relief efforts that were in the pipeline before the pandemic hit.
Complaints to the CFPB hit an all-time high, with mortgage servicers getting much of the fire; Frank Bisignano details his priorities as Fiserv’s new CEO; lenders worry they could be stuck with billions in Paycheck Protection Program loans; and more from this week’s most-read stories.
Consultant and FounderbankmechanicsJune 4
CEOCCG CatalystJune 3
Managing PartnerFederal Financial AnalyticsJune 2
An examination of potential sources of upheaval for the financial industry and ideas on how to adapt.January 9
Tariffs and other macro factors have introduced new uncertainty into international trade.November 29
Recent years have seen a transformation in credit-card customer acquisition. This report explores how consumers are interacting with the new expanse of marketing and acquisition channels and examines where opportunities and threats to issuers may lie.October 23
Digital IDThe idea of a common digital identity for consumers has become more compelling amid the digitalization of the world's economy. Many bank and credit union executives consider it a natural fit, one the industry should be prepared to lead on.August 28