John Reosti

The program is intended to aid businesses hit hard by pandemic-induced lockdowns, but lenders are lobbying to have the rules relaxed to help owners of stores and offices damaged by recent riots and looting.

Many lenders are paying close attention to liquidity and capital ratios. Others are trying to avoid overtaxing employees who process, service and handle forgiveness of the loans.

The website, ppp.bank, will help borrowers in the Paycheck Protection Program apply for loan forgiveness.

The agency has responded to the American Bankers Association's legal request to strike down expanded membership rules for credit unions.

University Bancorp decided to shutter its wholesale mortgage lending business after it struggled to hire and train employees remotely.

The National Credit Union Administration has filed a brief in opposition to the American Bankers Association's request that the court consider its challenge of the agency's field-of-membership rule.

The panel shot down a proposed interim final rule regarding time limits for overdrafts, the first time in recent memory that an issue before the board did not have the votes to pass.

The Small Business Administration gave lenders some direction ⁠for closing out Paycheck Protection Program loans. Bankers say it's an encouraging start, but they want more protection from liability and a concession on nonpayroll expenses.

The sellers will continue to service the loans and retain the fees they receive from the Small Business Administration.

Mike Maddox will succeed George Jones on June 1.

Triad Business Bank in North Carolina, which opened in March, has made $106 million in Paycheck Protection loans.

The agencies produced an application process that includes favorable interpretation of qualifying expenses.

The Iowa company said Brent Giles, who was CEO of a bank that was recently sold, will run its Wisconsin Bank & Trust.

The Independent Community Bankers of America would not rule out legal action if Congress doesn't address the National Credit Union Administration's recent decision expanding the low-income designation.

SBA Express has existed for years, but its new $1 million cap could prove helpful to small businesses that need funds for more than just payroll expenses.

The Small Business Administration's inspector general also flagged a number of shortcomings in the implementation of the Paycheck Protection Program.

Late approval and delayed access to the Fed’s liquidity facility have forced fintechs to play catch-up in the Paycheck Protection Program. A strong finish could bolster their case for becoming full-fledged Small Business Administration lenders.

Seneca-Cayuga Bancorp's capital levels have fallen steadily since peaking in 2013.

Bankers are bracing for accusations of discrimination in the way Paycheck Protection Program loans were allocated.

Locally sourced campaigns are providing more capital as traditional loans fall short of covering operating expenses.