BankThink

Small banks are a lifeline for many local businesses and should be given first crack at distributing funds from a continuation of the federal stimulus program.

The SBA’s Paycheck Protection Program is nearly depleted, but there are ways small banks and fintechs, with help from Congress, can remedy the situation.

Ben Soccorsy, head of digital payments in Wells Fargo’s virtual channels group, explains how the bank's 15 data-sharing agreements with fintechs and aggregators and tools like Control Tower give customers visibility into and control over their financial information.

The administration and Congress are said to be close to adding $310 billion to the small business loan program; the department is looking at whether it can prevent banks from seizing government checks.

Many companies have yet to take advantage of automation when it comes to testing their payment channels, a commonly overlooked but vitally important area, says Paragon Application Systems’ Steve Gilde.

From stimulus checks to the Paycheck Protection Program, the government’s infusion of cash into an economy reeling from the coronavirus pandemic has primarily helped those who already strong banking relationships.

The trend to mobile is accelerating due to government stimulus checks, closed bank branches and the move to e-commerce, sayd Mitek's Michael Diamond.

Minorities are often hit harder financially during a crisis, but if regulators move forward on revamping the Community Reinvestment Act, they’ll only make matters worse.

The two sides say a deal to replenish the small-business loan program may be reached for a Senate vote early this week; big restaurant chains said to edge out small firms for loans.

When we go back to normal, it's our opportunity to start making long-overdue infrastructure upgrades, says Nvoicepay's Derek Halpern.