Commercial lending

Jelena McWilliams's term as FDIC chair expires in 2023, and she cannot be removed by an incoming president. But if Joe Biden prevails, he may ask her to stay — and if she does, governing a Democratic-majority board would be a very different proposition.

The bank has begun briefing regulators about how it mistakenly sent payments to creditors of Revlon, the financially strapped cosmetics company. Citi has also filed a lawsuit against Brigade Capital Management seeking to recoup $175 million it sent to Brigade on Revlon's behalf.

Ulule is working with Bank of the West to build name recognition. It hopes to collaborate with other banks and credit unions as it vies with larger companies such as Kickstarter and GoFundMe.

Criticized assets are on the rise, especially in commercial portfolios, and may be the forerunner of a wave of loan losses later this year or next year unless economic conditions strengthen.

The Paycheck Protection Program has masked what has been a year of tepid demand and tightened lending standards. And bankers aren't expecting a rebound anytime soon.

A public-private partnership that has fewer rules and restrictions than the Paycheck Protection Program would save more small businesses.

The head of the Federal Reserve Bank of Boston said the central bank had acquired stakes in 32 business loans as of Monday, four times the amount from two weeks earlier.

Theorem is marketing its first-ever securitization of unsecured loans. It uses machine-learning technology to gauge the risk of default, a growing concern during the pandemic recession.

The card giant could pay $850 million in cash for the online small-business lender, according to a person familiar with the talks.

The Small Business Administration began accepting applications Monday, but lenders such as JPMorgan Chase are holding off in hopes that Congress will grant blanket forgiveness for smaller Paycheck Protection Program loans.