Commercial lending

The Ohio company's new effort will commit $25 million in 7(a) loans, along with fee waivers and financial education.

The Dallas bank has begun encouraging larger borrowers to seek forgiveness of Paycheck Protection Program loans first as it holds out for the government to streamline the process for loans below $150,000.

Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk.

Wells Fargo fired more than 100 employees suspected of improperly collecting coronavirus relief funds, according to a person with knowledge of the situation.

Lenders welcomed the move as a helpful first step but are still urging policymakers to develop a broader, simpler process for expediting the approvals of loans extended to troubled small businesses under the Paycheck Protection Program.

The San Francisco fintech, which is buying Radius Bancorp, will discontinue peer-to-peer lending and instead offer new products, like high-yield savings accounts, to its retail investors.

Deferrals may be hiding credit issues, leading lenders to track deposit flows, property maintenance and other factors to gauge the true health of their portfolios.

Bank of America plans to offer some of its customers access to short-term loans, the latest blow to the payday lending industry.

Many consumers are taking to the highways and the water for safe getaways during the pandemic — powering one of the few bright spots in lending. However, bankers warn that boomlets usually come with distinctive credit risks.

The Small Business Administration has been covering six months of principal, interest and fees for loans that existed on Sept. 27. There are concerns the moves are masking weaknesses in lenders' 7(a) portfolios.