Commercial lending

Federal Reserve Chairman Jerome Powell said about 300 lenders have signed on to the program and that the central bank is committed to making adjustments that could attract more borrowers.

Lenders are selling their Paycheck Protection Program loans or hiring outside companies to navigate the process in an effort to reduce risk and avoid overloading their employees.

Some observers said the central bank should have suspended dividends entirely in response to an unprecedented economic emergency caused by the pandemic. Others said its more cautious moves were appropriate because big banks' capital is strong and the economy could bounce back.

National Credit Union Administration Chairman Rodney Hood told a NAFCU audience now is the time to take action on the member business lending cap so credit unions can continue to help with the coronavirus recovery.

Despite success lobbying for PPP inclusion and the elimination of Regulation D, the industry must continue to push for additional reforms.

Nick Darvill, who is currently president of the credit union service organization, will take over as CEO when Jim Gallagher retires from that position.

Upstart, which specializes in the use of alternative data and AI in credit decisions, will make car loans directly and sell its technology to banks and other lenders.

With credit quality suffering due to the coronavirus outbreak, the online business lender faces onerous loan repayments if it can't renegotiate a corporate debt facility.

Banks are beginning to emphasize soft skills to help employees make “human” connections with customers in an environment of reduced face-to-face contact.

The Paycheck Protection Program put a premium on speed in processing and funding loans.