A trade group says suspending so-called beneficial owner rules would help financial institutions make more small-business loans through the Paycheck Protection Program.

The industry was already on a path toward increased digital services, but the global pandemic is showing why CUs need to speed up that process.

Unlike in 2008, banks have become a steady force during the coronavirus pandemic.

Dean Bass, chairman and CEO of Spirit of Texas Bancshares, had taken a leave of absence after contracting COVID-19.

The Pennsylvania company said it faces $7.5 million in potential exposure from a commercial lending relationship.

By helping borrowers now, banks hope customers can quickly catch up on payments once the coronavirus pandemic ends. If they can’t, interest income will remain low and charge-offs could pile up if the crisis drags on.

Consumers are increasingly looking to consolidate debt, while loans for more luxury expenditures, such as vacations, are a thing of the past.

Reluctant to cancel what have become pipelines for developing talent, banks are delaying start dates or moving programs entirely online.

A combination of digital and cloud capabilities, data gathering and regulatory experience should give smaller banks an edge over nonbanks.

Many states are offering additional flexibility as more consumers dip into their savings as a result of the pandemic’s economic fallout.

Many banks were hitting their limits for lending to small businesses devastated by the coronavirus outbreak. They say the Fed's decisions to help fund additional loans and relax capital requirements will resolve many of their problems.

Customers in the challenger bank's pilot program drew down an average of $200 each in advance of the government's $1,200 payments.

The agency overhauled its system for the Paycheck Protection Program on Wednesday. Lenders hope it addresses the access issues and a crash that bedeviled the effort’s first week.

Community advocates would like to see changes to the 1977 Community Reinvestment Act, but say regulators should suspend such efforts until the coronavirus pandemic has passed.

Pinnacle Bankshares and Virginia Bank Bankshares said the move will let each bank focus more on responding to the COVID-19 pandemic.

Spirit of Texas Bancshares named an interim CEO for Dean Bass, though the company said he is recovering.

Measures that delay the Current Expected Credit Losses standard and reduce a community bank capital ratio are temporary, but the industry now sees an opening to argue that they should be permanent.

The Small Business Administration said lenders approved $71 billion in loans from the Paycheck Protection Program in less than five days.

Simmons Bank in Arkansas is dealing with extra traffic on its digital channels and added call volume while communicating with customers through email, push notifications and even snail mail as well as its new app, says Alex Carriles.

The Fairfax, Va.-based credit union agreed to pay $2.7 million in the class action case, though it did not admit any wrongdoing.