Corporate governance

JPMorgan Chase and Citigroup told employees if they can work from home to begin doing so this week, escalating efforts to prevent the deadly coronavirus from spreading among staff.

The actions include cutting the federal funds rate to between 0% and 0.25% and other steps to ease economic stress from the spread of the coronavirus.

The banks — including JPMorgan Chase, Bank of America, Wells Fargo and Citigroup — agreed to stop buying back their own shares through the second quarter, saying they will focus on supporting clients and the nation during the coronavirus pandemic.

The actions include cutting the federal funds rate to between 0% and 0.25% and other steps to ease economic stress from the spread of the coronavirus.

From scams to watch out for to the role banks play in an SBA virus loan program, news about the pandemic's impact was everywhere. Also: As State Farm bows out, U.S. Bank seizes an expansion opportunity; CFPB sues Fifth Third for allegedly opening phony accounts; and more from this week's most-read stories.

The Biloxi, Miss.-based institution has been adding branches and entering markets and now has absorbed Mississippi Farm Bureau Employees Credit Union.

The agency will be tasked with providing $50 billion in loans to small businesses harmed by the pandemic. It is unclear whether the SBA will need help from banks and CUs.

The company will enter an affluent New Jersey county and a key New York market with the $209 million deal.

The bank’s former chair expressed regret over comments attributed to her in a House report, while Democrats and Republicans butted heads over whether the hearing was necessary.

The North Carolina company will hold onto the loans after the Fed's decision to slash interest rates.

The Georgia company will expand into central and southern Florida by buying the parent of Seaside National Bank & Trust.

The outbreak and a free fall of oil and stock prices are rattling bankers at this year's ICBA gathering in Orlando, Fla.

State Farm struggled to make its bet on banking pay off and decided like other insurers to exit the business. U.S. Bancorp swooped in to add deposits and credit card accounts at little cost or risk.

With prices rising rapidly and loan terms increasing, some institutions may want to consider adding a leasing option to their auto loan portfolio.

The company will pay $25 million in cash for Carroll Bancorp in a deal between Baltimore-area banks.

As businesses change strategy and staff deployments quickly, their payment needs and flows will change rapidly, says BHMI's Jack Baldwin.

The South Florida company said Alberto Peraza, who played a key role in its 2018 initial public offering, is leaving for personal reasons.

Now known as Explorers Credit Union, the Yankton, S.D.-based shop serves consumers across South Dakota and Nebraska.

Richard Herrington's buyout pitch to smaller banks is to offer them a way to survive and keep their local brands.

In announcing the central bank’s emergency rate cut, Chairman Jerome Powell warned that the Fed can only do so much.