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Federal relief efforts have minimized loan losses so far, but risks remain in credit card, auto and business lending. Many borrowers will need another lifeline to stay afloat until the economy rebounds, CEO Jamie Dimon says.January 15
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Businesses owned by minorities and women got a head start this week in a new round of $284 billion funding, and early anecdotal evidence suggests stronger demand coming from these businesses.January 15
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It is the 18th state to pass a law imposing rate caps on all consumer loans, including payday and car title loans.January 15
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A slower-than-expected rollout of the COVID-19 vaccines and the threat of social unrest after the Jan. 6 riot at the U.S. Capitol could threaten the recovery, according to an American Bankers Association panel.January 14
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The online installment lender is the latest consumer-focused tech company to see its stock price soar on the first day of trading.January 13
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The nation's third-largest credit union saw a huge lending spike in 2020, especially in its mortgage division, while membership grew by 159%, thanks in part to merger activity.January 13
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First Bank in New Jersey, Northeast Bank in Maine and others have warmed to the idea of using software to streamline Paycheck Protection Program lending so that employees can be more hands-on with customers.January 13
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The pace of forgiveness for Paycheck Protection Program loans is expected to accelerate when the Small Business Administration issues guidance on additional steps meant to streamline the process.January 13
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The Small Business Administration will allow lenders with less than $1 billion of assets to process applications in two days. The portal will open to all lenders on Tuesday.January 13