Finance

The Federal Reserve chairman pledged to use every tool at the central bank's disposal to limit the economic fallout from the coronavirus and urged lawmakers to take further action.

Rodney Hood, chairman of the National Credit Union Administration, says the agency's Central Liquidity Facility can be a vital backstop if a crisis occurs, but it will be stronger if more credit unions chip in to make it a success.

Mastercard CEO Ajay Banga says he is certain that science, medicine and innovation will lead the world out of the coronavirus pandemic, but there is little indication of when that will happen.

Fannie Mae and Freddie Mac are now able to buy loans in forbearance to alleviate pressure on the sector, but the fees charged by the mortgage giants to assume more risk could turn away some originators.

Paytronix, whose technology enables mobile payments and ordering at restaurants, has received $10 million in funding to help support increased demand for its services through the pandemic.

While the entire economy will slow due to stay-in-place orders and temporary economic shutdowns, payments fintech is expected to fare much better than other investment sectors due to these trends.

The credit union regulator is making $125,000 in funding available for small, low-income lenders designated as minority depository institutions.

The two lenders are being more aggressive than other European banks in putting a price on the economic devastation caused by the coronavirus outbreak.

Portal crashes, technology glitches, last-minute changes in guidance, renewed suspicions about loan dispersal: Meet the new Paycheck Protection Program, same as the old Paycheck Protection Program.

The central bank expanded the reach of the program as pressure mounts on the government to support localities struggling economically because of the coronavirus pandemic.