Finance

British banks are confronting the European import of subzero interest rates that could damage profits already weakened by the coronavirus pandemic as the Brexit divorce rumbles toward its rocky end.

Craft Bank, which plans to open this summer, is in the final stage of raising $30 million in initial capital.

Members of the Banking Committee pressed the Treasury secretary and Fed chief to ensure CARES Act funds are deployed as Congress intended. They also debated the need for more stimulus to ease the economic effects of the coronavirus.

The Baltimore-area credit union crossed the latest threshold despite a dip in net income during the first quarter as many organizations struggle with the coronavirus fallout.

New Peoples Bankshares said the layoffs were necessary because of the coronavirus pandemic and "a changing financial services industry."

The central bank's Financial Stability Report said companies may face difficulties repaying debt given lower earnings, “which could trigger a sizable increase in firm defaults."

Congress authorized the Federal Deposit Insurance Corp. to intervene if the pandemic caused a liquidity scare, but nearly two months later deposits are through the roof and the agency has not acted on the expanded authority.

Wirecard AG said it still expects full-year earnings to rise, even as some business customers struggle with the lockdown.

More write-downs seem inevitable as the coronavirus outbreak wreaks havoc on the economy and bank stocks.

Incoming chief Frank Bisignano downplays any pressure to find $1.2 billion in cost cuts promised to shareholders from the acquisition of First Data. Instead he emphasized his track record of producing revenue growth and pledged to keep funding innovation projects.

The head of the U.S. central bank said its emergency credit programs were not designed to prop businesses up over the long term.

A negative Federal Reserve policy rate is still improbable, but if it were to happen it could be a net benefit, according to a note from JPMorgan Chase.

The move is the first time the bank has provided services to digital currency players; the Washington Post and four other heavy hitters want details on PPP and small business disaster loan programs.

The Ohio Democrat's criticism of Rodney Hood, chairman of the National Credit Union Administration, echoed complaints from bankers that the regulator was using the chaos from the pandemic to push through changes.

The central bank will disclose information on a monthly basis about its Term Asset-Backed Securities Loan Facility and its Paycheck Protection Program Liquidity Facility.

The Term Asset-Backed Securities Loan Facility is just one example of a fund that could be retooled.

The regional bank’s $240 million investment from 1995 is now worth $17 billion, which it could use to fund acquisitions; the debt deal will count towards the German bank’s capital buffers.

Coronavirus has taken a massive toll on suppliers, and emerging invoice methods are getting thrust into the mainstream to rescue cash-strapped businesses.

The Pittsburgh company has owned a 22% position in the money manager since 1995.

All 11 corporates have signed on as agent members of the CLF, boosting its borrowing authority by $13 billion.