PPP loan forgiveness, BofA’s cost cutting, Amex’s cloud commitment: Top stories of the week

May 29, 2020 4:44 PM

SBA issues guidance on PPP loan forgiveness

The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses.

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BofA looks to rein in costs after staffing up for PPP

Expenses soared in the rush to deploy emergency loans to small businesses, and now Bank of America may need to delay some investments if it hopes to meet cost targets, CEO Brian Moynihan said.

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Pandemic seals Amex's commitment to the cloud

American Express began adopting cloud computing a couple of years ago and has leaned hard on the technology to help front-line and corporate employees work at home during the coronavirus crisis, its global head of infrastructure says.

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Delinquencies and foreclosures won't be as bad as feared, data suggests

Forecasts about the pandemic's impact on the mortgage market have grown less dire after forbearance requests by homeowners nearly leveled off in the first half of May.

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Find a buyer or a new CEO? What's next for Texas Capital

The Dallas bank appears to be at a crossroads after its merger with Independent Bank Group was called off Tuesday.

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Walmart, Green Dot inching MoneyCard closer to banking look-alike

The reloadable debit card resembles a bank account with new high-yield savings account and other tweaks.

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S&T in Pennsylvania discloses potential exposure to check kiting scheme

The bank is trying to recover millions of dollars in returned deposits. It also has a $14 million loan to the company that allegedly conducted the scheme.

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Fed takes big step toward launch of Main Street Lending Program

The Federal Reserve Bank of Boston published details on the terms for lenders and borrowers to participate in the facility intended to provide coronavirus relief funds to middle-market firms.

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Will GSEs' record-high capital requirements scare investors away?

Some observers wonder if proposed regulatory targets for Fannie Mae and Freddie Mac will stoke concerns about low shareholder returns. But others suggest those fears are unfounded.

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Smaller branches, more versatile staff: Citizens Bank's new normal

Citizens Financial CEO Bruce Van Saun got a 10% pay cut in 2020.

The Rhode Island company's post-pandemic plan also includes returning some overseas call center functions to the U.S. and bringing its office staff back in phases, says CEO Bruce Van Saun.

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Paycheck Protection Program