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Emergency loan program plagued by chaos on eve of launch

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Many bankers find crucial parts of the SBA effort to help businesses hurt by the coronavirus outbreak to be unclear and onerous. If those issues go unresolved, participation could suffer.

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Is mortgage industry equipped to implement Washington's forbearance plan?

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Homeowners reeling from coronavirus-induced economic shock are already enduring extremely long wait times while trying to get relief. Legislation passed last week could worsen the logjams.

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Why Moven, one of the first challenger banks, is calling it quits

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Founder Brett King will now focus on the enterprise software side of the business, which provides mobile banking software to traditional banks.

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Emergency loan program to accept applications on Friday

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The Treasury Department and Small Business Administration are responsible for distributing $350 billion in coming months.

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Fed's conundrum: Whether to remove Wells Fargo's asset cap

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Amid the coronavirus emergency, the central bank may have to decide at what point the imperatives of an economic crisis outweigh the requirements of its most severe enforcement action in recent memory.

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Microsoft will launch personal finance app with assist from Plaid

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The app, set to roll out this month, will be offered to the 38 million Office 365 users and can connect via the data aggregator Plaid to all bank and card accounts.

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CECL impact delayed two years

Federal Reserve Exterior As Fed Looks Locked In For Quarter-Point Cut
The Marriner S. Eccles Federal Reserve building stands in Washington, D.C., U.S., on Wednesday, July 31, 2019. The Federal Reserve is widely expected to lower interest rates by a quarter-point at its meeting that concludes Wednesday and leave the option open for additional moves despite demands by President Donald Trump for a "large" rate cut. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
Regulators are allowing banks that implemented the loan-loss standard to forestall any capital hits until 2022.

(Full story here.)

Community bank works with Mark Cuban to help expedite stimulus funds

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Motivated by the entrepreneur and TV celebrity, Citizens Bank of Edmond is offering an overdraft line to give customers quick access to cash they will eventually receive from the federal government.

(Full story here.)

CFPB clarifies credit reporting procedures in light of coronavirus

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The agency said lenders should avoid reporting delinquent payments to credit bureaus for consumers who have sought payment relief due to the pandemic.

(Full story here.)

CECL down, but not out

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Lawmakers and regulators opted to delay compliance for banks that have implemented the credit loss standard, sparing them near-term capital hits.

(Full story here.)

Coronavirus Crisis Management SBA CFPB News & Analysis Wells Fargo CECL Microsoft
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