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After opening-day fiasco, SBA upgrades lender portal with Amazon assist

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The agency overhauled its system for the Paycheck Protection Program on Wednesday. Lenders hope it addresses the access issues and a crash that bedeviled the effort's first week.

(Full story here.)

Bank in West Virginia is closed by regulators

FDIC Board Meeting
The Federal Deposit Insurance Corp. logo is displayed outside of the agency's headquarters in Washington, D.C., U.S., on Wednesday, Sept. 9, 2009. The FDIC proposed a six-month, emergency-only extension to its debt guarantee program as regulators move to wean companies from federal aid approved at the height of last year's credit crisis. Photographer: Andrew Harrer/Bloomberg
First State Bank, which the FDIC sold to MVB Financial, had struggled with profitability and capital levels for several years.

(Full story here.)

Chime expands coronavirus stimulus check advances to 100,000 customers

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Customers in the challenger bank's pilot program drew down an average of $200 each in advance of the government's $1,200 payments.

(Full story here.)

BofA offers emergency loans to borrowers first, freezing out depositors

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The decision sparked outrage from small-business owners who have checking accounts with the bank but not loans or business credit cards. Bank of America started taking applications Friday for a $349 billion program that's intended to offer aid to small businesses suffering from the shocks of the coronavirus pandemic.

(Full story here.)

How the coronavirus crisis is upending auto lending

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Closed showrooms, temporary bans on repossessions and a sudden spike in unemployment have dimmed the prospects of a sector that has boomed since the last recession.

(Full story here.)

How banks prepared call center reps to handle surge in volume — from home

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Ally, Discover and USAA have made technological, managerial and policy changes to help their centers' employees cope with the rush of calls from customers hurt by the pandemic.

(Full story here.)

Emergency loan program forces bankers to make hard choices

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Lenders must balance the financial risk of extending credit without explicit backing from the Small Business Administration against the reputational risk of delaying aid for needy borrowers.

(Full story here.)

Confusion, inconsistency mar rollout of small-business loan program

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Banks, under pressure to act hastily, began taking applications for government aid to small businesses hit hard by the coronavirus outbreak. But narrow eligibility rules at some banks angered business owners and lawmakers.

(Full story here.)

Emergency loan program could run out of money in early June: Rubio

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Sen. Marco Rubio, R-Fla., said that $349 billion will likely not be enough meet loan demand from small businesses seeking a lifeline to help them weather the economic downturn brought on by the coronavirus outbreak.

(Full story here.)

Fintechs, small banks do their part in coronavirus fight despite risks

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Leaders like Chris Britt at Chime, Brett King at Moven and Jill Castilla at Citizens Bank of Edmond are getting inventive as they try to help those hurt economically by the pandemic.

(Full story here.)

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Small business lending SBA
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