SBA’s Amazon-assisted save, W.Va. bank failure, BofA’s selective lending: Top stories of the week

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

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.

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Bank in West Virginia is closed by regulators

First State Bank, which the FDIC sold to MVB Financial, had struggled with profitability and capital levels for several years.

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Chime expands coronavirus stimulus check advances to 100,000 customers

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

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BofA offers emergency loans to borrowers first, freezing out depositors

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.

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How the coronavirus crisis is upending auto lending

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.

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

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.

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Emergency loan program forces bankers to make hard choices

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.

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Confusion, inconsistency mar rollout of small-business loan program

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.

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

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.

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

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.

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SBA’s Amazon-assisted save, W.Va. bank failure, BofA’s selective lending: Top stories of the week

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