Wells Fargo tells business clients to consider other banks for emergency loans
wells-041720-topten.jpg
Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.

(Full story here.)
JPMorgan halts home equity loans due to coronavirus
chase-041720-topten.jpg
The nation's largest bank is temporarily reducing its exposure to the mortgage market amid rising unemployment and estimates that home prices could drop by 10%.

(Full story here.)
Wells Fargo lays out bleak timeline for economic recovery
wells2-041720-topten.png
Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

(Full story here.)
Wells Fargo, Citi pledge not to garnish customers' stimulus funds
citi-041720-topten.jpg
The two large banks are holding off for a month on collecting on negative balances to ensure that customers receive the full amount of government payments deposited into their accounts.

(Full story here.)
Dear Congress: Don't let initial PPP be final word on small-business aid
dear-041720-topten.jpg
The SBA's Paycheck Protection Program is nearly depleted, but there are ways small banks and fintechs, with help from Congress, can remedy the situation.

(Full story here.)
Fintechs help banks manage deluge of emergency small-business loans
eberle-041720-topten.jpg
Online lenders, core providers and software companies have created digital platforms that speed up and simplify Paycheck Protection Program loans for businesses reeling from the coronavirus pandemic.

(Full story here.)
How TD got a head start on coronavirus preparations
td-041720-topten.png
Reports from the Singapore office, a coronavirus war room and a hardworking IT staff all helped TD Bank Group get nearly all employees ready to work from home and able to handle a tripling of remote deposit capture activity.

(Full story here.)
Banks meet 'mad scramble' for loan deferments, but at what cost?
scramble-041720-topten.jpg
By helping borrowers now, banks hope customers can quickly catch up on payments once the coronavirus pandemic ends. If they can't, interest income will remain low and charge-offs could pile up if the crisis drags on.

(Full story here.)
JPMorgan's outlook for 2020: More pain ahead
jpm-041720-topten.jpg
Though hopeful for a second-half bounceback in the economy, JPMorgan Chase is prepared for 20% unemployment, lackluster GDP and losses in its loan portfolio that could reach tens of billions of dollars.

(Full story here.)
Fintechs OK'd to make emergency small-business loans
fintechs-041720-topten.png
PayPal, Intuit QuickBooks Capital and Square Capital have been named direct lenders in the Paycheck Protection Program, and more await the go-ahead. They could be crucial to reaching the smallest firms trying to survive the economic toll of the coronavirus pandemic.

(Full story here.)
MORE FROM AMERICAN BANKER