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The agency’s IG says the PPP failed to prioritize borrowers in underserved and rural markets; the firms, which lack deposits to cushion them, are vulnerable to borrowers defaulting on their loans.

Complaints to the bureau hit an all-time high in April. More than one in five said servicers wouldn't grant deferrals, forced borrowers into forbearance or violated other requirements of the coronavirus relief law.

The Small Business Administration's inspector general also flagged a number of shortcomings in the implementation of the Paycheck Protection Program.

Late approval and delayed access to the Fed’s liquidity facility have forced fintechs to play catch-up in the Paycheck Protection Program. A strong finish could bolster their case for becoming full-fledged Small Business Administration lenders.

Mortgage lenders impose steep pricing adjustments for cash-out refinancing; bankers fear massive borrower fraud in the Paycheck Protection Program; some worry the coronavirus is giving banks an excuse to spy on employees; and more from this week's most-read stories.

Citing a need to better serve its customers in the future and also boost the image of the XRP cryptocurrency, Ripple announced this week it was joining the ISO 20022 standardization committee.

When Fiserv purchased First Data in 2019, it was part of an industrywide push to combine bank and merchant technology under one roof. A year later, a key piece of First Data’s technology — and its top executive — have become Fiserv’s path through the coronavirus crisis.

The Federal Reserve also said in a supervisory report released Friday that it would conduct stress tests this quarter as planned, taking into account sudden deterioration in the economy brought on by the coronavirus pandemic.

The pandemic has fostered the distribution of even more bad information on social media. Banks and other companies need to step up to solve the problem — including support of tougher legal restrictions on internet content.

Trends in China such as mobile payments, omnichannel shopping and social commerce show us what a post-coronavirus world could look like for brands and retailers in the U.S., says Azoya International's Franklin Chu.

The SBA's long-standing Economic Injury Disaster Loan program has been so overwhelmed with applications that the agency has capped loan sizes; ECB finding few takers for a program in which it pays banks to make business loans.

Consumers like having different payment options, and not just a few, says RS2 North America's Daniela Mielke.

Up to 12% of loans under the $660 billion small-business rescue program could be tied to misleading or completely phony applications, fueling concerns about lenders' potential liability.

Bisignano, who engineered a technology-driven recovery at First Data before it was acquired by Fiserv last year, will take Fiserv's top job as the company forges its coronavirus strategy.

The Independent Community Bankers of America accused the National Credit Union Administration of using the coronavirus to usher in additional changes without the normal amount of scrutiny.

The OCC is plowing ahead on plans to modernize the Community Reinvestment Act, but a growing consensus of industry and community voices says now is not the time for a major overhaul.

Large spikes in transactions and unusual payment amounts can be a response to the pandemic, not a sign of fraud, says Genpact's Manish Chopra.

When the coronavirus pandemic began, Square pushed hard to get a bigger share of merchants' online sales and consumers' stimulus spending — and even received its long-desired bank license — but found that this wasn't enough to offset the effects of the crisis.

The pandemic is taking a toll on tax receipts, leading the central bank to establish a municipal debt facility. Without a turnaround, the consequences for the financial system could be dire.

Despite PayPal's efforts to get people to receive — and spend — their stimulus checks from PayPal accounts, the coronavirus pandemic caused its revenue for the first quarter to come in below company guidance.