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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.

While the federal government is touting the early success of the Paycheck Protection Program, community banks are complaining about headaches and glitches.

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.

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

Emergency loan program plagued by chaos on eve of launch; why Moven, one of the first challenger banks, is calling it quits; Fed faces conundrum on whether to remove Wells Fargo's asset cap; and more from this week's most-read stories.

The U.S. Treasury is talking to digital payments providers about quick ways to disburse funds to recipients of stimulus checks within a couple of weeks, but payments industry experts foresee troubling security issues even with most of the obvious options.

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.

Yes, the Small Business Administration's emergency funding program for the coronavirus crisis is off to a rocky start, but that shouldn't stop banks from helping customers in need.

The agency proposed changes in December to how customer relationships affect the definition of brokered funds, which has big implications for banks that are not well capitalized.

Mastercard has increased the contactless payment limit to CA$250 across Canada to provide consumers with a safer way to pay during the coronavirus pandemic.

Analytical technology will be key for firms looking to appeal to the next generation of customers. Having come of age in the midst of the 2008 financial crisis, secure personal finance is extremely important to this generation, says Axis Communications' Stephen Joseph.

Requiring banks to test themselves is likely to be a waste of time in the current crisis, says a former Senate Banking counsel.

The CEO says he is getting stronger and working remotely; if the lockdown lasts several months, the GSEs may need a bailout, FHFA head Mark Calabria says.

It’s a time of challenges, but fraud teams who adapt well to them will strengthen their systems, and their understanding of their customers and their business, says Identiq's Urid Arad.

Regulators point to traditional financial institutions as well-positioned to meet short-term credit needs during the coronavirus pandemic, but there are still a host of questions about whether the industry should try to compete with high-cost lenders.

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.

Mortgage lenders are preparing for the biggest wave of delinquencies in history. If the plan to buy time works, they may avert an even worse crisis: Mass foreclosures and mortgage market mayhem.

The worsening economy brought on by the coronavirus pandemic has big banks rethinking who they will lend to.

Like his longtime boss and mentor, Bob Wilmers, Jones is deeply committed to investing in communities, controlling expenses and delivering value for investors. But he also has novel ideas for modernizing M&T, like doing away with its "permission culture," improving the customer journey and positioning it as a go-to bank for tech talent.

The agencies will give the industry another month to submit feedback on the so-called covered fund portion of the rule "in light of potential disruptions resulting from the coronavirus.”