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The change — effective immediately — will reduce capital demands by about 2% overall, the Fed estimated, and will be open for a 45-day comment period.

The one-year relief is intended to free up lending to consumers and businesses; the online small business lender not making loans, shrinks credit lines, staff.

About 1,000 interns were notified of the change this week. They will still receive the pay and housing funds outlined in their original offer letters.

Payments infrastructure integrations create the backbone for front-of-house retail, back-of-house inventory, supply chain, and warehousing, says Global Payments' Frank T. Young.

Amid the coronavirus emergency, the central bank may have to decide at what point the imperatives of an economic crisis outweigh the requirements of its most severe enforcement action in recent memory.

The agency said lenders should avoid reporting delinquent payments to credit bureaus for consumers who have sought payment relief due to the pandemic.

For the second time in a week, the National Credit Union Administration has delayed the deadline for public comment on a proposed regulation.

Bank of America said it has agreed to allow 50,000 mortgage customers to defer payments for three months because they've lost income as a result of the pandemic.

The pandemic may force the Small Business Administration to rely more on fintechs and digital channels to hasten loan approvals, a shift that could stick.

The app, set to roll out this month, will be offered to the 38 million Office 365 users and can connect via the data aggregator Plaid to all bank and card accounts.

Federal Housing Finance Agency Director Mark Calabria said a virus-induced financial crisis might give rise to more delinquencies and foreclosures than the 2007 subprime mortgage meltdown.

Online lenders can help the agency distribute loans faster as it gets set to deploy emergency funding to small businesses.

Lenders and government guarantors can use loan technology to bring immediate relief to business owners, former OCC official Jo Ann Barefoot says.

SBA loans could pour billions into bank coffers; Fed bailed out government-backed market, others may suffer.

Some institutions have seen application volumes rise by more than 300% following the Fed's emergency rate cuts, but there are fears that CUs who bulk up on home loans now could pay the price later.

While much of the world is sheltering at home to deter the spread of coronavirus, there's still a need for essential workers to travel — and an opportunity for the development of in-car payments technology, which could allow consumers to pay for gas or food without handling cash or other potentially infected surfaces.

With access to comprehensive and accurate financial data delivered through advanced APIs, financial services providers no longer have to develop personalized experiences themselves, argues Envestnet's Brandon Rembe.

After budget cuts and a strategic transition, the interagency body conceived by Dodd-Frank to identify systemic threats has largely been silent as the pandemic roils the economy.

The Treasury Department and Small Business Administration are responsible for distributing $350 billion in coming months.

The regulator will provide $4 million in loans and $800,000 in grants so institutions can assist their communities during the pandemic.