Submissions total about $17.8 billion in requested funding for the second round of the Paycheck Protection Program, with an average loan size of $81,000.

Bank of America and U.S. Bancorp were also named in a lawsuit filed in Sunday in which the banks are accused of prioritizing large loans distributed through the Paycheck Protection Program in order to maximize fees.

Some states aren't waiting on the Federal Reserve to help with the historic hits to their budgets. Instead, they're working with a lender that they have a much longer history with: Bank of America.

Quick forbearance actions averted an immediate hit to asset quality, but executives warned that a spike in unemployment and a looming recession will cause long-term problems.

The biggest lenders seem to have handled the corporate rush for cash heading into the economic shutdown caused by the coronavirus pandemic. But their ability to collect is as uncertain as the economic outlook for the next year.

The two U.S. banks set aside a combined $10 billion for future loan losses, which may not even be enough; a proxy firm says the Swiss bank did not adequately punish former executives for spying scandal.

With the coronavirus pandemic bringing economic activity to a virtual standstill, BofA, like Wells Fargo and JPMorgan Chase, is shoring up its reserves to brace for a likely recession.

Bank of America, which came under fire for prioritizing applications from existing small-business customers, asked a federal judge in Baltimore to reject a request in a lawsuit to temporarily bar it from employing the practice.

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.

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.