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The funds include $3.2 billion in loans that community development financial institutions had already approved during the PPP's second phase.

Investors are looking past signs of weakness and toward an eventual recovery, but top executives at BlackRock, Citigroup, Goldman Sachs and other financial firms remain cautious as many cities and states remain in partial lockdown to slow the spread of the coronavirus.

The congressional showdown over the pace of rulemaking during the pandemic is a hardening of older positions on banking policy ahead of the 2020 elections, observers said.

Expenses soared in the rush to deploy emergency loans to small businesses, and now Bank of America may need to delay some investments if it hopes to meet cost targets, CEO Brian Moynihan said.

The JPMorgan CEO says the recovery has to start first, and future buybacks won’t be as big as before; Texas Capital Bancshares and Independent Bank blame the coronanvirus market impact.

JPMorgan Chase's CEO expects the economy to rebound in the third quarter thanks to government stimulus programs and the strength of the consumer going into the pandemic.

The new legislation directs the Treasury Department to protect electronic payments that Americans receive through the pandemic rescue package.

Some observers wonder if proposed regulatory targets for Fannie Mae and Freddie Mac will stoke concerns about low shareholder returns. But others suggest those fears are unfounded.

The new legislation directs the Treasury Department to protect electronic payments that Americans receive through the pandemic rescue package.

The SBA and Treasury Department release more guidance on PPP loan forgiveness; Santander Consumer reaches $550M settlement with state AGs; how Wells Fargo's tech chief is managing coronavirus response; and more from this week's most-read stories.

If the agency hadn’t revised the 1977 law now, nothing would be done for communities in need that are struggling even more in the coronavirus pandemic, writes Faith Bautista, CEO of the National Diversity Coalition.

The comptroller of the currency will be replaced by his COO, Brian P. Brooks, on an acting basis; CEO James Gorman says the economy needs to be on steadier ground first.

If Democrats retake both the White House and Senate in the 2020 election, analysts see threats to the industry from the appointment of new regulators and possible reversal of Trump-era deregulation. But legislation imposing new rules on financial institutions would face long odds.

The National Community Reinvestment Coalition, California Reinvestment Coalition and Democracy Forward accuse the agency of “unlawfully gutting” the historic anti-redlining law.

Joseph Otting will step down May 29 as head of the OCC and turn the reins over to Brooks, a former financial services industry executive who worked with Otting at OneWest.

The FHFA says the two government-sponsored enterprises need at least $240 billion of capital before they can go private; Transunion says more than 3% of consumer loans it tracks are in financial hardship.

The comptroller of the currency, who is stepping down after two and a half years on the job, ruffled feathers and won some fans in pushing through CRA reform, cutting costs and trying to reshape the agency’s examiner culture.

The Office of the Comptroller of the Currency watered down numeric metrics that some groups blasted and allowed more institutions to opt out of the new regime. But whether the agency has won over any detractors remains to be seen.

The much-anticipated proposal, which would not go into effect until after Fannie Mae and Freddie Mac are privatized, reflects Director Mark Calabria’s aggressive efforts to get the companies on a strong financial footing.

Comptroller of the Currency Joseph Otting’s regulation reforming the Community Reinvestment Act lacks performance metrics criticized in an earlier proposal. But neither the FDIC nor the Fed is supporting the final plan.