Retail & Commercial

These tech-obsessed consumers still crave human interaction. Banks' challenge: Designing products and services that meet their needs.

Organizers of Rockpoint Bank still need to raise $30 million before opening.

There is a need and opportunity here to rebuild the aging, legacy infrastructure in payments, at the IRS, and within the banking system. It is not a technology problem. It is an opportunity, says payments consultant Collin Canright.

Regulators need to revamp their proposal to overhaul the Community Reinvestment Act now that the coronavirus outbreak has created unforeseen financial needs.

More companies will be eligible to apply for the four-year loans, including those with high debt loads; four-year loans will be offered to European banks with rates as low as minus 1% as the eurozone economy tanks.

Funneling fees from emergency loans to feed the hungry. Supporting psychological counseling for health care heroes and financial advice for the poor. Backing retrofits of customer operations to produce protective gear for front-line medical personnel. Bankers and financial educators have tossed out the traditional playbook to help clients and communities in crisis.

In round two of the Paycheck Protection Program, the bank has sent some 256,000 loan applications to the Small Business Administration for processing.

Consumer groups are poised to take the bureau to court over its gutting of underwriting requirements, while House Democratic leaders could attempt a repeal through the Congressional Review Act.

The millions of dollars earned from Paycheck Protection Program transactions will help cover rising provision costs tied to the new CECL accounting standard and coronavirus shocks to loan books.

The online lender reported a hefty first-quarter loss on Thursday and said that a whopping 45% of its small-business loans are past due.