Retail & Commercial

Lawmakers and regulators opted to delay compliance for banks that have implemented the credit loss standard, sparing them near-term capital hits.

What banks need to know about the coronavirus stimulus package; tech vendor Finastra hit with ransomware attack; bank CIOs confront challenge of so many employees working at home; and more from this week's most-read stories.

Founder Brett King will now focus on the enterprise software side of the business, which provides mobile banking software to traditional banks.

The $2 trillion stimulus package, which the House passed earlier in the day, aims to expand Federal Reserve liquidity resources and provide financial institutions with some regulatory relief.

CEO Brian Moynihan also said in an interview that the bank is helping clients affected by the coronavirus pandemic through increased commercial lending to companies and expanded forbearance for Main Street customers.

The U.S. government will shortly funnel trillions of dollars into the economy to soften the coronavirus’ impact on a variety of industries and small businesses. Payment companies that are also lenders will soon find out if it’s enough to save the market.

Regulators are allowing banks that implemented the loan-loss standard to forestall any capital hits until 2022.

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

Citigroup CEO says it’s a “fine line” between supporting customers and burdening them with debt; Goldman gives away 600,000 N95 masks it had from prior scares.

Credit unions serving university communities got an early taste of life during the pandemic when classes moved online and campuses cleared out.