Retail & Commercial

An uptick in closings is likely, but how many institutions go under and how fast will depend on a variety of factors, including the duration of the pandemic.

Tom Meyer, CEO of 1st Capital since 2015, decided to step down because shelter-in-place orders are keeping him from family hundreds of miles from the bank.

Draw-downs on C&I credit more than quadrupled in a seven-day period ended March 25. Lenders may try to rein them in if the crisis drags out, but legal precedent isn’t on their side.

The joint statement said examiners will not impede banks and credit unions’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.

No online lenders are approved for the agency's traditional programs, but they could make loans under the COVID-19 stimulus package if they get special approval.

The regulator's extension for first-quarter documents applies to BHCs with less than $5 billion in assets.

A former market president for State Bank Financial would serve as CEO of the proposed Classic City Bank.

While LendingClub, Prosper, Avant and SoFi are giving existing borrowers breaks in the short term, they're considering tightening credit as the coronavirus outbreak threatens to drag the economy into a recession.

The joint statement said examiners will not impede banks’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.

Corporations have tapped more than $124 billion in lines in the past three weeks; rating agency says virus “could wipe out a full year of U.S. banking profits.”