Retail & Commercial

High-tech self-service channels can help credit unions effectively and efficiently meet members' needs during a time of social distancing.

The temporary foreclosure moratorium on loans backed by HUD, Fannie Mae and Freddie Mac comes after lawmakers and housing advocates had pushed for steps to avoid consumers getting booted from their homes.

Dozens of firms in industries most immediately hit by the virus and oil-price war — such as leisure, transportation, health care, energy and mining — have been drawing billions of dollars from existing credit lines.

Online platforms and apps can be utilized to quickly support small businesses and consumers facing unexpected financial hardship.

As more states close schools and issue shelter-in-place directives, credit unions are increasingly shifting their staff to work-from-home arrangements.

Heritage financial institutions that don’t support emerging embedded payments and banking risk further erosion of younger cohorts and losing material franchise value to fintechs, challenger or neo-banks equipped to originate and service accounts at the edge of partner networks, say payment consultants Richard Crone and Heidi Liebenguth.

The pandemic has upended staffing plans, sparked concerns about servicers’ capacity to handle the expected crush of missed payments, and even raised questions about their ability to stay afloat.

Lenders are concerned that the coronavirus outbreak will increase vacancies and add to credit risk.

On the same day the Federal Deposit Insurance Corp. said it will soon rule on two applications, the agency also proposed benchmarks for all firms that want to own industrial loan companies.

Customers are increasingly concerned about taking a financial hit from the COVID-19 crisis and want to know more about fee waivers, credit-line increases and other things banks could do for them.