Retail & Commercial

With the coronavirus pandemic bringing economic activity to a virtual standstill, BofA, like Wells Fargo and JPMorgan Chase, is shoring up its reserves to brace for a likely recession.

As universities move classes online, there are signs enrollment could be down in the coming academic year. That could have a major impact on credit unions’ private student loan portfolios.

Online lenders, core providers and software companies have created digital platforms that speed up and simplify Paycheck Protection Program loans for businesses reeling from the coronavirus pandemic.

Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

A trade group says suspending so-called beneficial owner rules would help financial institutions make more small-business loans through the Paycheck Protection Program.

The industry was already on a path toward increased digital services, but the global pandemic is showing why CUs need to speed up that process.

The San Francisco bank said the amount of loans that could go into forbearance so far represents a small percentage of its total portfolio.

Though hopeful for a second-half bounceback in the economy, JPMorgan Chase is prepared for 20% unemployment, lackluster GDP and losses in its loan portfolio that could reach tens of billions of dollars.

Unlike in 2008, banks have become a steady force during the coronavirus pandemic.

Dean Bass, chairman and CEO of Spirit of Texas Bancshares, had taken a leave of absence after contracting COVID-19.