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Daily edition for June 03, 2020.

Tyrie has advanced Bank of America’s virtual assistant Erica and rolled out easier-to-use digital products that resonate strongly with customers. Those achievements have earned him recognition as one of American Banker’s digital bankers of the year.

The consumer bureau said Approved Cash Advance improperly collected amounts that were five times higher the legitimate fee schedule disclosed to borrowers.

The program is intended to aid businesses hit hard by pandemic-induced lockdowns, but lenders are lobbying to have the rules relaxed to help owners of stores and offices damaged by recent riots and looting.

The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.

Members of both parties raised concerns that the requirements for participating in the Municipal Liquidity Facility and Main Street Lending Program are too restrictive to benefit smaller localities and certain midsize firms.

Rodney Hood, the first African American to lead a banking agency, said in a deeply personal statement that he was "familiar with the anger and frustration that comes with the everyday challenges and realities surrounding race."

As small businesses' cash flow tightens during the pandemic, Alibaba Group is enabling SMBs to postpone payments for 60 days on cross-border e-commerce purchases.

American Express has added 26 Caribbean nations to the list of countries where it’s raised the ceiling on contactless transactions that may be conducted without PINs, to reduce consumers’ exposure to touching PIN pads.

Avivah Litan, vice president and distinguished analyst at Gartner, explains the evolving role blockchain has taken during the coronavirus pandemic. Blockchain, originally developed for use with bitcoin, provides a way to bring trust and order to the chaos of the current crisis, but it's no silver bullet.

The coronavirus pandemic has made paper money literally a dirty word, causing a rush to digital payments that may be too fast for Western Union and MoneyGram to keep up with as separate companies.

DBS Bank India is offering a real-time digital payment service for truck drivers and supply chain companies that generally have round-the-clock operations and large transaction volume to cover employee expenses.

The new product, which comes as an earlier partnership with the online lender Kabbage is sputtering, figures to appeal to companies with tight cash flows.

An interagency notice meant to encourage lenders to offer small consumer loans also provides federal agencies too much say on what constitutes “reasonable” pricing.

The global coronavirus outbreak has up-ended daily life for many consumers, including where they shop and how they pay for things. The U.K. is no exception, as issues of health and hygiene have now been introduced as important factors when it comes to both planned and impulse shopping.

New technologies can provide recommendations and proactively engage with customers and members to help them pay their bills or pay friends and proactively manage their financial well-being, says Payrailz's Mickey Goldwasser.

The funds will be used to support housing, job training and aid for small businesses in communities that have been disproportionately affected by the pandemic.

Tom Shoemaker initially took the helm in 2017 on an interim basis after the Albuquerque, N.M.-based credit union called off a merger.

The Georgia company said the agency is looking at its policies for paying, or withholding, Paycheck Protection Program fees to borrowers' agents.

Brian Brooks says coronavirus mandates, such as masks, could potentially harm banks; some recipients of the Treasury prepaid cards don’t believe they are for real.