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Michael Baker will become president and CEO of SAFE Federal Credit Union in May while the institution's current leader, Darrell Merkel, plans to retire this summer.

The modern-day payment system was, over the last two decades, tailor-made for the shelter-in-place conditions many live and work under today.

Lenders and small businesses are hoping this round goes more smoothly than the chaotic first one (and if it doesn't, Joe Biden warns, many mom-and-pop shops are done for); originators are adding staff, cutting marketing to handle massive uptick in refinance applications.

A credit union-specific liquidity backstop is far less popular than other options such as the Federal Reserve's discount window. The National Credit Union Administration wants to change that.

Daily edition for April 27, 2020.

The modern-day payment system was, over the last two decades, tailor-made for the shelter-in-place conditions many now live and work under today.

Like other businesses, hospitals have been forced to make instant emergency changes because of the coronavirus. But many hospitals are concurrently getting a rush of demand for service with an unclear revenue stream.

Inside Citigroup's headquarters in Manhattan, executives are trying to solve a problem bedeviling much of Wall Street: How to get employees up elevators.

The billionaire investor and entrepreneur sees problems with small businesses having to apply for loans to get coronavirus relief. He says a more efficient approach would be to let them run negative balances on their bank accounts.

Lenders are being urged to prepare applications for the latest version of the Paycheck Protection Program.

The bureau said it began developing the standards before the coronavirus pandemic. But more transfers may occur as some servicers struggle to meet their obligations during the economic downturn.

Betterment has debuted a bank account, in conjunction with partner nbkc bank in Kansas City, Mo., that is targeted at millennials and marketed as a complement to its long-term savings products.

The Georgia bank could rely more on drive-through-only branches, trim office space and reassess staffing levels after the coronavirus crisis, according to Kessel Stelling.

Lenders are set to flood the SBA with new PPP applications; long nights and weekends the new normal; Fifth Third rethinks new-branch designs in light of coronavirus; and more from this week's most-read stories.

The central bank said customers will be able to make more transfers and withdrawals "at a time when financial events associated with the coronavirus pandemic have made such access more urgent."

The former CEO at The Federal Savings Bank, who faces a bribery charge in connection with loans to President Trump's onetime campaign chief, is seeking to keep evidence from his phone out of the upcoming trial.

Credit unions can build trust within their communities by providing clear and consistent communication as the pandemic causes economic anxiety.

More details have emerged about the damage the coronavirus pandemic is inflicting on the hospitality industry. One servicer alone has received 2,000 workout requests in the past month.

PayPal is temporarily waiving fees for consumers using its app to accept government and payroll checks during the coronavirus pandemic.

Johnny Allison, the Arkansas company's chairman and CEO, agreed to reduce his base salary by 20%.