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A bipartisan group of lawmakers wrote in a letter to the Treasury secretary that the Financial Stability Oversight Council should create a liquidity facility to deal with a flood of forbearance requests brought on by the coronavirus pandemic.

As retailers search for ways to reduce shoppers’ exposure to coronavirus, smaller merchants are reaping some unexpected improvements in checkout speed and convenience.

They have asked the Financial Crimes Enforcement Network, the chief anti-money-laundering regulator, to let them collect customer information and verify it after the loan application is processed in order to speed approvals.

Community advocates would like to see changes to the 1977 Community Reinvestment Act, but say regulators should suspend such efforts until the coronavirus pandemic has passed.

Huawei Pay hopes to benefit from UnionPay's network and scale as it launches in Singapore, a market that already has several large mobile pay apps including Apple Pay.

Pinnacle Bankshares and Virginia Bank Bankshares said the move will let each bank focus more on responding to the COVID-19 pandemic.

The amount of money migrant workers send to their home countries usually holds up well in a crisis. Not this time.

Lenders and community groups say it's a mistake for the banking agencies to move forward during a national crisis. But Comptroller of the Currency Joseph Otting says updated Community Reinvestment Act rules would speed relief to neighborhoods and small businesses.

The coronavirus has caused millions of people to self isolate, leading Starling Bank to offer a connected debit card for people shopping on behalf of a family member or friend.

The Federal Reserve is temporarily altering the growth restriction it placed on Wells Fargo in 2018 so that the bank can make additional loans to small and midsize business that need funding to weather the coronavirus pandemic.

Jamie York has taken the helm at Neighborhood Mortgage Solutions as CEO Greg Wischmeyer prepares to retire.

The lending facility is for companies with more than 500 employees that are disqualified from the relief program for small businesses and too small for federal loans reserved for larger companies.

For decades, automated check reconciliation stood out as the lone sanctuary for AR professionals. However, the advent of payment automation indicates that electronic payment reconciliation is more than capable of taking up the baton, says Nvoicepay's Kim Lockett.

Toronto-Dominion Bank is moving almost all of its call center employees from 15 different U.S. and Canadian cities to their homes in response to the coronavirus.

While reports of toilet paper and hand-sanitizer shortages may be common stories on the nightly news, one consumer goods category is flying off the shelves at an even faster pace, one never seen before – guns and ammunition, increasing payments volume for gun shops, a merchant category financial service providers traditionally avoid.

Spirit of Texas Bancshares named an interim CEO for Dean Bass, though the company said he is recovering.

Lawmakers want to expand the two-day old small business loan program by another $250 billion; Calabria says nonbanks are exaggerating their financial woes as forbearance claims rise.

The coronavirus has accelerated a move toward a public option for digital wallets that would tie government authentication to payment transactions. If successful, this could be the catalyst for a national digital identity system.

The “hold” period has shrunk considerably, from 10 business days to typically now three, one or zero, making it harder to spot suspicious activity, says FICO's Liz Lasher.

Daily edition for April 08, 2020.