Banking

The pandemic may force the Small Business Administration to rely more on fintechs and digital channels to hasten loan approvals, a shift that could stick.

The app, set to roll out this month, will be offered to the 38 million Office 365 users and can connect via the data aggregator Plaid to all bank and card accounts.

Last month's enforcement actions included the former CEO of Western Heritage Federal Credit Union in Alliance, Neb.

Federal Housing Finance Agency Director Mark Calabria said a virus-induced financial crisis might give rise to more delinquencies and foreclosures than the 2007 subprime mortgage meltdown.

CUs in the Eastern European nation don’t offer online financial services, meaning a predominantly older membership base could be at increased risk for contracting COVID-19.

In supporting the economic recovery from the coronavirus pandemic, lenders have a chance to restore public trust damaged in the last financial crisis. But they face tough decisions on dividend cuts, executive pay, furloughs and deeper changes to their business model in the process.

The firms say they can't handle crushing loan demand from small and medium-sized businesses.

Online lenders can help the agency distribute loans faster as it gets set to deploy emergency funding to small businesses.

Lenders and government guarantors can use loan technology to bring immediate relief to business owners, former OCC official Jo Ann Barefoot says.

SBA loans could pour billions into bank coffers; Fed bailed out government-backed market, others may suffer.

Alipay expands bank integrations; cross-border payment technology for agritech; and other information you need to start your day, from PaymentsSource and around the web.

The Treasury Department and Small Business Administration are responsible for distributing $350 billion in coming months.

The St. Paul, Minn.-based institution will provide a 20% bonus to member-facing staff who are at additional risk during the outbreak since they are "essential employees."

While some big banks have pledged to avoid layoffs this year, hiring freezes and delayed projects are becoming the norm during the pandemic.

Customers are more reliant than ever on digital banking tools, and institutions like OceanFirst, BBVA and M&T are thankful they had invested in teaching employees to show customers how to use them.

Weak demand for oil and gas, brought on by the economic fallout of the coronavirus outbreak, has raised concerns of energy firms missing loan payments or even going bankrupt. Here’s how banks and regulators are trying to get ahead of potential problems.

With branches closed and fewer opportunities for credit unions to have in-person interactions with members, the pandemic has reiterated the need for digital transformation in the industry.

The regulation established standards for investors who own less than a quarter of an institution. Banks are getting more time for implementation as they focus on effects of the COVID-19 pandemic.

The 2008 package proved some banks were too big to fail. But the rushed $2.2 billion stimulus shows now any company can be bailed out.

The newly minted Transact Bank will provide payment processing and card issuing services to a wide range of clients.