Banking

Lenders are worried that the Small Business Administration could use borrower responses to deny forgiveness for many Paycheck Protection Program loans that exceed $2 million.

Year to date through Sep. 30, 2020. Dollars in thousands.

Year to date through Sep. 30, 2020. Dollars in thousands.

The credit union regulator's budget briefing could produce fireworks, but possible Senate action could make the result of an eventual budget vote a foregone conclusion.

More lenders and governments should partner with community development financial institutions to ensure aid reaches minority-owned businesses that are the backbone of many neighborhoods slammed by the coronavirus.

The deal will expand the credit union's brick-and-mortar footprint to more than 30 locations across Illinois and California.

The finance unit wants to accept deposits to support its auto lending business; but the U.K. bank is not considering a full exodus from the U.S., where it wants to grow wealth management.

Some workers have thrived while working remotely, but others miss the social interaction of an office, and the recent surge in coronavirus diagnoses means employers will be facing these challenges well into next year.

HSBC's management is looking at a complete withdrawal from its retail operations in the U.S., although a full exit from other businesses in the country is unlikely, according to a person familiar with the matter.

Community banks that were pushed past key asset limits by the Paycheck Protection Program say they will be unable to shrink their balance sheets back to normal size by the 2022 deadline, especially if there is a new round of rescue aid.

The 5-year-old company, which recently raised $131 million, says its strong growth reflects the timeliness of its mission: helping consumers who live paycheck to paycheck build wealth.

The industry is asking for more time to comment on a regulatory proposal that aims to prohibit banks from denying services to oil and gas companies and other firms in politically sensitive industries.

ATM technology provider Payment Alliance International is partnering with B4U Financial to enable users of any cryptocurrency wallets to redeem bitcoin for cash at the ATMs.

Moscow-based JSC Post Bank has established a merchant acquiring agreement with JCB International to allow JCB cardholders to withdraw cash from all of the bank's ATMs and make payments at Post Bank point-of-sale terminals in Russia.

Praise for the former Fed chair as she confronts a troubled economy as presumptive Treasury secretary; the fine is the bank’s second large penalty in the past three months.

In a potentially good sign for credit unions, last week credit card spending reached its highest point since the start of the coronavirus pandemic, according to data from PSCU.

CEO Wendy Cai-Lee says Piermont Bank can do it all for financial technology firms: be their commercial banker, be their banking-as-a-service provider and develop APIs and other cutting-edge products for them.

The group is just the latest industry organization to already alter plans for a gathering scheduled for 2021.

Shawn Rose, chief digital officer, and Holly Pontisso, vice president of customer experience at Scotiabank at Toronto, share how they have adapted their digital offerings for people over 50, including making sure ageist attitudes don’t creep into digital channels or messaging.

Current economic conditions are greatly tied to controlling the spread of the coronavirus. To survive this volatile situation, financial institutions must be resilient.