Banking

The second-quarter jump in provisions may be three to four times higher than a year earlier and will be mostly for loans that have yet to go bad, analysts said.

The comptroller of the currency will be replaced by his COO, Brian P. Brooks, on an acting basis; CEO James Gorman says the economy needs to be on steadier ground first.

The HEROES Act aims to clarify whether economic stimulus checks from the government can be used for debt collection, but it's unclear if that language will survive the legislative process.

If Democrats retake both the White House and Senate in the 2020 election, analysts see threats to the industry from the appointment of new regulators and possible reversal of Trump-era deregulation. But legislation imposing new rules on financial institutions would face long odds.

A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit.

The panel shot down a proposed interim final rule regarding time limits for overdrafts, the first time in recent memory that an issue before the board did not have the votes to pass.

Customers normally receive debit and credit cards inside a branch. Now banks are shifting the process to their drive-throughs and finding alternative ways for cardholders to key in their PINs.

The company, the product of a big merger shortly before the outbreak, had to build portals on the fly, help many customers shift to mobile and accomplish in days tasks that once took months, its digital chief says.

A Manhattan man was charged by federal prosecutors with fraudulently trying to obtain more than $20 million in government loans intended to aid small businesses affected by the coronavirus pandemic.

Unlike past economic recessions where businesses and consumers have had to adjust their payment habits and debt levels over the course of months or quarters as the economy shrank, the coronavirus-induced economic crisis has forced many to make much more abrupt financial adjustments.

The Federal Reserve received a bipartisan critique Wednesday from members of a congressional oversight panel who said the central bank has been slow to launch a key emergency lending program for midsize companies.

The FHFA says the two government-sponsored enterprises need at least $240 billion of capital before they can go private; Transunion says more than 3% of consumer loans it tracks are in financial hardship.

Jennifer Roberts, the company's head of business banking, details a process to have units work one-on-one with customers to get Paycheck Protection Program funds deployed faster.

Lawmakers are working to head off a wave of pandemic-related personal credit downgrades. But there are bigger problems with how credit risk is assessed that are harder to solve.

The comptroller of the currency, who is stepping down after two and a half years on the job, ruffled feathers and won some fans in pushing through CRA reform, cutting costs and trying to reshape the agency’s examiner culture.

The Office of the Comptroller of the Currency watered down numeric metrics that some groups blasted and allowed more institutions to opt out of the new regime. But whether the agency has won over any detractors remains to be seen.

Four federal agencies offered guidance Wednesday on how to offer products that compete against payday loans without incurring Washington's wrath. The announcement could spark the rebirth of deposit advances, which were regulated out of existence during the Obama administration.

The Ohio company said the decision reflects branch overlap and lower customer usage of the locations being shuttered.

The National Association of Federally-Insured Credit Unions has released the results of survey looking at how the industry has used the Paycheck Protection Program so far.

The sellers will continue to service the loans and retain the fees they receive from the Small Business Administration.