Banking

The two lenders are being more aggressive than other European banks in putting a price on the economic devastation caused by the coronavirus outbreak.

Portal crashes, technology glitches, last-minute changes in guidance, renewed suspicions about loan dispersal: Meet the new Paycheck Protection Program, same as the old Paycheck Protection Program.

Community banks that have used the Paycheck Protection Program to help businesses ride out the coronavirus outbreak are looking to turn that goodwill into deeper loan and deposit relationships down the road.

Queued-up loans. Extra bankers. Government tweaks to promote fairness. None of these precautionary measures has been enough for the second round of the Paycheck Protection Program to avoid the pitfalls of the first.

As banks accept new applications for the paycheck program, they are dogged by complaints that they prioritized wealthy borrowers. But lenders likely fast-tracked clients they knew best under difficult circumstances, observers say.

Use of banks' mobile apps and websites has risen about a third since the coronavirus crisis began, according to J.D. Power.

The Small Business Administration's systems froze up shortly after the latest Paycheck Protection Program was launched Monday morning.

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.

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.

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.

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."

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%.

The neobank, which has been operating in the U.S. since last year with partner Sutton Bank, hopes to get a bank charter within two years.

The Tempe Small Business Emergency Loan Program will provide $1 million to help area companies weather the coronavirus.

Banks would have drowned if lawmakers hadn't delayed the new accounting standard during the coronavirus pandemic.