Banking

The lender behind the credit cards for Gap, J.C. Penney and other retailers took a large provision for loan losses and abandoned full-year earnings guidance as the nationwide shutdowns tied to the coronavirus pandemic have led to a sharp decline in spending on its cards.

Credit Acceptance Corp., the lender to car buyers with subprime credit scores, warned it's seeing a sharp drop-off in payments as people shift their financial priorities to get through the coronavirus pandemic.

The administration and Congress are said to be close to adding $310 billion to the small business loan program; the department is looking at whether it can prevent banks from seizing government checks.

The Dallas company also reported a first-quarter loss after the coronavirus outbreak caused "significant deterioration" in its economic outlook.

MVB Financial plans to use Paladin Group to advise its bank and a number of its fintech clients.

Lawmakers are considering a plan to reserve Paycheck Protection Program funds for lenders with $50 billion in assets or less, a figure that would include nearly all credit unions.

Bank of America and U.S. Bancorp were also named in a lawsuit filed in Sunday in which the banks are accused of prioritizing large loans distributed through the Paycheck Protection Program in order to maximize fees.

After more than tripling its loan-loss provision, the $182 billion-asset company became the first large U.S. bank to report a quarterly loss as a result of the coronavirus pandemic.

Overall credit card spending is down 32% while debit card purchases have declined by 12% for the week ending April 12.

Lawmakers are considering a plan to reserve at least $50 billion in Paycheck Protection Program funds for customers of community banks and small regionals.

From stimulus checks to the Paycheck Protection Program, the government’s infusion of cash into an economy reeling from the coronavirus pandemic has primarily helped those who already strong banking relationships.

Congress won’t be back to Washington for at least two weeks but credit unions already have a laundry list of requests for lawmakers to consider.

The trend to mobile is accelerating due to government stimulus checks, closed bank branches and the move to e-commerce, sayd Mitek's Michael Diamond.

Minorities are often hit harder financially during a crisis, but if regulators move forward on revamping the Community Reinvestment Act, they’ll only make matters worse.

The two sides say a deal to replenish the small-business loan program may be reached for a Senate vote early this week; big restaurant chains said to edge out small firms for loans.

Smaller institutions should prepare themselves for some of what the competition has experienced, including increased provisions for losses and declining net interest margins.

Citizens, Regions and others say business investments initiated before the COVID-19 pandemic, including technology improvements and new consumer offerings, are on track.

Stress and exhaustion are catching up to lenders and call center employees helping customers grapple with the coronavirus pandemic.

Square Capital and other online lenders joined the Paycheck Protection Program just before it ran out of money. Now they’re ready and waiting for Congress to reload funds that could be better aimed at the smallest companies.

State and federal trade associations are calling on lawmakers to move past an impasse after the Paycheck Protection Program ran out of money in just two weeks.