Banking

Partisan differences get in the way of new aid program for small businesses as SBA program runs out of money; loan servicers want a bailout as defaults are expected.

Consumers and businesses put more money in the bank as the pandemic worsened. How long the funds remain will depend on how quickly the economy recovers.

The plan first announced in February to update the deposit insurance sign and logo at bank teller stations and ATMs became just the latest regulatory effort slowed by the coronavirus pandemic.

The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.

In some cases, financial institutions are required by court order to divert funds to private creditors. But the industry has added its voice to a consensus for a legislative update to ensure Americans receive their full amount.

The move is part of an effort by CFPB Director Kathy Kraninger to help smaller lenders by significantly raising loan thresholds for collecting and reporting mortgage data.

As millions of U.S. consumers are beginning to see stimulus checks electronically deposited into their bank accounts as part of the CARES Act, many companies are wondering how Americans will spend these funds.

The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.

Legislation announced Wednesday would allow credit unions to make coronavirus relief loans to businesses without fear of bumping up against the member business lending cap.

Wall Street trading arms benefited from first-quarter volatility, but it may not be enough to salvage future earnings; “unprecedented volume” of customers logging into their online bank accounts creates system overload at many banks.

While the primary focus for most credit card providers in March was on emphasizing fee forgiveness and payment deferral support, moving forward issuers need to focus on a mix of strategies to retain their cardholders' share of spend, says The Futurist Group's Demitry Estrin.

The agency is still moving forward on key regulations dealing with payday lending and mortgage underwriting despite new demands posed by the crisis.

The two large banks are holding off for a month on collecting on negative balances to ensure that customers receive the full amount of government payments deposited into their accounts.

The biggest lenders seem to have handled the corporate rush for cash heading into the economic shutdown caused by the coronavirus pandemic. But their ability to collect is as uncertain as the economic outlook for the next year.

Gov. Brad Little recently signed legislation into law clarifying matters related to lending, investments and fixed assets.

The SBA’s Paycheck Protection Program is nearly depleted, but there are ways small banks and fintechs, with help from Congress, can remedy the situation.

The Financial Stability Board said it stood ready to coordinate additional help on capital requirements, upcoming regulatory deadlines and other standards.

Net income fell 46% in the first quarter as the company added nearly $5 billion to its loss reserves in anticipation of a wave of loan defaults.

The two U.S. banks set aside a combined $10 billion for future loan losses, which may not even be enough; a proxy firm says the Swiss bank did not adequately punish former executives for spying scandal.

With the coronavirus pandemic bringing economic activity to a virtual standstill, BofA, like Wells Fargo and JPMorgan Chase, is shoring up its reserves to brace for a likely recession.