Banking

Credit unions need a clear strategy if they hope to break through to consumers already overwhelmed by the coronavirus.

The bank is trying to recover millions of dollars in returned deposits. It also has a $14 million loan to the company that allegedly conducted the scheme.

Despite record low mortgage rates, borrowers are having trouble getting loans from wary lenders; the underperforming American unit may be ditched in U.K. bank restructuring.

The industry is well positioned to gain market share, but institutions may not see the same levels of growth as after the last recession.

Demand has soared for mental health services as bank employees put in long hours, supervise kids while working at home and endure personal crises. Citi, BofA, Fifth Third and others are getting creative to help them decompress during the pandemic.

Federal Reserve Bank of Boston President Eric Rosengren said he expects companies to begin receiving money through the central bank's long-awaited Main Street Lending Program within two weeks.

The new legislation directs the Treasury Department to protect electronic payments that Americans receive through the pandemic rescue package.

The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses.

The Rhode Island company's post-pandemic plan also includes returning some overseas call center functions to the U.S. and bringing its office staff back in phases, says CEO Bruce Van Saun.

The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.

The drop is likely from both a decline in consumer demand and lenders becoming more cautious, according to CompareCards.

When a bank subscriber to Sure Profile pulls a credit report on an applicant for a loan or account, Experian will check to see if the identity data matches a real person.

Some lenders are issuing debt and preferred stock to provide an extra buffer for credit losses. Others are preparing for growth opportunities.

Companies that received funding from the Paycheck Protection Program in early April can start to submit forgiveness applications at the end of May.

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.