Banking

Founder Brett King will now focus on the enterprise software side of the business, which provides mobile banking software to traditional banks.

The $2 trillion stimulus package, which the House passed earlier in the day, aims to expand Federal Reserve liquidity resources and provide financial institutions with some regulatory relief.

CEO Brian Moynihan also said in an interview that the bank is helping clients affected by the coronavirus pandemic through increased commercial lending to companies and expanded forbearance for Main Street customers.

The U.S. government will shortly funnel trillions of dollars into the economy to soften the coronavirus’ impact on a variety of industries and small businesses. Payment companies that are also lenders will soon find out if it’s enough to save the market.

Regulators are allowing banks that implemented the loan-loss standard to forestall any capital hits until 2022.

Online lenders can help the agency distribute loans faster as it gets set to deploy emergency funding to small businesses.

Citigroup CEO says it’s a “fine line” between supporting customers and burdening them with debt; Goldman gives away 600,000 N95 masks it had from prior scares.

Credit unions serving university communities got an early taste of life during the pandemic when classes moved online and campuses cleared out.

An uptick in closings is likely, but how many institutions go under and how fast will depend on a variety of factors, including the duration of the pandemic.

Tom Meyer, CEO of 1st Capital since 2015, decided to step down because shelter-in-place orders are keeping him from family hundreds of miles from the bank.

Leveraging AI and machine learning can help credit unions focus on doing what they do best: forging connections with members.

Draw-downs on C&I credit more than quadrupled in a seven-day period ended March 25. Lenders may try to rein them in if the crisis drags out, but legal precedent isn’t on their side.

The joint statement said examiners will not impede banks and credit unions’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.

No online lenders are approved for the agency's traditional programs, but they could make loans under the COVID-19 stimulus package if they get special approval.

The regulator's extension for first-quarter documents applies to BHCs with less than $5 billion in assets.

A former market president for State Bank Financial would serve as CEO of the proposed Classic City Bank.

While LendingClub, Prosper, Avant and SoFi are giving existing borrowers breaks in the short term, they're considering tightening credit as the coronavirus outbreak threatens to drag the economy into a recession.

The joint statement said examiners will not impede banks’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.

Corporations have tapped more than $124 billion in lines in the past three weeks; rating agency says virus “could wipe out a full year of U.S. banking profits.”

While analysts agree banks are in better shape than in 2008, lawmakers are dusting off a crisis-era tool used by the Federal Deposit Insurance Corp. to soothe potential liquidity fears during the coronavirus pandemic.