Coronavirus

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

If the agency hadn’t revised the 1977 law now, nothing would be done for communities in need that are struggling even more in the coronavirus pandemic, writes Faith Bautista, CEO of the National Diversity Coalition.

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.

Fraudsters are licking their chops at the prospect of businesses and financial services extending remote working because of the coronavirus pandemic.

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.

Customers normally receive debit and credit cards inside a branch. Now banks are shifting the process to their drive-throughs and finding alternative ways for cardholders to key in their PINs.

The company, the product of a big merger shortly before the outbreak, had to build portals on the fly, help many customers shift to mobile and accomplish in days tasks that once took months, its digital chief says.

Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic.

Unlike past economic recessions where businesses and consumers have had to adjust their payment habits and debt levels over the course of months or quarters as the economy shrank, the coronavirus-induced economic crisis has forced many to make much more abrupt financial adjustments.

Jennifer Roberts, the company's head of business banking, details a process to have units work one-on-one with customers to get Paycheck Protection Program funds deployed faster.

The credit union regulator has implemented a host of measures to help the industry manage the pandemic, but there may be only so much it can do without congressional action.

A transparent, decentralized ledger will speed up payments while mitigating the inevitable next round of federal mismanagement, says Polyient Labs' Jeff Hinkle.

The challenge posed by digital-only remittance services has prompted a rapid change at MoneyGram.

Lawmakers are working to head off a wave of pandemic-related personal credit downgrades. But there are bigger problems with how credit risk is assessed that are harder to solve.

With the pandemic fueling anxiety about public transportation and dense urban offices, financial firms in Manhattan are looking elsewhere for space to let workers spread out and avoid commuting into the city.

The Miramar, Fla.-based institution is spending $85,000 to help businesses as the economy begins reopening.

A program from the Worldwide Foundation for Credit Unions will provide personal protective equipment for CUs in the Eastern European nation after they were forced to close earlier this spring amid the outbreak.

The Small Business Administration gave lenders some direction ⁠for closing out Paycheck Protection Program loans. Bankers say it's an encouraging start, but they want more protection from liability and a concession on nonpayroll expenses.