Coronavirus

Whether preparing for probable market changes or adapting to unexpected ones, top-performing finance leaders need to be adept at agile business planning in the face of uncertainty, says Vena Solutions' Darrell Cox.

Funneling fees from emergency loans to feed the hungry. Supporting psychological counseling for health care heroes and financial advice for the poor. Backing retrofits of customer operations to produce protective gear for front-line medical personnel. Bankers and financial educators have tossed out the traditional playbook to help clients and communities in crisis.

Visa pulled its financial outlook for the rest of the year, but it already has visibility into permanent changes that result from the coronavirus — such as an aversion to handling cash.

Wells Fargo will temporarily stop accepting applications for home equity lines of credit, following a similar move by rival JPMorgan Chase.

In round two of the Paycheck Protection Program, the bank has sent some 256,000 loan applications to the Small Business Administration for processing.

Consumer groups are poised to take the bureau to court over its gutting of underwriting requirements, while House Democratic leaders could attempt a repeal through the Congressional Review Act.

The S&P CoreLogic Case-Shiller home price index hasn't yet reflected the impact of the coronavirus, but an independent market maker has some thoughts on how it might.

Rodney Hood, chairman of the National Credit Union Administration, told the Financial Accounting Standards Board that complying with the Current Expected Credit Losses standard could adversely impact the industry's net worth.

The online lender reported a hefty first-quarter loss on Thursday and said that a whopping 45% of its small-business loans are past due.

In separate letters to Congress, the Fed asked for legislative action to ease Tier 1 capital minimums while the FDIC said it may use its own authority to address the market strain on banks.

Nearly 70% of U.S. adults between the ages of 26 and 40 said their earnings had been negatively affected by the outbreak, about 10 percentage points higher than other age groups.

Bots can complete tedious tasks, such as validating customer information against standard databases, more quickly and accurately than people and free up staff for other parts of the payment crime fight, says Genpact's Manish Chopra.

It's time for agencies like the Small Business Administration to stop playing catch-up and invest in state-of-the art technology.

The Main Street Lending Program, announced on April 9 as an option to help U.S. businesses weather the coronavirus outbreak, will be available to a wider array of companies than previously planned.

Bank of Southern California's all-cash offer for CalWest was reduced by nearly 20% after the buyer's shareholders declined to approve the deal.

Submissions total about $17.8 billion in requested funding for the second round of the Paycheck Protection Program, with an average loan size of $81,000.

Consumers are using their debit and credit cards less, and that's causing a decline in interchange income for credit unions and banks.

Payments are slow, fees continue to increase, and merchants are increasingly feeling the pressure from holdbacks being imposed on them by acquirers. In the pandemic crisis, that's unacceptable, argues Nuapay's Nick Raper.

There is nothing in U.S. federal laws or general payment processes that stops businesses from taking a consumer's money and using it for payroll or to finance a marketing campaign.

The industry dodged a bullet after the former vice president outlasted more progressive rivals for the Democratic presidential nomination. But some worry the presumptive nominee will have to consider calls for tougher regulation from his party's liberal wing.