Coronavirus

"We've proven we can operate with no footprint," said James Gorman, Morgan Stanley's CEO. "Can I see a future where part of every week, certainly part of every month, a lot of our employees will be at home? Absolutely."

Payments unicorn Stripe contends it has the financial power to apply its technology to coronavirus medical care, remote telework, business funding, and easier onboarding for companies that have been suddenly thrust into an internet existence.

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.

Hilton Worldwide Holdings Inc. is raising cash by selling loyalty points and offering bonds as the company rides out the coronavirus crisis.

Lawmakers delayed the new accounting standard as part of the stimulus package, but they shouldn't let bankers persuade them to eliminate it outright.

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.

Federal Reserve Bank of Minneapolis President Neel Kashkari says that large U.S. banks should raise $200 billion from private investors and stop paying dividends so they can support the economy.

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.

The letter written by Rep. Maxine Waters, D-Calif., and Sen. Sherrod Brown, D-Ohio, was seen as a boost to Wall Street lobbying efforts seeking to quell the fallout of the coronavirus crisis on the mortgage market.

IT projects are under scrutiny due to the coronavirus, not only in terms of budgets but also how fast firms can deploy automation for tasks such as business payments for companies that have turned to remote work.

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.

Quick forbearance actions averted an immediate hit to asset quality, but executives warned that a spike in unemployment and a looming recession will cause long-term problems.

OCBC Bank has integrated Google Pay into its P2P transfer service, thereby expanding its customers’ options for reducing their cash usage during the coronavirus crisis.

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.

The hardest hit industries were leisure and hospitality and retail outside of essential-goods purchases, the Fed said in its Beige Book survey released Wednesday.