Coronavirus

Many credit union employees are currently working from home to slow the spread of COVID-19 but this can invite more attacks from cyber criminals.

Reports from the Singapore office, a coronavirus war room and a hardworking IT staff all helped TD Bank Group get nearly all employees ready to work from home and able to handle a tripling of remote deposit capture activity.

The Borrower Protection Program enables the two agencies to exchange information about loss mitigation efforts and consumer complaints regarding specific servicers.

Even before the coronavirus pandemic, it was becoming clear that the work of the past decade to establish the Single Euro Payment Area was paying off with real-time payments networks and opening possibilities for another European payments scheme.

The SBA’s Paycheck Protection Program is nearly depleted, but there are ways small banks and fintechs, with help from Congress, can remedy the situation.

The Financial Stability Board said it stood ready to coordinate additional help on capital requirements, upcoming regulatory deadlines and other standards.

Net income fell 46% in the first quarter as the company added nearly $5 billion to its loss reserves in anticipation of a wave of loan defaults.

The two U.S. banks set aside a combined $10 billion for future loan losses, which may not even be enough; a proxy firm says the Swiss bank did not adequately punish former executives for spying scandal.

With the coronavirus pandemic bringing economic activity to a virtual standstill, BofA, like Wells Fargo and JPMorgan Chase, is shoring up its reserves to brace for a likely recession.

As universities move classes online, there are signs enrollment could be down in the coming academic year. That could have a major impact on credit unions’ private student loan portfolios.

The benefits of virtual payment cards go beyond replacing physical cards and eliminating social contacts. Payment vendors that manage these virtual cards can also create branded cards and portals for companies, says Berkeley Payments' Jonathan Hamburg.

Though NFC adoption is still somewhat patchwork in the U.S., new data suggests contactless payment transaction volume is rising during the coronavirus outbreak, giving an advantage to banks and merchants that enabled it early.

Online lenders, core providers and software companies have created digital platforms that speed up and simplify Paycheck Protection Program loans for businesses reeling from the coronavirus pandemic.

Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

A trade group says suspending so-called beneficial owner rules would help financial institutions make more small-business loans through the Paycheck Protection Program.

The industry was already on a path toward increased digital services, but the global pandemic is showing why CUs need to speed up that process.

The heads of two congressional committees are requesting a briefing from the agency after a watchdog recommended improvements in how it prepares for crises.

The San Francisco bank said the amount of loans that could go into forbearance so far represents a small percentage of its total portfolio.

Though hopeful for a second-half bounceback in the economy, JPMorgan Chase is prepared for 20% unemployment, lackluster GDP and losses in its loan portfolio that could reach tens of billions of dollars.

Unlike in 2008, banks have become a steady force during the coronavirus pandemic.