Coronavirus

Bank of America said it has agreed to allow 50,000 mortgage customers to defer payments for three months because they've lost income as a result of the pandemic.

The pandemic may force the Small Business Administration to rely more on fintechs and digital channels to hasten loan approvals, a shift that could stick.

The coronavirus pandemic has forced Irish fintech Prepaid Financial Services Limited (PFS) to drop its sale price by $117 million to close its deal with EML payments Limited.

One-third of small business owners reported that they don’t expect to survive for more than three months in the current coronavirus-impacted restrictions on shopping, dining and travel.

Federal Housing Finance Agency Director Mark Calabria said a virus-induced financial crisis might give rise to more delinquencies and foreclosures than the 2007 subprime mortgage meltdown.

CUs in the Eastern European nation don’t offer online financial services, meaning a predominantly older membership base could be at increased risk for contracting COVID-19.

In supporting the economic recovery from the coronavirus pandemic, lenders have a chance to restore public trust damaged in the last financial crisis. But they face tough decisions on dividend cuts, executive pay, furloughs and deeper changes to their business model in the process.

Interchange fees are a major part of the costs merchants pay to accept payment cards. While merchants seek relief from fees during a time in which their businesses face serious damage from stay-at-home edicts because of coronavirus, the credit card companies and banks quickly began to dig in their heels.

The firms say they can't handle crushing loan demand from small and medium-sized businesses.

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

Lenders and government guarantors can use loan technology to bring immediate relief to business owners, former OCC official Jo Ann Barefoot says.

While the $2 trillion stimulus package just signed into law provides enhanced unemployment benefits, it is little solace to those out of work with dim prospects of their jobs returning to normal anytime soon.

China’s consumers are shopping online again. But their purchases signal they plan to stay indoors for the foreseeable future, dashing hopes for a spending recovery as the nation contemplates its post-virus world.

SBA loans could pour billions into bank coffers; Fed bailed out government-backed market, others may suffer.

Some institutions have seen application volumes rise by more than 300% following the Fed's emergency rate cuts, but there are fears that CUs who bulk up on home loans now could pay the price later.

After budget cuts and a strategic transition, the interagency body conceived by Dodd-Frank to identify systemic threats has largely been silent as the pandemic roils the economy.

The Treasury Department and Small Business Administration are responsible for distributing $350 billion in coming months.

The regulator will provide $4 million in loans and $800,000 in grants so institutions can assist their communities during the pandemic.

The St. Paul, Minn.-based institution will provide a 20% bonus to member-facing staff who are at additional risk during the outbreak since they are "essential employees."

Customers are more reliant than ever on digital banking tools, and institutions like OceanFirst, BBVA and M&T are thankful they had invested in teaching employees to show customers how to use them.