Coronavirus

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.

Weak demand for oil and gas, brought on by the economic fallout of the coronavirus outbreak, has raised concerns of energy firms missing loan payments or even going bankrupt. Here’s how banks and regulators are trying to get ahead of potential problems.

With branches closed and fewer opportunities for credit unions to have in-person interactions with members, the pandemic has reiterated the need for digital transformation in the industry.

The world’s largest payment companies are fighting for their own piece of the U.S. coronavirus stimulus: an assignment to help distribute some of the relief money that will be sent to millions of Americans in the coming weeks.

The ICBA chief’s plea for a six-month halt to regulations not related to the pandemic followed similar calls by community groups and a key Senate Democrat.

The regulation established standards for investors who own less than a quarter of an institution. Banks are getting more time for implementation as they focus on effects of the COVID-19 pandemic.

The trend toward cashless is inevitable, and could be accelerated by current events. But a gradual transition is key to avoid alienating those people who depend on cash as their primary payment method.

With coronavirus driving more merchants to promote electronic payments over cash — and contactless payments over cards — many are still asking their customers to share a potentially virus-laden pen to sign a receipt or screen at the point of sale.

The 2008 package proved some banks were too big to fail. But the rushed $2.2 billion stimulus shows now any company can be bailed out.

The industry still grapples with stopping corrupt employees — the failure of CBS Employee FCU last year highlights that — and now that could become even harder with the pandemic.

U.K. supermarkets which have been experimenting with mobile scan-pay-go may see more consumers adopting the technology due to social distancing requirements in stores.