Coronavirus

The Fed must set up a "family financial facility" that sends billions to households and small businesses so banks don’t misdirect relief funds.

Institutions across the country are restricting entrance to their facilities to help curb the spread of COVID-19 but profitability issues could crop up if the pandemic drags on.

While the global coronavirus outbreak may be grounding corporate travel to a near standstill, leading travel companies and fintechs are continuing to hone AI-based payments platforms to reduce the problem of corporate travel fraud.

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.

Truist, Key, Fifth Third and PNC became the latest banks to restrict branch access to the drive-through window or appointment only.

The agencies said banks could receive Community Reinvestment Act credit for activities addressing the virus fallout, and clarified earlier guidance encouraging banks to dip into their capital buffers.

FDIC Chairman Jelena McWilliams, citing concerns about the coronavirus outbreak, is the first regulatory chief to call for suspending the accounting standard for expected loan losses.

Forbearance and loan-modifications programs implemented after the financial crisis left borrowers bewildered and angry. Now the mortgage industry wants to create a common standard for providing relief to homeowners whose livelihoods have been upended by the coronavirus pandemic.

The FDIC chairman, citing concerns about the coronavirus outbreak, is the first regulatory chief to call for suspending the accounting standard for expected loan losses.

Mark Calabria said Fannie Mae and Freddie Mac are currently equipped to handle elevated delinquencies, but they might need congressional or Federal Reserve help if fallout from the coronavirus persists.

The proposal from Sens. Marco Rubio and Susan Collins would provide the Small Business Administration with $300 billion to help companies hurt by the coronavirus outbreak meet immediate financial obligations, including payroll.

The voluntary agreements were meant to help the FDIC make staffing changes ahead of a wave of retirements. But concerns about the coronavirus means those plans will be put on hold.

The surge in online and mobile use is a high-profile test for the industry — and could foreshadow a permanent consumer shift.

Some institutions may rethink their sponsorship deals with professional sports teams now that several leagues have suspended their seasons because of the pandemic.

Over the next few weeks, U.S. businesses with online platforms might be tempted to relax fraud controls to free up potential friction – they shouldn’t. It could mean major fraud hits.

The expansion of the dollar swap lines allows foreign central banks to meet the needs of companies and financial institutions rushing for dollars as the global payments system undergoes severe strain due to the coronavirus.

The Money Market Mutual Fund Liquidity Facility, established under the central bank’s emergency authority, echoes a version that was set up during the global financial crisis.

COVID-19 is bringing business to PayPal, Blend, Symphony and others as homebound consumers and commercial clients seek more electronic services. But demand could cool if the economy slows further.

The biggest bank in the U.S. will temporarily close 20% of its branches, following recommendations by health experts. It said it would also operate its remaining branches at reduced hours.

Fraudsters who claim they work for the agency are taking advantage of coronavirus confusion to try to con consumers out of bank account information and money.