Coronavirus

Several community banks said they didn't have enough time to review the Paycheck Protection Program's application forms, forcing them to sit out Monday's reopening. The SBA is not saying when more lenders will be allowed to access its portal.

The original coronavirus stimulus program in 2020 stumbled out of the gate, delaying payments for months and exposing America's lack of universal access to the financial system. With round two, it's the digital rails that are sputtering early on.

Flush with excess capital, Bank of Montreal, TD Bank and others say they might be in the market to do a cross-border deal.

Bankers have several unanswered questions about the Paycheck Protection Program before it reopens to select lenders on Monday. Among them: When will forms be available, and which portal will the Small Business Administration use?

The Treasury Department and IRS are sending out approximately 8 million Visa prepaid cards to deliver a second round of Economic Impact Payments (EIPs) to consumers.

The COVID-19 pandemic of 2020 saw some businesses become big winners — such as Zoom, Home Depot and payments companies like PayPal — while other businesses suffered heavily, most notably the travel and hospitality industries. Credit card issuers also suffered, as demand lagged heavily for new cards and their overall spending dropped considerably during the year.

There's a way to manage the tricky balance between rapid digitization and the people who still need or prefer cash, and for Ram Chary it can be found in a casino.

The Federal Reserve has returned about $42 billion to the U.S. Treasury, and will soon transfer another $20 billion in excess funds connected to emergency lending facilities that stopped offering new loans last month, it said Thursday.

Bank of America's chief operations and technology officer says even digital experts benefit from in-person collaboration. She wants her 95,000-person staff to return once it's safe.

Community banks will have access to allocated funds and at least two days of exclusive portal access when the Small Business Administration relaunches the Paycheck Protection Program.

The trade group is the latest to call for financial services workers to be moved closer to the front of the line as COVID-19 vaccinations are distributed.

The year — and the coronavirus pandemic — caused a dramatic shift in attitude. Many consumers and merchants now saw contactless cards and mobile payments as a way to move ahead without the germ fears that come with touching cash and PIN pads. And even after those fears subsided, the new habits stuck around.

The recent stimulus law’s relief for renters and extension of the federal eviction ban were meant to ward off a housing crisis. But owners of 1- to 4-unit dwellings still face mounting mortgage and property tax debts, and delinquencies could start rising soon — followed by foreclosures.

The Georgia runoffs and resulting balance of power in Congress will help determine which bills on bankers’ wish list gain traction. But regardless, existing coronavirus relief such as the Paycheck Protection Program and a push for more economic aid will remain top of mind for lawmakers and the industry.

Nearly 70% of consumers surveyed said they were confident in their ability to pay their full monthly statement in December, up 5 percentage points from November, according to monthly data from the online lending marketplace LendingTree.

The new legislation includes a provision sparing lenders from having to pay such fees on Paycheck Protection Program loans, except in cases where they agree in advance with borrower representatives to do so.

The year 2020 was disruptive and chaotic. And while it derailed or delayed some companies' plans for growth, it also created opportunities for new combinations — or, at the very least, didn't slow them down.

Gilles Gade, one our community bankers to watch in 2021, led an effort that made Cross River Bank one of the biggest Paycheck Protection Program participants. He is ready for his team to pick up where it left off when the new stimulus package kicks in.

The Federal Reserve is credited with containing damage to the financial system from the coronavirus pandemic, but experts say the limits of the central bank’s power to prop up the economy will likely become more apparent in the new year.

In the early days of the pandemic, when consumers seemed loath to touch cash or a PIN pad, it seemed that PIN authentication might have had few days left. But that hasn't been the case.