Coronavirus

Community banks that were pushed past key asset limits by the Paycheck Protection Program say they will be unable to shrink their balance sheets back to normal size by the 2022 deadline, especially if there is a new round of rescue aid.

Big banks and other financial firms predict the cost of warding off cybercriminals will keep climbing in 2021 as they work to secure digital financial services popularized by the pandemic.

Improvements have been made in reducing the number of unbanked households over the past few years, but progress hasn't been even across different communities. There are also new obstacles coming to light, as COVID-19 drives more banks and consumers to digital channels to acquire and service new financial products.

The risk of catching COVID-19 through using banknotes is low, according to research by the Bank of England that suggests the aversion to using cash during the pandemic is unnecessary.

As COVID-19 infections break records nationwide, some banks are once again closing lobbies. But many others are maintaining the status quo after instituting a host of safety protocols that didn’t exist in the spring.

Yellen, the former head of the Federal Reserve, would become the first woman to hold the nation’s top economic policy job just as the coronavirus pandemic threatens another downturn.

PayPal Holdings Inc. employees will probably spend more time working from home even after the coronavirus pandemic is over.

Hospitality sector credits are coming out of forbearance just as coronavirus cases surge. Restructurings and charge-offs could mount unless vaccine distribution happens quickly enough to jump-start travel by mid-2021.

Banks have made great strides in applying digital technology to the world of checks, but companies that receive checks still have to physically receive them in order to digitize them, says Santander's Greg Murray.

In 2017 the creators adapted the technology into a touchless restaurant order-and-pay system that’s seen exponential demand during the pandemic, as dining establishments race to replace paper menus and card payment devices with contactless alternatives.

When the pandemic hit full-force and lockdowns closed many agent locations, the industry’s shift to digital accelerated quickly. Even as job losses rose among those sending money overseas, the demand from recipients kept money moving, including among legacy companies like Western Union and MoneyGram.

The pandemic has highlighted massive inequalities in American life but the financial services industry can play a role in reducing these divisions.

In addition to monitoring the spike in contactless payments because of the COVID-19 pandemic, Verizon Business has also cited the expected decrease in foot traffic at the largest malls in the U.S. through its mobile data metrics.

JPMorgan Chase CEO Jamie Dimon says the partisan bickering over coronavirus relief aid is harming households and businesses and jeopardizing the chances of an economic recovery.

COVID-19 has accelerated the end of cash and pushed digital payments to a new tipping point.

The Term Asset-Backed Securities Loan Facility was brought back to inject $100 billion into the pandemic-battered economy, but only a fraction has been disbursed. Yet experts, pointing to its calming effects on markets, recommend that it be extended into next year.

Global regulators are preparing to tighten restrictions on companies believed to have threatened the financial system at the height of pandemic-fueled volatility.

If the GOP can hold its majority in the chamber, Sen. Pat Toomey, R-Pa., will likely become the panel's chairman. His ardent support for free-market principles could set up partisan clashes with Democrats over pandemic relief, money laundering rules and more.

It will take years to fully complete the project, but Mastercard has announced the availability of real-time account-to-account corporate payments for U.S. firms through its Mastercard Track Business Payment Service (BPS), with plans to add cross-border payments next year.

The Federal Housing Administration said in its annual actuarial report that the capital reserve ratio on its mutual mortgage insurance fund increased to 6.10% in fiscal year 2020, up from 4.84% a year earlier.