Coronavirus

Consumer savings are up, yet so are evictions. Banks need to reach out more to those who are struggling financially, and they could use data as a guide.

Lending opportunities have become scarce, especially with commercial borrowers, and banks are resisting the temptation to relax standards to boost volume.

Concerns over cash and checks are permanent and will make contactless mainstream, says Global Market Insights' Vinisha Joshi.

Even given the huge jump in digital transactions from e-commerce, card brands are holding out for COVID-19 vaccines as a path out of the payment declines that have accompanied 2020’s health and economic crises.

Regulators were receptive to Republican lawmakers' calls to ease burdens on banks that cross new asset thresholds as a result of their participation in the Paycheck Protection Program.

Many small banks are reactivating repurchase programs, signaling that capital levels remain strong and credit issues are under control.

Temporary policy responses have mitigated problems in the short-term funding markets related to the pandemic, but permanent fixes may be necessary in some areas, the agency said in a report.

Demand trends were mixed in the third quarter, with consumers showing more willingness than businesses to take on new debt, according to the Fed’s most recent survey on bank lending practices.

With a Democrat set to take the White House in January, the political balance at NCUA could shift amid changes for the CFPB and housing reform, and progressive banking ideas that were unthinkable over the past four years could gain traction.

With a Democrat set to take the White House in January, the agenda for agencies like the CFPB could undergo a rapid transformation, housing finance reform could be turned on its head and progressive banking ideas that were unthinkable over the past four years could gain traction.

It's not just payment habits that are changing, but the very nature of what people are willing to buy one another.

Executives from a half-dozen major financial institutions avoided detailed commercial lending forecasts and gave a mixed outlook on consumer credit at an industry conference. And they called on Washington to pass an aid package targeted at the most troubled business sectors as soon as it can.

Asked about the political uncertainty surrounding the undecided presidential race, Federal Reserve Chair Jerome Powell said the central bank isn’t wavering from its duty “to support the economy during this difficult time.”

The region now leads the nation in virus cases, and with winter lurking the fear is that the outbreak will only get worse.

In its lawsuit against Visa, the Justice Department alleges the card network's $5.3 billion deal to buy Plaid is meant to neutralize a competitive threat — even though Visa and Plaid do not see themselves as competing with each other.

“The asset management industry in particular has found it is quite productive to work from home,” says Mary Erdoes, who runs asset and wealth management at JPMorgan Chase.

Contactless payments, staging and early wage access have built a permanent following and should be part of any alternative financial services mix, says DigitaMint's Marc Grens.

As the coronavirus pandemic unfolded in early 2020, Visa deployed street-level teams in 66 cities across the U.S. to meet with small-business owners to help them transition to a digital-first world.

Consumers will still prefer minimizing physical contact, while relying on digital payments and looking forward to adopting smarter methods that are secure, convenient, and less time-consuming, says Global Market Insights' Vinisha Joshi.

Wells Fargo, JPMorgan Chase and others cut back on 7(a) lending to focus on originating Paycheck Protection Program loans. Smaller banks such as Live Oak and Byline gained market share by targeting niche industries and originating bigger loans.