Coronavirus

The regulator announced in June it would use call report data from before the crisis to calculate bank assessment fees in September, a one-time change.

A handful of credit unions have embarked on co-location strategies, sharing branch space with coffee shops and other businesses, but the social distancing era may force some institutions to rethink those plans.

Now that the U.S. is five months into the COVID crisis a new victim is emerging. Caught between small businesses furloughing their staff landlords needing to collect rent are millions of hourly workers.

s part of a global financial community, we must consider the long-term impact and see financial inclusion as a fundamental priority as we look to rebuild a fairer, more sustainable world, says Icon Solutions' Darren Caprehorn.

Just eight loans had been made as of late July, six of them through a single community bank in Florida, according to new data on the federal rescue program for small and midsize companies hurt by the pandemic.

The central bank released new details about FedNow, which officials hope to get off the ground before a 2023 or 2024 target launch date.

Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.

A survey of companies that received funding from the Paycheck Protection Program also showed that respondents on average have cut their payroll costs by more than half.

The agency said property owners can enter into new or modified forbearance plans if they have a hardship due to the coronavirus, but the landlords must agree not to kick out renters solely for nonpayment of rent.

One of the few clear implications from the initial two months of the lockdown with the changes to consumer behavior and the uncertainty ahead is the imperative for organizations to regain clarity on credit risk by obtaining a more complete picture of consumer creditworthiness, says LexisNexis Risk Solutions' Ankush Tewari.

The coronavirus pandemic has forced some branches to close, but demand for in-person advice remains strong.

Fintechs must have the ability to adapt if they're to survive the crisis and thrive afterward, Daumantas Barauskas of Genome says.

The coronavirus outbreak initially looked like it might torpedo U.K.-based Paysafe’s plan to expand in the U.S. in 2020. But several months into the pandemic, the payments conglomerate sees ways it can grow by helping bruised small businesses retool operations.

Many sellers are ditching the loans to avoid the cumbersome forgiveness process. For others, the Paycheck Protection Program was never a strategic fit.

“We do not yet know when we’ll return to a more traditional operating model,” a company spokesperson said.

The owner of The Shuckery in Petaluma, Calif., says she was unable to get a Paycheck Protection Program loan until she responded to an email from the delivery service and BlueVine.

The Federal Reserve Racial and Economic Equity Act would direct the Fed to consider racial inequality in employment, income and access to affordable credit when making monetary policy and in its regulation and supervision of banks.

A new report from Access Softek showed at least one in five members are likely to reduce their branch visits once the pandemic ends, though the risk of consumers leaving their credit union entirely may have declined.

The prepaid card company benefited from payments that were designed to offset the pandemic’s impact on U.S. consumers.

Consumers are reluctant to take on additional debt in the wake of the coronavirus, cutting into credit unions' revenue streams. That could spur more institutions to roll out rewards programs to promote debit card usage.