Coronavirus

Now that its deal with Texas Capital has been called off, Independent Bank in McKinney plans to scale back or exit some commercial lines and will seek to duplicate its retail banking successes in Colorado.

Democrats Elizabeth Warren of Massachusetts and Brian Schatz of Hawaii have sent a letter to CEO Charlie Scharf demanding a response to news reports that the bank has been placing borrowers into forbearance plans without their consent.

As demand for secure and seamless digital payments increases, financial institutions must prioritize a digital-first payments strategy that incorporates the latest trends, says CSI's Matt Herren.

The key word is "temporary" with the FHA's quality control waiver expiring and not likely to be renewed.

Mastercard reported a sharp decline in payments in its most recent quarter, but some digital seeds it planted before the coronavirus pandemic are already bearing fruit.

The company's results put firm numbers on one of the most discussed business trends of the pandemic economy — the acceleration of digital payments.

As Senate Republicans consider a new coronavirus relief package, the Federal Reserve chairman said easing the so-called Collins amendment would help financial institutions support the economy.

In what was a challenging quarter for the industry, the company reported strong loan growth and a wider margin. Continued momentum will depend on government stimulus, the reopening of New York City and borrowers' ability to make payments after their deferral periods end.

The financial services industry urged Gov. Tom Wolf to reconsider guidelines that excluded their employees from receiving this benefit.

Members of the Senate Banking Committee took the agency’s leader to task for eliminating underwriting requirements for small-dollar lenders, which lawmakers said has left consumers more vulnerable during the pandemic.

The pioneering online lender had long struggled to live up to the hype that drove its early growth, even before the pandemic pushed it to the brink.

One way banks can prepare for a smooth cutover to new standards is by implementing a core banking / payment solution that uses ISO 20022, says Infosys Finacle's Peter Ryan.

Remitly has raised $85 million in its latest fundraising round, valuing the company at $1.5 billion as the COVID-19 pandemic drives consumers to increasingly send remittances digitally.

The coronavirus outbreak has caused economic activity to crater, and Visa says its focus on services, partnerships and e-commerce has provided stability and a route to growth.

The enhanced jobless benefits in the coronavirus relief law enacted in March helped limit delinquencies and maintain consumer spending, analysts say. In their follow-up stimulus plan, Senate Republicans want to cut those benefits from $600 to $200 a week.

Many of its borrowers have struggled to make payments since the pandemic struck, so it is helping them by suspending debt collections and capping rates on new loans at 36%.

The company's foundation, whose mission had been carefully planned by BB&T and SunTrust before their merger, opened just nine days before the novel coronavirus was declared a pandemic. Here’s what happened next.

Republicans and Democrats are negotiating a new coronavirus stimulus package, but there’s still no law on the books designed to erase the problems that prevented many stimulus payments from getting directly to recipients.

The pressure is on the fintech, which helps banks make digital loans, to stanch its losses and show its lofty market valuation was deserved.

The coronavirus pandemic has greatly disrupted many people's cashflow, and made financial management much more stressful. Earned wage access is one way to provide relief to those who still have an income but find themselves financially strained. PaymentsSource senior analyst Michael Moeser talks about earned wage access with Safwan Shah, the founder and CEO of Payactiv, a company that's operated in this space for nearly a decade.