Coronavirus

Switching core banking systems has long been done face to face, but the pandemic has driven the process into the digital arena. The change could be permanent.

The event is the last major credit union conference for the year to be moved to a virtual format due to the coronavirus.

Consumers now have more control over their own financial decisions and loan options.

The Fed’s recent action capping dividend payments might prove inadequate once the coronavirus crisis really hits banks’ capital.

Derek Webster, founder and CEO of the mobile point of sale provider CardFlight, talks with Daniel Wolfe, editor-in-chief of PaymentsSource, about the data CardFlight collects on small-business spending, which it updates every week during the coronavirus pandemic.

The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected, as it braces for a wave of coronavirus-related defaults.

The results show how Wall Street giants such as Citigroup leaned on volatile businesses in the second quarter to counter mounting signs of distress from lending operations.

The country's largest bank said second-quarter profit fell 51% to $4.69 billion, a smaller drop than forecast, as record trading revenue helped counter the biggest loan-loss provision in its history.

The Australian firm, best known for financing online purchases, is rolling out interest-free, point-of-sale loans at cash registers that it says could help U.S. merchants boost flagging sales.

Switching core banking systems has long been done face to face, but the coronavirus has driven the process into the digital arena. The change could be permanent.

Bankers had asserted in April that they could handle a slump in oil prices tied to the coronavirus pandemic. Continued volatility, combined with declining collateral values and a rise in bankruptcies for exploration companies, is denting their confidence.

The amount far surpassed that of any other servicer required to purchase Ginnie Mae-backed loans that were 90 days past due.

There will be lasting consequences for financial institutions that choose short-term protections for their bottom line over the economic security of the consumers they serve.

Canadian consumers are changing their banking habits to reduce physical contact with others because of COVID-19, according to a new study by McKinsey & Co.

G4S Plc has entered talks with workers over a plan to slash jobs at its U.K. cash-handling business as COVID-19 spurs consumers to use other forms of contactless payment.

It is no longer a matter of whether a business should be modifying their infrastructures to support these new in-store and online purchasing behaviors, but when and, most importantly, how quickly, says Fattmerchant CEO Suneera Madhani.

With the COVID-19 health pandemic wreaking havoc on jobs, investments, consumer debt and lending, secured credit cards can address a vital need for people who may not have considered the product in the past.

Regulators can only delay the move to a new interest rate index alternative for so long.

The Federal Reserve's extraordinary effort to keep credit flowing to companies during the COVID-19 pandemic is also shunting money to banks' bottom lines.

For all banks' claims that credit unions pose a threat to their commercial lending market share, they've accounted for just 2% of volume in the Paycheck Protection Program.