Coronavirus

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.

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.

A subprime-related settlement between the government and Deutsche Bank provided meaningful benefits to some U.S. consumers in need, according to a new report. But the author acknowledged that those gains could prove illusory for some consumers given the coronavirus crisis.

The Fed has already eased certain capital requirements in response to the coronavirus pandemic. It should avoid making any further adjustments to the surcharge, which is meant to keep global banks from creating systemic risks.

Traditionally, consumers take summer vacations to recharge from the hustle and bustle of daily life, as well as to reconnect with families and friends, before moving on to the next phase of their lives such as the restart of schools or going back to work – but not this year.

Microsoft has boosted its role in the digital payments migration through a series of ventures, using its cloud computing platform to support merchant upgrades and real-time processing.

Several big bank mergers fell apart after the coronavirus hit. But Bryan Jordan, First Horizon's CEO, said the pandemic validated plans to cut costs and invest more in digital upgrades.

The coronavirus pandemic has led to a massive surge in Canadians using digital identity authentication platforms to get immediate access to government emergency aid.

Many big banks say they will focus on existing customers in offering credit through the Federal Reserve’s emergency lending program for midsize businesses. Complex vetting and fear of being inundated are said to be among their concerns.

The company has established a fund that will provide capital, technical assistance and long-term recovery support to small businesses, especially minority-owned companies. The other megabanks are expected to donate their fees, also.

Some institutions are grappling with new liability issues as they attempt to keep members and staff safe while also reopening their facilities after statewide lockdowns.