Coronavirus

The central bank will increase support for credit issued through the Main Street Lending Program while providing midsize firms with more flexibility on the amounts they receive.

Credit unions have been encouraged to help members in a prudent and fair manner but that also means properly documenting the decision-making process.

Banks and prepaid card providers have played an unwitting role in scams that have stolen billions of dollars from state unemployment insurance programs, whose payouts soared after coronavirus shut down the economy.

Before the coronavirus outbreak, financial institutions, wary of robberies, prevented customers from covering their faces. As branches reopen, public health concerns are forcing accommodations.

Industry figures have begun to speak out in support of demonstrations in the wake of the deaths of George Floyd and other African Americans, and new data is expected to show how the coronavirus impacted balance sheets.

Restaurants and retailers which saw their physical outlets closed down by the coronavirus pandemic have been scrambling to stay in business with the help of omnichannel retail software vendors.

One segment of the market, at least, has proved more resilient than many feared early on in the crisis.

Prior to the outbreak, members were banned from covering their faces inside branches for security reasons. Now institutions must devise ways to keep everyone healthy and safe.

Cryptocurrency and blockchain technology embodies a unique set of properties that enable a rapid response toolkit for governments in times of crisis, says CoinFlip's Daniel Polotsky.

Coronavirus has made traveling a dicey proposition to begin with, but when U.K. consumers do venture beyond their homes during the pandemic, far fewer plan on using cash for payments.

Acting Comptroller of the Currency Brian Brooks says financial institutions are needed more than ever to “sustain existing businesses” and help entrepreneurs rebuild. Meanwhile, reforming the Community Reinvestment Act, he says, can “unblock opportunities” in minority neighborhoods.

Lenders have a role to play in the national reconciliation that must follow the recent racial unrest — providing greater access to capital for African Americans and other underserved groups so they can build wealth, activists said at a panel discussion hosted by Berkshire Bank in Boston.

One criticism of the CARES Act is that it provides relief only to borrowers with government-backed loans. Bills in New York and California would cover the remaining 30% of homeowners.

Bankers said legislative fixes to the small-business rescue program should help more borrowers secure loan forgiveness, though new demand will likely remain tepid because the process is still extremely cumbersome.

Acting Comptroller of the Currency Brian Brooks had suggested states and municipalities should end "indefinite shutdowns" meant to combat the spread of the coronavirus. The Democratic lawmaker said he was going against the public health recommendations.

The race to provide coronavirus relief for small businesses is opening new routes to fund payments, including underused credit lines.

Past is not prologue, and a successful strategy for becoming a top-performing bank in 2020 is very different from what it might have been just six months ago.

Once the payment holiday is over, monthly repayments are likely to be higher, leaving many borrowers struggling to manage their debt.

Credit union executives have led teams through past crises, but the pandemic has created new economic stresses and mental strain that CEOs must address.

As merchants are challenged to adapt their business just to survive, and consumers push for greater control over where and how they spend, the payments industry is in a position to align the various needs, says Splitit's Brad Paterson.