Corporate finance

Members of the Banking Committee pressed the Treasury secretary and Fed chief to ensure CARES Act funds are deployed as Congress intended. They also debated the need for more stimulus to ease the economic effects of the coronavirus.

The Baltimore-area credit union crossed the latest threshold despite a dip in net income during the first quarter as many organizations struggle with the coronavirus fallout.

New Peoples Bankshares said the layoffs were necessary because of the coronavirus pandemic and "a changing financial services industry."

The central bank's Financial Stability Report said companies may face difficulties repaying debt given lower earnings, “which could trigger a sizable increase in firm defaults."

Congress authorized the Federal Deposit Insurance Corp. to intervene if the pandemic caused a liquidity scare, but nearly two months later deposits are through the roof and the agency has not acted on the expanded authority.

Wirecard AG said it still expects full-year earnings to rise, even as some business customers struggle with the lockdown.

More write-downs seem inevitable as the coronavirus outbreak wreaks havoc on the economy and bank stocks.

Incoming chief Frank Bisignano downplays any pressure to find $1.2 billion in cost cuts promised to shareholders from the acquisition of First Data. Instead he emphasized his track record of producing revenue growth and pledged to keep funding innovation projects.

The head of the U.S. central bank said its emergency credit programs were not designed to prop businesses up over the long term.

The Ohio Democrat's criticism of Rodney Hood, chairman of the National Credit Union Administration, echoed complaints from bankers that the regulator was using the chaos from the pandemic to push through changes.

All 11 corporates have signed on as agent members of the CLF, boosting its borrowing authority by $13 billion.

When Fiserv purchased First Data in 2019, it was part of an industrywide push to combine bank and merchant technology under one roof. A year later, a key piece of First Data’s technology — and its top executive — have become Fiserv’s path through the coronavirus crisis.

The Federal Reserve also said in a supervisory report released Friday that it would conduct stress tests this quarter as planned, taking into account sudden deterioration in the economy brought on by the coronavirus pandemic.

Thomas Lopp cited health reasons for leaving Sterling Bancorp less than six months after becoming CEO. Sterling has been dealing with revenue issues after shutting down its biggest lending program over underwriting concerns.

Bisignano, who engineered a technology-driven recovery at First Data before it was acquired by Fiserv last year, will take Fiserv's top job as the company forges its coronavirus strategy.

The Independent Community Bankers of America accused the National Credit Union Administration of using the coronavirus to usher in additional changes without the normal amount of scrutiny.

When the coronavirus pandemic began, Square pushed hard to get a bigger share of merchants' online sales and consumers' stimulus spending — and even received its long-desired bank license — but found that this wasn't enough to offset the effects of the crisis.

Despite PayPal's efforts to get people to receive — and spend — their stimulus checks from PayPal accounts, the coronavirus pandemic caused its revenue for the first quarter to come in below company guidance.

Banks that relied on loan growth to outperform peers in 2019 will need to focus more on core deposits and expense control this year. Check out our annual ranking of the top 200 publicly traded community banks.

A letter from Todd Harper, a member of the National Credit Union Administration board, called on lawmakers to make a variety of legislative changes to help credit unions and consumers weather the pandemic.