Corporate finance

With the coronavirus pandemic bringing economic activity to a virtual standstill, BofA, like Wells Fargo and JPMorgan Chase, is shoring up its reserves to brace for a likely recession.

The San Francisco bank said the amount of loans that could go into forbearance so far represents a small percentage of its total portfolio.

Though hopeful for a second-half bounceback in the economy, JPMorgan Chase is prepared for 20% unemployment, lackluster GDP and losses in its loan portfolio that could reach tens of billions of dollars.

The Pennsylvania company said it faces $7.5 million in potential exposure from a commercial lending relationship.

The National Credit Union Administration board unanimously approved changes to an interim rule regarding the regulator's Central Liquidity Facility.

The results preview a tough first year for new CEO Charlie Scharf as the coronavirus pandemic brings the U.S. economy to a standstill.

The nation's largest bank set aside nearly $8.3 billion for bad loans, more than double what some analysts had expected.

Bank’s earnings fall 69% in the first quarter; this week’s earnings reports could determine whether banks will need to suspend dividends.

By helping borrowers now, banks hope customers can quickly catch up on payments once the coronavirus pandemic ends. If they can’t, interest income will remain low and charge-offs could pile up if the crisis drags on.

The National Credit Union Administration this week will consider an interim final rule regarding its Central Liquidity Facility and changes to real estate appraisal requirements.

Q1 profits expected to drop by nearly 25%, while investment banking revenues could tank much more; many banks have tighter standards than the SBA.

Midsize businesses and state and local governments are among the beneficiaries of the central bank's latest $2 trillion effort to mitigate the economic damage caused by the coronavirus pandemic.

The Fed's actions are designed to ensure the flow of credit to midsize businesses and state and local governments hit hard by the economic impact of the coronavirus pandemic.

The coronavirus has accelerated a move toward a public option for digital wallets that would tie government authentication to payment transactions. If successful, this could be the catalyst for a national digital identity system.

The Massachusetts-based credit union said its strong financial position will help it better serve members as the coronavirus crisis deepens.

It was less than three months ago, though it seems like a lifetime. Mastercard CEO Ajay Banga welcomed progress in the trade dispute between the U.S. and China, but with a caveat. The good news wouldn't last if the coronavirus became a pandemic.

The CEO says he is getting stronger and working remotely; if the lockdown lasts several months, the GSEs may need a bailout, FHFA head Mark Calabria says.

The company once again lowered its outlook for quarterly revenue growth, saying the coronavirus pandemic has led to a sharp decline in cardholders’ overseas spending.

Some corporations are willing to oblige, turning instead to new, pricier term loans or revolving credit lines rather than tapping existing ones, industry officials say.

NAFCU and CUNA wrote to the regulator asking for a variety of measures to help credit unions weather the pandemic, including not implementing the CECL standard until at least 2024.