Economy

Often overlooked in narratives about essential workers, branch and call-center employees are responding to challenges posed by the COVID-19 crisis. They’ve processed emergency-relief loans late into the night, coached customers unfamiliar with mobile banking and made house calls to elderly account holders.

U.K. retail sales dropped in April by the most in at least a quarter of a century, according to industry figures that outline the impact of the shutdown on stores.

Lots of consumers are using mobile checking for the first time, so it's important to provide extra help, says Mitek's Michael Diamond.

The Term Asset-Backed Securities Loan Facility is just one example of a fund that could be retooled.

The agency is being methodical in its rollout of the Main Street Lending Program in hopes of avoiding missteps that followed the launch of other coronavirus relief efforts. But observers say delaying aid brings its own risks.

The agency’s IG says the PPP failed to prioritize borrowers in underserved and rural markets; the firms, which lack deposits to cushion them, are vulnerable to borrowers defaulting on their loans.

Organizers representing five tribes aim to create a financial institution to serve their members.

Through its partnership with SpringFour, a fintech BMO Harris mentored in 2017, the Chicago bank is referring customers — including many hurt by the pandemic — to reputable nonprofits to help with job training, financial assistance and more.

An April survey from Clever Real Estate also found that potential home buyers and sellers have put their plans on hold.

Large spikes in transactions and unusual payment amounts can be a response to the pandemic, not a sign of fraud, says Genpact's Manish Chopra.

Industry giving is likely to decline in the wake of the pandemic, but it could force the movement to update its giving platforms.

Seneca-Cayuga Bancorp's capital levels have fallen steadily since peaking in 2013.

Regulators need to give more detailed guidance on the coronavirus relief program for small businesses so lenders don’t get trapped in underwriting mistakes down the road.

Prosecutors charge two Rhode Island men with trying to rip off the program; the bank says it has received “inquiries” from state and federal officials on its offering of small business loans.

Some benefits are materializing from Fannie Mae's pledge to limit servicers' exposure to principal-and-interest advances the way Freddie Mac does, but counterparties of both GSEs remain exposed to other concerns.

Even CUs that don’t directly serve the oil and gas industry are likely to be impacted, experts say.

It's time for agencies like the Small Business Administration to stop playing catch-up and invest in state-of-the art technology.

Banks tend to pull back in times of crisis by tightening credit and focusing on collections efforts. But consumers, and not returns, must be the focus during the coronavirus pandemic.

Mortgage lenders have imposed steep pricing adjustments for cash-out refinancing as more borrowers seek forbearance.

Lenders implemented stricter underwriting across all loan types in the first quarter as the pandemic upended the economy, the Federal Reserve said in its survey of loan officers.