Economy

The agency said it is aligning policies for Fannie Mae- and Freddie Mac-backed loans in forbearance so that servicers are only responsible for advancing four months of missed payments.

Rather than selling off assets at a steep discount, the Dallas company is considering taking equity positions in energy firms struggling to make loan payments in the wake of collapsing prices.

The SBA’s Paycheck Protection Program is nearly depleted, but there are ways small banks and fintechs, with help from Congress, can remedy the situation.

Citizens, Regions and others say business investments initiated before the COVID-19 pandemic, including technology improvements and new consumer offerings, are on track.

Community development financial institutions, including credit unions, have a unique role to play as the nation weathers the economic fallout from COVID-19, but they can't do it alone.

As the market deals with the short-term challenge of getting stimulus payments into the hands of citizens, the country has a unique opportunity to put the unbanked and underbanked on a long-term path to electronic payment methods, Jim Johnson of FIS says.

State and federal trade associations are calling on lawmakers to move past an impasse after the Paycheck Protection Program ran out of money in just two weeks.

Partisan differences get in the way of new aid program for small businesses as SBA program runs out of money; loan servicers want a bailout as defaults are expected.

Consumers and businesses put more money in the bank as the pandemic worsened. How long the funds remain will depend on how quickly the economy recovers.

Legislation announced Wednesday would allow credit unions to make coronavirus relief loans to businesses without fear of bumping up against the member business lending cap.

The hardest hit industries were leisure and hospitality and retail outside of essential-goods purchases, the Fed said in its Beige Book survey released Wednesday.

The Borrower Protection Program enables the two agencies to exchange information about loss mitigation efforts and consumer complaints regarding specific servicers.

The SBA’s Paycheck Protection Program is nearly depleted, but there are ways small banks and fintechs, with help from Congress, can remedy the situation.

As coronavirus puts parameters on how we interact with each other, instant issuance is more important than ever, says Matica's Paul Schwerdtfeger.

At issue is whether the U.S. should step in now to save nonbank mortgage servicers to head off damage to the housing market.

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

Bankers say they’re still trying to figure out if the Fed’s complex loan-buying vehicles will help them cater to the needs of midsize commercial customers hammered by the economic shock from the coronavirus outbreak.

The week-old Paycheck Protection Program will be opened up to sole proprietors and independent contractors on Friday.

The majority of small businesses faced a financial challenge last year and that was before the pandemic curtailed consumer demand and forced nonessential companies to close.

A bipartisan group of lawmakers wrote in a letter to the Treasury secretary that the Financial Stability Oversight Council should create a liquidity facility to deal with a flood of forbearance requests brought on by the coronavirus pandemic.