Economy

The online lender, which is looking to become a direct lender in the Paycheck Protection Program, has accepted 37,000 applications while working with an unnamed bank to fund businesses harmed by the coronavirus pandemic.

The government should encourage community lenders to offer six-month loan repayment forbearances to struggling businesses before it’s too late.

Lenders and government guarantors can use loan technology to bring immediate relief to business owners, former OCC official Jo Ann Barefoot says.

A new survey shows more Americans are tapping into their savings as job losses rise and the pandemic's impact on the economy gets worse.

For many small providers, the coronavirus pandemic means falling revenue and rising expenses, as many either shut their doors to new business or staff up to deal with COVID-19 patients. Bankers say that means helping them bridge the cash-flow gaps until they can get back to business as usual.

The central bank is creating a facility to provide financing to banks participating in the Small Business Administration’s Paycheck Protection Program.

The only current CEO who steered a major U.S. bank through the financial crisis, Dimon said JPMorgan’s earnings will be “down meaningfully” this year as a result of the coronavirus pandemic.

Car loans make up about a third of credit unions' total lending portfolio, and any drop in that sector could resonate across the entire industry.

While the federal government is touting the early success of the Paycheck Protection Program, community banks are complaining about headaches and glitches.

The pandemic could lead to a sharp rise in defaults and loan requests from farmers who have struggled with low prices and the impact of trade wars.

Yes, the Small Business Administration's emergency funding program for the coronavirus crisis is off to a rocky start, but that shouldn't stop banks from helping customers in need.

The proposed Agility Bank would rely heavily on digital offerings. It is pursing a national charter with the Office of the Comptroller of the Currency.

Many bankers find crucial parts of the SBA effort to help businesses hurt by the coronavirus outbreak to be unclear and onerous. If those issues go unresolved, participation could suffer.

Like his longtime boss and mentor, Bob Wilmers, Jones is deeply committed to investing in communities, controlling expenses and delivering value for investors. But he also has novel ideas for modernizing M&T, like doing away with its "permission culture," improving the customer journey and positioning it as a go-to bank for tech talent.

ISO 20022 allows banks to generate greater amounts of standardized data to provide targeted insight, says Icon Solutions' Lauren Jones.

Lenders can offer deferred payments and capitalize on digital banking to help small businesses and consumers get back on their feet.

The change — effective immediately — will reduce capital demands by about 2% overall, the Fed estimated, and will be open for a 45-day comment period.

Lenders and government guarantors can use loan technology to bring immediate relief to business owners, former OCC official Jo Ann Barefoot says.

Some institutions have seen application volumes rise by more than 300% following the Fed's emergency rate cuts, but there are fears that CUs who bulk up on home loans now could pay the price later.

With access to comprehensive and accurate financial data delivered through advanced APIs, financial services providers no longer have to develop personalized experiences themselves, argues Envestnet's Brandon Rembe.