Financial institutions

The funds include $3.2 billion in loans that community development financial institutions had already approved during the PPP's second phase.

The funds include $3.2 billion in loans that community development financial institutions had already approved during the PPP's second phase.

Year to date through Dec. 31, 2019. Dollars in thousands.

Year to date through Dec. 31, 2019. Dollars in thousands.

Full-time equivalent, as of Dec. 31, 2019. Dollars in thousands.

Companies like Amazon, Apple, PayPal Netflix, Uber and others have made it so easy to transact that consumers are left wondering why their bank or credit union cannot provide them with the same kind of seamless and tailored experiences, says Payrailz's Mickey Goldwasser.

Demand has soared for mental health services as bank employees put in long hours, supervise kids while working at home and endure personal crises. Citi, BofA, Fifth Third and others are getting creative to help them decompress during the pandemic.

The Office of the Comptroller of the Currency watered down numeric metrics that some groups blasted and allowed more institutions to opt out of the new regime. But whether the agency has won over any detractors remains to be seen.

Craft Bank, which plans to open this summer, is in the final stage of raising $30 million in initial capital.

The Small Business Administration gave lenders some direction ⁠for closing out Paycheck Protection Program loans. Bankers say it's an encouraging start, but they want more protection from liability and a concession on nonpayroll expenses.

With the stakes now higher than ever, we can expect to see a marked acceleration in payments transformation initiatives, says Icon Solutions' Simon Wilson.

Lenders are scrambling to pause ranchers’ loan payments as meat processing plant shutdowns during the pandemic threaten $25 billion in losses for the livestock industry.

Saul Van Beurden's team is tasked with keeping systems running during the pandemic, including driving equipment to homebound workers. Yet the bank must continue making upgrades demanded by regulators, investing in new technology and recruiting top talent, he says.

FedAccounts would be government banking on a massive scale, says Intrepid Ventures' Eric Grover.

Triad Business Bank in North Carolina, which opened in March, has made $106 million in Paycheck Protection loans.

The Pittsburgh company’s sale of its stake in the asset manager yielded billions of dollars that could cushion the pandemic’s economic blow and eventually help fund a big acquisition.

Swift's ISO 20022 delays have signaled a pause button. But that's a misplaced notion, says Fiserv's Andrew Foulds.

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.

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 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.