Paycheck Protection Program

Members of the Banking Committee pressed the Treasury secretary and Fed chief to ensure CARES Act funds are deployed as Congress intended. They also debated the need for more stimulus to ease the economic effects of the coronavirus.

Black and Latino business owners were less likely to get loans than overall borrowers, survey states; Atlanta Fed president tells lenders they won’t be second-guessed if they do right by borrowers.

Bracing for a prolonged economic slowdown, many community bankers say they are considering a number of belt-tightening measures, including freezing salaries and delaying investments in technology and product development, according to a survey by Promontory Interfinancial Group.

The government's latest stimulus package cleared the House on Friday but a number of key credit union priorities didn't make the cut.

A small Texas company that profits from loan applications is using a web address so similar to the Trump administration's portal for small businesses that even Treasury Secretary Steven Mnuchin pitched the wrong one when outlining a pandemic-aid program.

The program would give small businesses greater flexibility on how they use loan proceeds; Warren Buffett’s company dumped 10 million of its nearly 12 million shares in the bank.

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

The agencies produced an application process that includes favorable interpretation of qualifying expenses.

Complaints to the CFPB hit an all-time high, with mortgage servicers getting much of the fire; Frank Bisignano details his priorities as Fiserv’s new CEO; lenders worry they could be stuck with billions in Paycheck Protection Program loans; and more from this week’s most-read stories.

Democrats’ latest proposal to back debt collectors, enable loans for nonprofits and provide other relief could help steer negotiations with the Senate on more stimulus.