Giant U.S. banks still have to deliver a Brexit plan to get staff across the English Channel before a potential second wave of Covid-19 forces Europe's doors shut again. ... Read full article
Executives argue the rollouts will largely focus on new markets and work in tandem with digital banking efforts. ... Read full article
In letters to administration officials and large banks, the lawmakers sought details about loan recipients following reports that financial institutions had favored their wealthiest clients. ... Read full article
In wealth management and consumer lending, banks are starting to win back clients they had been losing to startups. ... Read full article
New York State regulators may bring an enforcement action against the German bank as early as this month; Wells Fargo’s decision to stop making loans to the dealers has more to do with credit quality than asset limits. ... Read full article
Tyrie has advanced Bank of America’s virtual assistant Erica and rolled out easier-to-use digital products that resonate strongly with customers. Those achievements have earned him recognition as one of American Banker’s digital bankers of the year. ... Read full article
The funds will be used to support housing, job training and aid for small businesses in communities that have been disproportionately affected by the pandemic. ... Read full article
The Federal Reserve set up a liquidity facility to help banks meet demand for emergency small-business loans through the Paycheck Protection Program, but it's gone largely unused. ... Read full article
The agency is trying to get small lenders to help underserved businesses get the loans; although the British government is guaranteeing small business loans, banks are required to collect on delinquents. ... Read full article
The chiefs of some of the biggest U.S. banks called on their workers to fight racism after an unarmed black man died as a result of a white police officer kneeling on his neck, prompting nationwide protests. ... Read full article
The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the ... Read full article
Expenses soared in the rush to deploy emergency loans to small businesses, and now Bank of America may need to delay some investments if it hopes to meet cost targets, CEO Brian Moynihan said ... Read full article
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. ... Read full article
Bank of America is set to price today a $1 billion bond issue to fund COVID-19 relief efforts. It's the first sale from a U.S. financial institution that explicitly links all proceeds to tackling the virus, Bloomberg data show. ... Read full article
In round two of the Paycheck Protection Program, the bank has sent some 256,000 loan applications to the Small Business Administration for processing. ... Read full article
Submissions total about $17.8 billion in requested funding for the second round of the Paycheck Protection Program, with an average loan size of $81,000. ... Read full article
Bank of America and U.S. Bancorp were also named in a lawsuit filed in Sunday in which the banks are accused of prioritizing large loans distributed through the Paycheck Protection Program in order to maximize fees. ... Read full article
Some states aren't waiting on the Federal Reserve to help with the historic hits to their budgets. Instead, they're working with a lender that they have a much longer history with: Bank of America. ... Read full article
Quick forbearance actions averted an immediate hit to asset quality, but executives warned that a spike in unemployment and a looming recession will cause long-term problems. ... Read full article
The biggest lenders seem to have handled the corporate rush for cash heading into the economic shutdown caused by the coronavirus pandemic. But their ability to collect is as uncertain as the economic outlook for the next year. ... Read full article
