The mobile banking and paperless habits bank customers picked up during the pandemic are here to stay, and financial institutions are working to strengthen their digital offerings, speakers at an American Banker conference said.
Speaking at an investor conference, Bank of America's CEO said that additional aid is needed to help consumers, businesses, nonprofits and local governments ride out the pandemic.
Bank of America will help Cornell University expand an online training course aimed primarily at Black and Hispanic women who want to start their own companies, as part of the bank's $1 billion racial justice commitment.
Executives from a half-dozen major financial institutions avoided detailed commercial lending forecasts and gave a mixed outlook on consumer credit at an industry conference. And they called on Washington to pass an aid package targeted at the most troubled business sectors as soon as it can.
The agency's "no-action" letter is intended to provide more regulatory certainty for the bank after it announced a short-term credit product available to checking account customers next year.
The industry has enjoyed lower tax rates and regulatory relief during the current administration, but individual donations from the eight largest banks favor the Democratic nominee by more than 4-to-1.
The additional payments are being halted this month, according to Bill Halldin, a spokesman for the company. They were introduced for eligible staff in March as the coronavirus spread throughout the U.S.
