The one-year relief is intended to free up lending to consumers and businesses; the online small business lender not making loans, shrinks credit lines, staff.
If Capitol Hill plans another round of stimulus, Democrats could have more leverage to demand steps such as suspending overdraft fees or placing a temporary cap on consumer lending rates.
Amid the coronavirus emergency, the central bank may have to decide at what point the imperatives of an economic crisis outweigh the requirements of its most severe enforcement action in recent memory.
Bank of America said it has agreed to allow 50,000 mortgage customers to defer payments for three months because they've lost income as a result of the pandemic.
The pandemic may force the Small Business Administration to rely more on fintechs and digital channels to hasten loan approvals, a shift that could stick.
The app, set to roll out this month, will be offered to the 38 million Office 365 users and can connect via the data aggregator Plaid to all bank and card accounts.
