U.S. banks under $10 billion in assets made 60% of the loans in the first round of the Paycheck Protection Program; things go relatively smoothly in the U.K. as 110,000 small businesses apply for low-cost loans. ... Read full article
Discover Financial Services said Thomas Maheras will serve as its chairman after the death of Lawrence Weinbach. ... Read full article
Marriott International Inc. raised $920 million in cash through deals with co-branded credit card companies as it rides out the pause in travel due to the coronavirus. ... Read full article
Kyum Kim, co-founder of online professional network Blind, describes the impact of the coronavirus pandemic's enforced quarantine on people who work in financial services. ... Read full article
The central bank’s programs announced since mid-April in response to the coronavirus outbreak match if not exceed the actions it took during the 2007-9 financial crisis. ... Read full article
Stay-at-home orders and business shutdowns have led to a sharp decline in consumer use of credit and debit cards. ... Read full article
The Illinois company will sell Bates Cos. to an undisclosed buyer less than two years after buying the wealth management firm. ... Read full article
Banking regulators restored the scandal-plagued bank's score three years after assigning it the lowest possible rating under the Community Reinvestment Act. ... Read full article
The Wisconsin regional said the funds will support loan growth, create an added capital buffer and support its dividend policy. ... Read full article
Payday Loan LLC, which engages in lending and check cashing in 22 stores in California, sued the SBA on April 25 after its request for a $644,000 loan from the Paycheck Protection Program was denied. ... Read full article
Mortgage lenders have imposed steep pricing adjustments for cash-out refinancing as more borrowers seek forbearance. ... Read full article
Recent breaches and a pandemic-driven strain on cloud computing seemed to prompt a regulatory warning that banks, tech vendors and cloud hosts share an obligation to safeguard customer data — no matter where it resides. ... Read full article
Lenders implemented stricter underwriting across all loan types in the first quarter as the pandemic upended the economy, the Federal Reserve said in its survey of loan officers. ... Read full article
The Fed has tweaked its Main Street Lending Program to stir more enthusiasm, including the creation of a third financing option for larger companies. Will it make a difference? ... Read full article
Lenders are throwing money at buyers with stable jobs while making it harder for weak borrowers to get loans; $50 billion in loss provisions may not be enough and could stifle lending. ... Read full article
Some megabanks are pushing New York lawmakers to add a legal safe harbor if lenders use the new Secured Overnight Financing Rate. Smaller banks would have little choice but to take that option. ... Read full article
The shortage of personal protective equipment (PPE) for medical workers is one of the most troublesome elements of the coronavirus outbreak, though prior work to declutter cross-border supply chain payments provides some hope. ... Read full article
Many banks are slashing their spending. Others are changing their messaging strategies. And those that banks partner with pro sports teams are stuck in limbo, since it remains unclear when games will resume. ... Read full article
Small businesses that received loans from the Paycheck Protection Program pandemic still don’t know how much they may have to repay after the government missed a deadline to give specific guidance. ... Read full article
The joint statement on the risks of cloud computing summarizes years of guidance and rules as industry reliance on third-party platforms has become more ubiquitous. ... Read full article
