The lending facility is for companies with more than 500 employees that are disqualified from the relief program for small businesses and too small for federal loans reserved for larger companies. ... Read full article
OakNorth helps banks analyze credit, identify pandemic-related risks and forecast borrower issues before they turn into defaults. ... Read full article
Measures that delay the Current Expected Credit Losses standard and reduce a community bank capital ratio are temporary, but the industry now sees an opening to argue that they should be permanent. ... Read full article
President Trump on Tuesday praised some of the country's largest financial firms for pledging to take new steps to help small businesses disrupted by the coronavirus. ... Read full article
Simmons Bank in Arkansas is dealing with extra traffic on its digital channels and added call volume while communicating with customers through email, push notifications and even snail mail as well as its new app, says Alex Carriles. ... Read full article
Five Democrats on the Senate Banking Committee sent a letter to Director Kathy Kraninger calling the agency's response to COVID-19 “tepid and ineffectual at best.” ... Read full article
The Small Business Administration said lenders approved $71 billion in loans from the Paycheck Protection Program in less than five days. ... Read full article
Firms that spread big-dollar deposits to community banks have seen a rush in demand as small businesses seek emergency loans to weather the coronavirus pandemic. ... Read full article
The online lender, which is looking to become a direct lender in the Paycheck Protection Program, has accepted 37,000 applications while working with an unnamed bank to fund businesses harmed by the coronavirus pandemic. ... Read full article
U.S. senators including Elizabeth Warren, the onetime presidential candidate, are pushing for details from Deutsche Bank about contacts with the family business of President Donald Trump, which has asked the German lender for leniency on some of its loans. ... Read full article
The government should encourage community lenders to offer six-month loan repayment forbearances to struggling businesses before it’s too late. ... Read full article
The acquisition would give SoFi control of a technology platform that is currently used by some of its competitors in digital banking. ... Read full article
Soaring demand for loans from firms hard hit by the coronavirus pandemic has led to predictions that the program could soon run out of funds. ... Read full article
TrueAccord has expanded a platform, originally designed for banks, to assist borrowers hurt by the coronavirus pandemic. ... Read full article
The share of borrowers seeking payment relief rose more than tenfold as COVID-19 concerns grew and authorities encouraged the practice, according to the Mortgage Bankers Association. ... Read full article
The Small Business Administration’s loan processing platform went down Monday for as long as four hours, temporarily halting the ability of lenders to process loans for small business owners seeking relief from the impact of the coronavirus. ... Read full article
The Cincinnati company will hire about 950 workers to meet heightened demand for loan deferrals and other forms of relief clients are seeking to weather the economic fallout of the coronavirus outbreak. ... Read full article
The OCC and FDIC are holding off on easing debt limits in response to the coronavirus pandemic, leaving billions of dollars locked up at banking subsidiaries that could be used for lending amid the deepening economic crisis. ... Read full article
Parties talking about a temporary lift of Wells' asset cap; GDP would have to drop an “unlikely” 35% in Q2 before JPMorgan would be forced to stop payouts. ... Read full article
Leaders like Chris Britt at Chime, Brett King at Moven and Jill Castilla at Citizens Bank of Edmond are getting inventive as they try to help those hurt economically by the pandemic. ... Read full article
