There were few fireworks at Wells Fargo’s first annual meeting under new CEO Charlie Scharf; billionaire investor and entrepreneur Mark Cuban pitches Fed-backed overdraft protection; as hotels sit empty, loan delinquencies pile up; and more from this week’s most-read stories.
Federal regulators are now conducting nearly all supervision off-site as a result of the pandemic. The temporary measures are stoking a debate about whether they should be permanent.
The Home Loan bank will make zero-interest loans, match charitable donations that members make to nonprofits and small businesses, and provide additional funding for economic development grants.
Regulators need to revamp their proposal to overhaul the Community Reinvestment Act now that the coronavirus outbreak has created unforeseen financial needs.
More companies will be eligible to apply for the four-year loans, including those with high debt loads; four-year loans will be offered to European banks with rates as low as minus 1% as the eurozone economy tanks.
The Justice Department has begun a preliminary inquiry into how taxpayer money was lent out under the Paycheck Protection Program and has already found possible fraud among businesses seeking relief, a top official said.
Funneling fees from emergency loans to feed the hungry. Supporting psychological counseling for health care heroes and financial advice for the poor. Backing retrofits of customer operations to produce protective gear for front-line medical personnel. Bankers and financial educators have tossed out the traditional playbook to help clients and communities in crisis.
