BankThink

One-fifth of emergency loan program's funds already committed

04/07/20

The Small Business Administration said lenders approved $71 billion in loans from the Paycheck Protection Program in less than five days.

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Trump praises banks for expanding assistance to small businesses

04/07/20

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.

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Warren joins senators seeking Deutsche Bank details on Trump

04/07/20

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.

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From the trenches: How one bank’s digital chief is guiding virus response

04/07/20

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.

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Kabbage finds a way to support emergency loan program

04/07/20

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.

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Brown, Warren call on CFPB to protect consumers, not financial firms

04/07/20

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.”

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Mortgage forbearance requests surged as coronavirus spread

04/07/20

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.

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SBA computers crash in fresh blow to companies seeking virus aid

04/07/20

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.

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Treasury asking Congress for another $250B to help small businesses

04/07/20

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.

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SoFi to buy payments firm Galileo for $1.2 billion

04/07/20

The acquisition would give SoFi control of a technology platform that is currently used by some of its competitors in digital banking.

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