Coronavirus concerns, along with the Fed's emergency rate cut and an erratic stock market, have forced most bankers to take pause and reassess potential deals.
No-interest loans and overdraft forgiveness are among the lifelines banks are offering to consumers and small businesses whose livelihoods are being upended by the economic fallout.
The OCC and FDIC’s proposal for modernizing the community reinvestment law would give banks below $500 million of assets the option to keep the current regime. But bankers and industry representatives say that threshold should be higher.
The agency will be tasked with providing $50 billion in loans to small businesses harmed by the pandemic. It is unclear whether the SBA will need bankers' help.
Noah Wilcox, a third-generation banker, says community banks are best-positioned to provide stability and capital in underserved markets during uncertain times.
