Consumer banking

Emergency loan program plagued by chaos on eve of launch

04/02/20

Many bankers find crucial parts of the SBA effort to help businesses hurt by the coronavirus outbreak to be unclear and onerous. If those issues go unresolved, participation could suffer.

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Online-only banks outshine traditional rivals — with one exception

04/02/20

Digital banks outscored brick-and-mortar banks in a recent J.D. Power study of customer satisfaction. However, the survey pointed to shortcomings in call center services, which are in high demand during the COVID-19 pandemic.

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René Jones is putting his own stamp on M&T Bank

04/02/20

Like his longtime boss and mentor, Bob Wilmers, Jones is deeply committed to investing in communities, controlling expenses and delivering value for investors. But he also has novel ideas for modernizing M&T, like doing away with its "permission culture," improving the customer journey and positioning it as a go-to bank for tech talent.

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Small-dollar loans highlight banks’ coronavirus relief efforts

03/25/20

Many banks are offering low-interest loans to help consumers and small businesses withstand the economic shocks of the pandemic. Some are also doing away with ATM, overdraft and late fees because, as one CEO put it, that revenue “is not the most important thing right now.”

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New York banking regulator orders emergency relief on mortgages, card fees

03/24/20

The regulation issued late on Tuesday directs state-regulated financial institutions to give mortgage borrowers at least 90 days of forbearance if they can show financial hardship resulting from the coronavirus pandemic. It also requires banks and credit unions to provide relief on ATM fees and credit card late payment fees.

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Citigroup to close about 100 branches, cites declining foot traffic

03/24/20

It joins a growing list of banks temporarily shuttering branches as the novel coronavirus continues to spread across the country and more Americans stay home. Meanwhile, Citi and rival Wells Fargo became the latest banks to announce plans to pay bonuses to front-line employees.

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Consumers anxious about virus want reassurance from banks: J.D. Power

03/17/20

Customers are increasingly concerned about taking a financial hit from the COVID-19 crisis and want to know more about fee waivers, credit-line increases and other things banks could do for them.

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Wells Fargo cancels $15 million bonus to former CEO Tim Sloan

03/17/20

After resigning last year under pressure from federal policymakers, the former executive received no severance benefits or annual incentive award.

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Are ATMs making the coronavirus crisis worse?

03/17/20

Automated and interactive teller machines aren’t germ-free in the best of times, and the pandemic has raised new concerns about the possibility of those devices infecting consumers and staff.

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Banks cutting back on branch services to contain spread of coronavirus

03/16/20

Many institutions said they would close branches, operate drive-throughs only, limit lobby visits to appointments or take other protective steps. Yet others want to stay open to promote public confidence in the banking system.

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