Discover and Sallie Mae are the latest to report a surge in forbearance requests as households struggle with job loss and other hardships resulting from the coronavirus pandemic.
Discover is the latest card lender to say it's reining in credit lines as the coronavirus pandemic leaves millions of Americans jobless and struggling to keep up on loans.
More than a dozen firms have struck agreements with nine states to provide forbearance to customers struggling to make payments in the midst of the coronavirus pandemic.
The lender behind the credit cards for Gap, J.C. Penney and other retailers took a large provision for loan losses and abandoned full-year earnings guidance as the nationwide shutdowns tied to the coronavirus pandemic have led to a sharp decline in spending on its cards.
With the coronavirus pandemic bringing economic activity to a virtual standstill, BofA, like Wells Fargo and JPMorgan Chase, is shoring up its reserves to brace for a likely recession.
