Coronavirus

NCUA employees will have choice to continue working virtually

10/21/20

The credit union regulator has no immediate plans to bring staff and examiners back into the office, but Chairman Rodney Hood said staying remote would remain an option for all staff members during Phase 1 of any return.

[more]

Houston de novo effort secures conditional regulatory approval

10/20/20

Agility Bank, one of two women-led groups seeking charters, is looking to open next spring.

[more]

Midsize banks brace for loan defaults, more margin pressure

10/20/20

Weak loan demand, persistently low yields and the continued struggles of sectors such as hospitality and retail are among the myriad lending challenges facing small regional banks.

[more]

Comerica prioritizes forgiveness of larger PPP loans

10/20/20

The Dallas bank has begun encouraging larger borrowers to seek forgiveness of Paycheck Protection Program loans first as it holds out for the government to streamline the process for loans below $150,000.

[more]

Merchants brace for 'friendly fraud' surge as holiday shopping moves online

10/19/20

Online fraud typically spikes when holiday shopping begins in November, but so-called friendly fraud poses another big threat this year with the pandemic pushing more consumers — and inexperienced merchants — to online sales channels.

[more]

Rebounding car sales drive lending boom at Ally

10/16/20

The auto lender says consumers’ skittishness about flying and using public transit during the pandemic has fueled a surge in demand for new and used cars. But executives remain wary of high unemployment and the potential for a rise in loan defaults.

[more]

Truist boxed in on cost cutting

10/15/20

The North Carolina company had promised regulators not to close large numbers of branches until December. Meanwhile, vendor contracts, leases and other hurdles have made it hard to accelerate efforts to offset a sudden decline in revenue.

[more]

California Conforms To Federal Income Tax Treatment Of PPP Loan Forgiveness

10/15/20

As reported in our earlier blog post The CARES ACT – Tax Relief, the federal CARES Act provides for forgiveness of indebtedness for eligible recipients of Paycheck Protection Program (“PPP”) loans in an amount equal to the sum of the recipient’s payroll costs, interest on mortgage obligations, rent obligations and utility payments (subject to certain conditions and limitations).  Under federal law, any amount of covered loans forgiven under the CARES Act is excluded from

[more]

Leveraged lending has avoided pandemic hit. Will that last?

10/15/20

Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk.

[more]

Centricity Credit Union opens up for distance learning

10/15/20

The Minnesota-based institution is allowing children of some employees to attend school virtually in their branches in order to make it easier for parents to work during the pandemic.

[more]