Coronavirus

Will coronavirus lead to a wave of bank failures?

03/26/20

An uptick in closings is likely, but how many institutions go under and how fast will depend on a variety of factors, including the duration of the pandemic.

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Banks focus charitable giving on fighting coronavirus

03/26/20

From helping hospitals purchase new testing kits and ventilators to backing efforts to develop a COVID-19 vaccine, banks large and small are pledging millions of dollars to assist with medical relief efforts.

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Banks tolerate credit-line draws in coronavirus crisis — for now

03/26/20

Drawdowns on C&I credit more than quadrupled in a seven-day period ended March 25. Lenders may try to rein them in if the crisis drags out, but legal precedent isn’t on their side.

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Troubled Debt Restructuring: Phase 3 Stimulus Bill

03/26/20

On March 25, 2020, the Senate passed an amendment to H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (as amended, the “CARES Act”), which (as of March 26, 2020) is being considered in the House.

The complete text of the current draft of the CARES Act can be found here.

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Emergency program gives fintechs a shot at SBA lending

03/26/20

No online lenders are approved for the agency's traditional programs, but they could make loans under the coronavirus stimulus package if they get special approval.

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CFPB postpones quarterly HMDA reporting

03/26/20

The reprieve from mortgage data collection was among several changes to the agency’s supervisory and enforcement procedures to help firms responding to the COVID-19 pandemic.

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Online lenders seek to balance the needs of borrowers, investors

03/26/20

While LendingClub, Prosper, Avant and SoFi are giving existing borrowers breaks in the short term, they're considering tightening credit as the coronavirus outbreak threatens to drag the economy into a recession.

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Fed’s new TALF has a major gap

03/26/20

Many borrowers will suffer unless the program, the central bank's latest response to the coronavirus pandemic, includes consumer loans issued by fintechs.

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Regulators back small-dollar loans to help consumers in crisis

03/26/20

The joint statement said examiners will not impede banks’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic.

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Fed is ‘not going to run out of ammunition,’ Powell vows

03/26/20

Federal Reserve Chairman Jerome Powell said the central bank will maintain its muscular efforts to support the flow of credit in the U.S. economy as Americans hunker down from the coronavirus pandemic.

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