Coronavirus

Pandemic threatens to stifle bank M&A for another year

09/16/20

Deal activity, already on pace for its slowest year in more than two decades, will likely remain suppressed until bankers get a handle on credit exposure and more clarity on valuations.

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Fed weighs changes to Main Street program to allay banks' concerns

09/16/20

With only a fraction of the funds allocated being used, Federal Reserve Chair Jerome Powell said the central bank is considering tweaks to the middle-market rescue program in an appeal to lenders wary of taking on added risk.

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Calabria to Congress: If you don’t like crisis fee, then fund GSEs

09/16/20

Fannie Mae and Freddie Mac have been slammed for planning an additional refinancing charge to cover COVID-related losses, but the head of the Federal Housing Finance Agency defended the policy in House testimony.

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Late-summer spending edges closer to normal: CO-OP

09/16/20

New analysis from CO-OP Financial Services showed credit union members veering closer to traditional card usage, but the lack of additional pandemic relief could hamper interchange growth this fall.

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How a tweak to the Federal Home Loan banks could save cities

09/16/20

Congress should pass legislation that would allow Home Loan banks to backstop deposits by local governments at commercial banks and lower the cost of bond financing, two mayors argue.

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Why some banks are aggressively cutting costs and others aren’t

09/15/20

Several companies said this week they’re slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies and hold off on moves like branch closings to better gauge which changes in consumer behavior will stick.

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Consumers are relying more on finance apps, survey finds

09/15/20

A survey conducted by Harris Poll and commissioned by Plaid found that 60% of U.S. adults are using more apps to manage money since the onset of the pandemic.

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Bank safety measures evolve well beyond hand sanitizer

09/15/20

Banks are augmenting their use of masks, distance markers and the like with apps to notify employees of exposure to infected individuals and technology meant to make branch visits safer.

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PNC will cut 280 branches by end of 2021, CEO says

09/15/20

“What COVID has done for us is it has showed us where to prioritize investments,” William Demchak said at an industry conference in discussing the Pittsburgh company's plans to speed up the shift to digital banking.

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Jamie Dimon sees long-term damage if people don’t get back to work

09/15/20

JPMorgan Chase's CEO says he fears productivity is slipping and that workers, particularly younger ones, are feeling alienated.

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