Coronavirus

4 takeaways from Senate grilling of Mnuchin, Powell on relief plans

05/19/20

Members of the Banking Committee pressed the Treasury secretary and Fed chief to ensure CARES Act funds are deployed as Congress intended. They also debated the need for more stimulus to ease the economic effects of the coronavirus.

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Alternative data could be lifeline for consumers needing credit

05/19/20

Congress should pass legislation authorizing use of nontraditional data sources to make credit more available to consumers who’ve taken a hit from the coronavirus pandemic.

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The messaging tool that let Happy State Bank take its lending online

05/19/20

The Texas bank is leaning on solutions from Lightico and MANTL to quickly set up accounts and handle loans when customers can’t sign documents in person because of the coronavirus emergency.

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Borrowers in forbearance can refinance under certain conditions: FHFA

05/19/20

The Federal Housing Finance Agency clarified that borrowers with Fannie Mae- or Freddie Mac-backed mortgages who have entered into forbearance plans can be eligible for a refi or new purchase once they are considered “current” on their mortgage.

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Jamie Dimon says virus is a wake-up call to address inequalities

05/19/20

The JPMorgan Chase CEO said he hopes policymakers use the COVID-19 crisis as a catalyst to rebuild a more inclusive economy as the pandemic exposes stark inequalities among Americans.

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5 ways the CFPB has eased industry’s coronavirus burden

05/18/20

The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished other regulatory relief efforts that were in the pipeline before the pandemic hit.

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Coronavirus fallout leads Wisconsin banks to terminate merger

05/18/20

Nicolet Bankshares said its lagging stock price would complicate efforts to complete its planned purchase of Commerce Financial.

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Margin pressure could dog banks into 2022

05/18/20

With rates so low — after steep emergency Federal Reserve cuts in response to the pandemic’s fallout — banks will struggle to generate bread-and-butter interest income and asset-sensitive lenders will face substantial net interest margin contraction this year and next, analysts say.

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How Wells Fargo's tech chief is managing coronavirus response

05/18/20

Saul Van Beurden's team is tasked with keeping systems running during the pandemic, including driving equipment to homebound workers. Yet the bank must continue making upgrades demanded by regulators, investing in new technology and recruiting top talent, he says.

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Fed muni program open for business

05/18/20

Kent Hiteshew, who was recently hired by the Fed to help with the municipal market, said the Municipal Liquidity Facility opened Monday.

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