Coronavirus

Amex CEO says most employees will work remotely for the year

05/18/20

American Express Chief Executive Steve Squeri said a majority of the company’s employees will work remotely through 2020 as it seeks to slow the spread of the coronavirus.

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Bankers expect recession to last into 2021

05/18/20

Bracing for a prolonged economic slowdown, many community bankers say they are considering a number of belt-tightening measures, including freezing salaries and delaying investments in technology and product development, according to a survey by Promontory Interfinancial Group.

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My experience shows why CRA reforms are necessary

05/18/20

Operation HOPE Chief Executive John Hope Bryant talks about how the Community Reinvestment Act influenced him at the age of 9 and eventually led to the founding of his nonprofit, which works with banks to help communities in need. But he says the 1977 law is outdated.

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PPP lending helps brand-new bank get off to promising start

05/17/20

Triad Business Bank in North Carolina, which opened in March, has made $106 million in Paycheck Protection loans.

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Virginia community bank cuts 12% of its staff

05/16/20

New Peoples Bankshares said the layoffs were necessary because of the coronavirus pandemic and "a changing financial services industry."

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Regulators temporarily ease key capital measure for large banks

05/15/20

The interim rule will allow institutions with over $250 billion of assets to exclude certain assets from the supplementary leverage ratio to help them respond to the economic fallout from the coronavirus pandemic.

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Fed warns corporate debt risk could soar the longer pandemic lasts

05/15/20

The central bank's Financial Stability Report said companies may face difficulties repaying debt given lower earnings, “which could trigger a sizable increase in firm defaults."

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Pad reserves or buy out a rival? BlackRock haul gives PNC options

05/15/20

The Pittsburgh company’s sale of its stake in the asset manager yielded billions of dollars that could cushion the pandemic’s economic blow and eventually help fund a big acquisition.

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Servicers get flak, Bisignano’s Fiserv play, lenders on PPP hook: Top stories of the week

05/15/20

Complaints to the CFPB hit an all-time high, with mortgage servicers getting much of the fire; Frank Bisignano details his priorities as Fiserv’s new CEO; lenders worry they could be stuck with billions in Paycheck Protection Program loans; and more from this week’s most-read stories.

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Cheat sheet: 7 measures in House coronavirus bill that matter to banks

05/15/20

Democrats’ latest proposal to back debt collectors, enable loans for nonprofits and provide other relief could help steer negotiations with the Senate on more stimulus.

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