Whether it was their nimble shift to digital, or willingness to interact in new ways with customers in branches, bank employees have met head-on the business challenges posed by the outbreak.
The travel industry was hit extremely hard by the coronavirus pandemic. WEX, a payments processing and financial technology solutions organization with offerings for corporate travelers, felt the shockwave first hand.
The higher charge on mortgages refinanced through Fannie Mae and Freddie Mac is supposed to cushion against a crisis but could contribute to one as the fees are passed on to struggling consumers.
The account would complement the existing Community Development Financial Institutions Fund and could be replenished annually if banks and credit unions use the funds to help when natural disasters and other crises occur.
Congress and the FDIC are considering easing limits on banks' holdings of such deposits, a move that could inadvertently lead to more expensive failures.
States that were quick to reopen are seeing spikes in infections and hospitalizations, raising the specter of another lockdown. Here’s what that could mean for banks.
Borrower relief is necessary in a national emergency, but if the exclusion of the deferred loans from troubled debt restructurings is extended past the end of the year, safety and soundness could be compromised.
