Law and regulation

BofA offers emergency loans to borrowers first, freezing out depositors


The decision sparked outrage from small-business owners who have checking accounts with the bank but not loans or business credit cards. Bank of America started taking applications Friday for a $349 billion program that's intended to offer aid to small businesses suffering from the shocks of the coronavirus pandemic.


Fed's conundrum: Whether to remove Wells Fargo's asset cap


Amid the coronavirus emergency, the central bank may have to decide at what point the imperatives of an economic crisis outweigh the requirements of its most severe enforcement action in recent memory.


NCUA extends comment period for credit union-bank purchase proposal


The regulator formally announced the 60-day delay on Monday after tweeting about it over the weekend.


Is mortgage industry equipped to implement Washington's forbearance plan?


Homeowners reeling from coronavirus-induced economic shock are already enduring extremely long wait times while trying to get relief. Legislation passed last week could worsen the logjams.


CECL down, but not out


Lawmakers and regulators opted to delay compliance for banks that have implemented the credit loss standard, sparing them near-term capital hits.


Fed’s new TALF has a major gap


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


Time for Congress to put an end to CECL


Policymakers should abolish the new accounting standard because it could distract banks at exactly the moment they need to be focused on pulling their communities from the brink of recession.


New York banking regulator orders emergency relief on mortgages, card fees


The regulation issued late on Tuesday directs state-regulated financial institutions to give mortgage borrowers at least 90 days of forbearance if they can show financial hardship resulting from the coronavirus pandemic. It also requires banks and credit unions to provide relief on ATM fees and credit card late payment fees.


Calls for CECL delay expose standard's flaws


If the new accounting standard poses too many risks during an economic crisis, then it's probably not a good idea at all.


Banks get break they needed on loan workouts


Regulators' decision to delay reporting for troubled-debt restructurings should allow banks and credit unions to be more nimble modifying loans impaired by the coronavirus outbreak.