News Topic: Main Street Lending Program

Regulators can only delay the move to a new interest rate index alternative for so long. ... Read full article

New president of Promontory Interfinancial Network says recession will cause "hundreds" of nonbank disruptors to fail; lenders face dilemma over offering Main Street loans to noncustomers; PNC Financial expands, diversifies executive leadership ... Read full article

Many big banks say they will focus on existing customers in offering credit through the Federal Reserve’s emergency lending program for midsize businesses. Complex vetting and fear of being inundated are said to be among their concerns. ... Read full article

But Boston Fed chief sees more interest among banks and borrowers if the economy worsens; the failed payments company is being investigated for its alleged role in a $100 million caper. ... Read full article

The $600 billion Main Street Loan program has been highly anticipated to provide financial support in the form of loans to small and medium-sized U.S. businesses affected by the COVID-19 pandemic. The Federal Reserve Bank of Boston that is administering ... Read full article

The Main Street Lending Program and other Federal Reserve loan facilities should be tailored to the needs of Black-owned banks and businesses. ... Read full article

Banks participating in the Main Street Lending Program were able to register for and offer credit to businesses last month, but the Federal Reserve said Monday it was set to make the effort fully operational. ... Read full article

The Main Street Lending Program is off to a slow start, while the PPP is extended five weeks to distribute the remaining $130 billion in loans; the European regulator is softening its stance to allow more deals. ... Read full article

The company seeks to help funnel more loans to minority businesses and consumers; the regulator says short-staffed banks are having trouble handling new government programs. ... Read full article

Federal Reserve Chairman Jerome Powell said about 300 lenders have signed on to the program and that the central bank is committed to making adjustments that could attract more borrowers. ... Read full article

Wells Fargo customers targeted with phishing attacks using calendar invites; Fed freezes stock buybacks, caps dividends after stress test results; Citigroup names Titi Cole its head of global operations and fraud prevention. ... Read full article

Participation in the Main Street Lending Program for midsize companies is partly about public service, but the core business rationale is building "a banking relationship that continues on for some time," the Boston Fed chief says. ... Read full article

Worried about a lack of demand and that some of their customers are ineligible, community banks are still on the fence about participating in the effort to back loans for businesses recovering from the pandemic crisis. ... Read full article

Loan forbearances are wreaking havoc with firms that normally clean up during recessions; the Fed’s latest rescue plan is off to a rocky start as few banks show interest in making the loans. ... Read full article

The inability of Democrats and Republicans to agree on a chairperson and lack of sufficient personnel have made it harder for the commission from doing its job — hold Treasury and the Fed accountable for implementing the coronavirus relief law, observers ... Read full article

The Fed chairman updated senators about the agency's new credit facility for midsize firms struggling in the pandemic. He also left open the possibility of additional stress tests to gauge the industry’s coronavirus response. ... Read full article

Financial institutions interested in participating “are encouraged to begin making ... loans immediately,” the central bank said. ... Read full article