Many of the Buffalo, N.Y., bank’s commercial loans have exited forbearance granted in the early days of the pandemic — except hospitality and retail, which were given longer dispensation.
Banks reported decent loan growth in the spring and early summer as businesses rushed to draw down credit lines and tap the Paycheck Protection Program. But demand has been muted since, and bankers can only guess when it will pick back up.
Lenders press Congress to restart — and revamp — the Paycheck Protection Program; Fed corrects stress test error for Morgan Stanley, Goldman Sachs; M&T's new fintech unit rolls out first product; and more from this week's most-read stories.
The bank's innovation group has developed a software tool for law firms. It hopes the project will help it speed products to market and attract top technology talent.
