3 Min ReadThe government should encourage community lenders to offer six-month loan repayment forbearances to struggling businesses before it’s too late.
1 Min ReadThe central bank is creating a facility to provide financing to banks participating in the Small Business Administration’s Paycheck Protection Program.
4 Min ReadFew lenders are finding creative ways to provide much-needed financial advice and emergency services online.
8 Min ReadMany bankers find crucial parts of the SBA effort to help businesses hurt by the coronavirus outbreak to be unclear and onerous. If those issues go unresolved, participation could suffer.
2 Min ReadDigital banks outscored brick-and-mortar banks in a recent J.D. Power study of customer satisfaction. However, the survey pointed to shortcomings in call center services, which are in high demand during the COVID-19 pandemic.
3 Min ReadLenders can offer deferred payments and capitalize on digital banking to help small businesses and consumers get back on their feet.
8 Min ReadCustomers are more reliant than ever on digital banking tools, and institutions like OceanFirst, BBVA and M&T are thankful they had invested in teaching employees to show customers how to use them.
1 Min ReadThe regulation established standards for investors who own less than a quarter of an institution. Banks are getting more time for implementation as they focus on effects of the COVID-19 pandemic.
1 Min ReadRegulators are allowing banks that implemented the loan-loss standard to forestall any capital hits until 2022.
4 Min ReadWhile LendingClub, Prosper, Avant and SoFi are giving existing borrowers breaks in the short term, they're considering tightening credit as the coronavirus outbreak threatens to drag the economy into a recession.
4 Min ReadMany banks are offering low-interest loans to help consumers and small businesses withstand the economic shocks of the pandemic. Some are also doing away with ATM, overdraft and late fees because, as one CEO put it, that revenue “is not the most important thing right now.”
4 Min ReadBanks and credit unions should make it their top priority to pair with the central bank in distributing financial relief to small businesses, even if that means putting everything else on hold.
6 Min ReadAs companies move work off-site because of the pandemic, a host of issues have arisen around remote access, network monitoring and cybersecurity.
1 Min ReadThe 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.
1 Min ReadThe central bank will prioritize monitoring and outreach while reducing examination activity due to the coronavirus pandemic until at least the end of April.
4 Min ReadThe COVID-19 crisis is forcing many banks to hold their spring shareholder meetings online only.
3 Min ReadThe coronavirus is changing how consumers interact in branches and banking online. Bank leaders should be prepared.
4 Min ReadInstitutions across the country are restricting entrance to their facilities to help curb the spread of COVID-19 but profitability issues could crop up if the pandemic drags on.
4 Min ReadOnline platforms and apps can be utilized to quickly support small businesses and consumers facing unexpected financial hardship.
5 Min ReadAs more states close schools and issue shelter-in-place directives, credit unions are increasingly shifting their staff to work-from-home arrangements.
