The coronavirus pandemic has exposed weaknesses even at well-established fintechs. They could become more resilient by partnering with traditional financial institutions.
Now perhaps more than ever, banks and their proxies need to show tact when communicating with past-due borrowers.
After three months of supervising national banks remotely, examiners will soon resume visiting them in person and working in regional offices, says acting Comptroller of the Currency Brian Brooks.
The acting head of the agency says it cannot continue relying on web-based exams put in place during the coronavirus and will start sending staff into banks.
Online platforms and apps can be utilized to quickly support small businesses and consumers facing unexpected financial hardship.