Consumers are using their debit and credit cards less, and that's causing a decline in interchange income for credit unions and banks.
The bureau issued an interpretive rule clarifying that consumers under certain conditions can modify or waive waiting periods required by the Truth in Lending Act and Real Estate Settlement Procedures Act.
Some bankers, economists, policy experts and even Mark Cuban say that creative uses of overdraft programs could be lifelines for consumers and businesses whose finances have been upended by the coronavirus crisis.
Elected officials are better off deciding who’s most deserving of federally backed coronavirus relief funds for small businesses.
Financial institutions are finding that on-screen agents can offer most services that occur in a branch, but with a more personal touch than the phone or internet.
Fintechs in the payments industry saw problems coming when the CARES Act’s SBA Paycheck Protection Program opened the floodgates for millions of coronavirus-stricken small businesses to apply for loans.
Queued-up loans. Extra bankers. Government tweaks to promote fairness. None of these precautionary measures has been enough for the second round of the Paycheck Protection Program to avoid the pitfalls of the first.
As banks accept new applications for the paycheck program, they are dogged by complaints that they prioritized wealthy borrowers. But lenders likely fast-tracked clients they knew best under difficult circumstances, observers say.
Use of banks' mobile apps and websites has risen about a third since the coronavirus crisis began, according to J.D. Power.
A credit union-specific liquidity backstop is far less popular than other options such as the Federal Reserve's discount window. The National Credit Union Administration wants to change that.