4 Min ReadThe Biden administration could curtail federal support for farmers, even with bankruptcies and requests for loan workouts on the rise. Banks are hoping that increases in crop prices and exports to China could help avert a credit crisis.
4 Min ReadLenders welcomed the move as a helpful first step but are still urging policymakers to develop a broader, simpler process for expediting the approvals of loans extended to troubled small businesses under the Paycheck Protection Program.
3 Min ReadMany consumers are taking to the highways and the water for safe getaways during the pandemic — powering one of the few bright spots in lending. However, bankers warn that boomlets usually come with distinctive credit risks.
4 Min ReadThe move is part of the effort by banks and other companies to promote racial equity and be more sensitive to the stresses on front-line employees.
5 Min Read"It's on-demand capital for us," Optus Bank's CEO says of the payment company's deposit. The funds are part of PayPal's broader effort to confront race and income inequality.
3 Min ReadA public-private partnership that has fewer rules and restrictions than the Paycheck Protection Program would save more small businesses.
3 Min ReadThe coronavirus pandemic has forced some branches to close, but demand for in-person advice remains strong.
3 Min ReadNow that its deal with Texas Capital has been called off, Independent Bank in McKinney plans to scale back or exit some commercial lines and will seek to duplicate its retail banking successes in Colorado.
4 Min ReadA new Small Business Administration notice explains what steps lenders must take to seek approval of their forgiveness decisions under the Paycheck Protection Program. But lenders say lawmakers and regulators must do more to cut red tape.
7 Min ReadThe Federal Reserve, U.S. Mint and financial industry representatives are strongly considering a public call for Americans to deposit their spare change, among other fixes, to get coins circulating again. Meanwhile, banks of all sizes are getting creative at the local level.
4 Min ReadThe coronavirus pandemic has exposed weaknesses even at well-established fintechs. They could become more resilient by partnering with traditional financial institutions.
3 Min ReadJelena McWilliams explains the agency's decision to enlist the help of tech innovators to modernize a reporting process that the coronavirus epidemic has exposed as outdated.
6 Min ReadBusiness owners are changing banks at three times normal levels, a trend researchers attribute to their difficulty in obtaining emergency loans. If the forgiveness stage of the Paycheck Protection Program proves arduous, that rate could climb much higher.
6 Min ReadWorried 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.
8 Min ReadPeoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for.
6 Min ReadAfter initially processing the loans manually, the Minnesota bank turned to "low code" software to build the electronic forms and workflows needed to approve loan applications. The result: a more than fivefold increase in the number of loans it could process in a day.
4 Min ReadJames Smith, who recently completed his gradual transition out of banking, was spearheading a public-private economic development plan for Connecticut when the coronavirus pandemic hit. The crisis made the need for the plan greater — and the job harder.
5 Min ReadDemand has soared for mental health services as bank employees put in long hours, supervise kids while working at home and endure personal crises. Citi, BofA, Fifth Third and others are getting creative to help them decompress during the pandemic.
4 Min ReadLenders are scrambling to pause ranchers’ loan payments as meat processing plant shutdowns during the pandemic threaten $25 billion in losses for the livestock industry.
3 Min ReadThe Texas bank is leaning on solutions from Lightico and MANTL to quickly set up accounts and handle loans when customers can’t sign documents in person because of the coronavirus emergency.
