Branch plans during outbreak, foreclosure pause, Wells Fargo's new top lawyer: Top stories of the week

March 20, 2020 4:26 PM

Banks cutting back on branch services to contain spread of coronavirus

Many institutions said they would close branches, operate drive-throughs only, limit lobby visits to appointments or take other protective steps. Yet others want to stay open to promote public confidence in the banking system.

(Full story here.)

Bankers seek defined role in disbursing emergency SBA loans

Lenders are rallying around a bill from Sen. Rubio that would give them access to another $50 billion under the 7(a) program. It could face obstacles in the House, where a bill favors direct lending by the Small Business Administration.

(Full story here.)

Calls mount for U.S. to halt foreclosures, evictions amid health crisis

A national moratorium would be costly to lenders and servicers, but proponents say it's needed to help cushion the economic blow of the pandemic.

(Full story here.)

Trump administration to halt foreclosures as pandemic worsens

The temporary foreclosure moratorium on loans backed by HUD, Fannie Mae and Freddie Mac comes after lawmakers and housing advocates had pushed for steps to avoid consumers getting booted from their homes.

(Full story here.)

JPMorgan Chase closing 1,000 branches to help slow pandemic

The biggest bank in the U.S. will temporarily close 20% of its branches, following recommendations by health experts. It said it would also operate its remaining branches at reduced hours.

(Full story here.)

Wells Fargo hires TD's Ellen Patterson as general counsel

TD Bank Group's top lawyer will succeed Allen Parker at scandal-plagued Wells Fargo later this month.

(Full story here.)

Regulators urge banks to give relief customers affected by pandemic

The OCC and FDIC said banks should consider waiving fees, be flexible with loan repayments and that they would not be penalized if they close branches for precautionary reasons.

(Full story here.)

Branches brace for staff shortages, rush for cash

The coronavirus outbreak has led many banks to close branches, but for those that remain open, it's a new normal.

(Full story here.)

Fintechs getting a boost from coronavirus outbreak

COVID-19 is bringing business to PayPal, Blend, Symphony and others as homebound consumers and commercial clients seek more electronic services. But demand could cool if the economy slows further.

(Full story here.)

Ex-PayPal CEO Bill Harris launches neobank for struggling households

The serial entrepreneur has created a challenger bank called One for middle-income people with complicated financial lives.

(Full story here.)

Crisis Management

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