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Wells Fargo tells business clients to consider other banks for emergency loans

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Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.

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JPMorgan halts home equity loans due to coronavirus

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The nation's largest bank is temporarily reducing its exposure to the mortgage market amid rising unemployment and estimates that home prices could drop by 10%.

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Wells Fargo lays out bleak timeline for economic recovery

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Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

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Wells Fargo, Citi pledge not to garnish customers' stimulus funds

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The two large banks are holding off for a month on collecting on negative balances to ensure that customers receive the full amount of government payments deposited into their accounts.

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Dear Congress: Don't let initial PPP be final word on small-business aid

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The SBA's Paycheck Protection Program is nearly depleted, but there are ways small banks and fintechs, with help from Congress, can remedy the situation.

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Fintechs help banks manage deluge of emergency small-business loans

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Online lenders, core providers and software companies have created digital platforms that speed up and simplify Paycheck Protection Program loans for businesses reeling from the coronavirus pandemic.

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How TD got a head start on coronavirus preparations

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Reports from the Singapore office, a coronavirus war room and a hardworking IT staff all helped TD Bank Group get nearly all employees ready to work from home and able to handle a tripling of remote deposit capture activity.

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Banks meet 'mad scramble' for loan deferments, but at what cost?

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By helping borrowers now, banks hope customers can quickly catch up on payments once the coronavirus pandemic ends. If they can't, interest income will remain low and charge-offs could pile up if the crisis drags on.

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JPMorgan's outlook for 2020: More pain ahead

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Though hopeful for a second-half bounceback in the economy, JPMorgan Chase is prepared for 20% unemployment, lackluster GDP and losses in its loan portfolio that could reach tens of billions of dollars.

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Fintechs OK'd to make emergency small-business loans

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PayPal, Intuit QuickBooks Capital and Square Capital have been named direct lenders in the Paycheck Protection Program, and more await the go-ahead. They could be crucial to reaching the smallest firms trying to survive the economic toll of the coronavirus pandemic.

(Full story here.)
Paycheck Protection Program Home equity loans Earnings Coronavirus Fintech
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