The number of troubled loans sitting on the books of the top U.S. banks remains high despite significant improvement over the past few months, a new report finds. A total of $90 billion in loans to businesses and individuals remained in forbearance, or about 5...
The chair of a new European banking authority is warning lenders to prepare for an onslaught of bad loans due to the second wave of COVID-19 lockdowns, the Financial Times reported on Wednesday (Nov. 11). Elke König, chair of the new European Banking Union resolution authority...
The use of artificial intelligence (AI) and machine learning (ML) isn’t some futuristic idea. It’s here now and being used to make good banks better — whether to eliminate discrimination in lending decisions, add stability to existing screening systems or drive loan growth and profits....
In the third quarter, banks tightened their loan standards to firms of any size and also saw weaker demand than usual, according to the Federal Reserve’s October 2020 Senior Loan Officer Opinion Survey on Bank Lending Practices. The tightened standards and weaker demands could be...
Amid the pandemic, a ceiling on payday loans extends … state by state. To that end, in Nebraska this week, voters approved a measure that would cap the rates levied on so-called payday loans at 36 percent throughout the state. The vote in favor of...
With new lockdown restrictions due to COVID-19 imminent, the U.K.’s Financial Conduct Authority (FCA) has extended loan holidays for those who still can’t pay off loans or make mortgage payments due to the pandemic’s economic effects, a pair of press releases stated. The FCA said...
The Federal Reserve Board has modified the terms of the Main Street Lending Program (MSLP) to make it more obtainable for smaller businesses, according to a Fed statement on Friday (Oct. 30). Smaller businesses are financially struggling due to the pandemic and extended revenue shortfalls...
Google Cloud is aiming to innovate the mortgage industry with its new artificial intelligence (AI) tool called Lending DocAI. Sudheera Vanguri, product manager lead at Google, said in a blog post on Monday (Oct. 19) that the mortgage industry is just one of many verticals...
The House Select Subcommittee on the Coronavirus Crisis found the U.S. Treasury Department encouraged banks to prioritize existing customers applying for PPP loans — allegedly at the expense of underserved communities and SMBs. But it could be the case that “going with who you know” was...
