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). Get the Full Story Complete the form to unlock this article and enjoy...
Google Cloud is aiming to innovate the mortgage industry with its new artificial intelligence (AI) tool called Lending DocAI. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe...
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...
Bank of America (BoA) is muscling into the payday loan business, minus the sky-high fees, as the pandemic continues to upend the financial landscape, according to a post on the company website. Get the Full Story Complete the form to unlock this article and enjoy...
Small and medium-sized businesses (SMBs) in the U.K. say their very survival is at stake because lenders have refused to provide inexpensive, state-backed loans amid a crush of demand. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access...
Small business owners who have been waiting to have their Paycheck Protection Program (PPP) loan forgiven can breathe a sigh of relief. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins...
A team of police and investigators raided the headquarters of KfW, a German state-owned development bank, over a 100 million euro ($117 million) loan it made to Wirecard, the Financial Times (FT) reported. Get the Full Story Complete the form to unlock this article and...
Finicity, a financial data provider, is rolling out a new program that will aid financial institutions (FIs) in their decision-making on credit issues. The “open banking” company allows third-party providers access to customers’ personal and financial data, when authorized. Get the Full Story Complete the...
More than 5 million small- to medium-sized businesses (SMBs) received $525 billion from the Paycheck Protection Program (PPP), the popular federal rescue initiative passed by Congress in March. But the Small Business Administration (SBA) program that promised loan forgiveness as long as SMBs used 60 percent...
