Non-bank lenders are on shaky ground as they face the prospect of mortgage payment forbearance with the ongoing coronavirus pandemic, which could end up costing them $12 billion per month, according to the Financial Times. They’re feeling pressure from financial institutions and could face ratings...
For banks seeking to protect profits – and liquidity – keeping corporate clients from drawing down credit lines may be one way to brace against the volatility wrought by COVID-19. As Bloomberg reported on Monday (March 30), large U.S. banks have been “quietly discouraging” borrowers...
Banking giant HSBC and Cainiao Network Technology, which is a logistics arm of Alibaba Group, have announced they will offer rapid finance approvals to online merchants that use Chinese shopping site Tmall, according to reports. The South China Morning Post reported that the firms will...
Banking regulators on Thursday (March 19) said they are going to give banks credit for letting lower-income Americans borrow money during the coronavirus pandemic, according to a report by Reuters. The regulators also let banks know their position on using reserves and buffers during times...
The Bank of England (BoE) is excluding many businesses from its short-term loans for coronavirus-related relief, critics say, by including restrictions based on credit ratings and short-term commercial paper use, according the Financial Times. In a letter to the BoE this week, the British Retail...
Congresswoman Maxine Waters, chairwoman of the House Committee on Financial Services, wants to stop any new Industrial Loan Company (ILC) charters until further notice, citing concerns about outdated rules. Waters wrote to Jelena McWilliams, chairwoman of the Federal Deposit Insurance Corporation (FDIC) , requesting the...
Consumer advocates are pushing federal banking regulators to do something about rent-a-banks with notoriously sky-high loan rates that prey on people with bad credit, the Wall Street Journal (WSJ) reported on Wednesday (March 11). A California statue caps interest to an annual rate of 37...
Unsecured lending is the theme of this week’s PYMNTS Provider Ranking of Personal Loan Apps, which looks at this fascinating space with fresh eyes to reveal the trends. Personal loans have a million uses, but they’ve long been popular for consolidating high-interest debt at lower...
Patreon, known for its platform for content creators to earn money from fans, will be entering the micro-loan business, according to reports. The platform will allow non-equity cash advances for Patreon users who need the extra boost for a more ambitious rollout of some kinds of...
