Category: Credit

May 6, 2020

States enduring the brunt of the coronavirus crisis are receiving a smaller proportion of emergency small business loans than some Mountain and Midwest states, according to analysis conducted by the Federal Reserve. “In New York, the epicenter of the coronavirus […]

May 5, 2020

S&P Global Ratings revised its outlook on the ratings of 13 U.S. banks to negative from stable and said the coronavirus pandemic will hit hardest those lenders that are most exposed to industries such as commercial real estate and consumer […]

April 28, 2020

The Trump administration will audit small-business loans above $2 million, U.S. Treasury Secretary Steven Mnuchin said Tuesday, as he warned of criminal liability for companies who improperly got government cash. “It’s the borrowers who have criminal liability” if they made […]

April 17, 2020

NYCM Insurance will be issuing a credit to its approximately 230,000 auto policyholders. All auto policyholders as of April 30, 2020, will receive a 15% credit back from their April and May premiums. Customers will not need to do anything […]

April 10, 2020

Goldman Sachs is taking another step into the world of retail banking with an installment loan product that’s launching with JetBlue Airways. The bank quietly released a website for something called MarcusPay this week, allowing users to break up big-ticket […]

April 9, 2020

On 3 April, the People’s Bank of China (PBOC) cut the interest rate it pays banks to park funds with the central bank to 0.35% from 0.72%. The PBOC had last cut the rate in November 2008. Beijing also lowered […]

April 9, 2020

“This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic,” the Fed said in a statement. Through its ‘Main Street’ lending facility, the […]

April 8, 2020

The Federal Reserve is lifting the asset cap it has imposed on Wells Fargo so the bank can participate in the government’s business lending programs. In a move that was expected, the central bank said Wells will have to return […]

April 6, 2020

Bank of America said Monday that it’s seen fierce demand for emergency rescue loans with current applications already accounting for nearly 10% of the entire amount allocated by Congress. The bank confirmed that it has received applications from 177,000 small […]

April 2, 2020

Representatives for venture-backed startups are pushing for the companies to get access to $349 billion in small business loans authorized by Congress as part of its economic relief plan for Covid-19. So far it appears that many such businesses won’t […]