Special Program Root Tag

Banks reported decent loan growth in the spring and early summer as businesses rushed to draw down credit lines and tap the Paycheck Protection Program. But demand has been muted since, and bankers can only guess when it will pick back up.

Jane Fraser, a longtime Citigroup executive, will be the first female CEO of a major Wall Street bank. She succeeds Michael Corbat, who had held the post for eight years.

Bankers and fintech executives want lawmakers returning to Washington to focus on streamlined forgiveness and a second round of Paycheck Protection Program loans for small businesses.

Fintech lenders that reported a surge in missed payments at the start of the pandemic have seen credit quality rebound substantially since. But credit performance could still deteriorate if high unemployment persists and Congress fails to enact more relief measures.

The Federal Housing Finance Agency's proposal could undermine the companies’ mission to support the housing market and penalize consumers in underserved communities, industry and consumer groups say.

If Trump is reelected, his administration would likely move forward with privatizing Fannie Mae and Freddie Mac and relaxing key rules, while a Joe Biden presidency would likely try to expand homeownership access and borrower protections.

Dana Wade, a former OMB official, says a strong capital footing will help the Federal Housing Administration weather an uptick in delinquencies and ensure the mortgage market is viable once the economy recovers.

Though overall forbearance share is down, the number of extensions is rising as coronavirus hardship filings surpass the 90-day mark that delineates the end of traditional forbearance plans.

Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.

The global pandemic and stalled trade negotiations have discouraged farmers and ranchers from taking on more debt and made banks uneasy about extending more credit.