Banks’ Loan Reserves Show Grim Expectations For Economic Road Ahead
Against a backdrop where Labor Department data showed 5.2 million additional Americans filed for unemployment, it may make sense that banks’ outlooks for the future of their loan portfolios are, to put...
View ArticleLawsuits Allege Banks Played Favorites With PPP Loans
Separate class-action lawsuits were filed against Wells Fargo, Frost Bank, JPMorgan Chase, US Bancorp and Bank of America, alleging that the financial institutions (FIs) unlawfully prioritized their...
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KeyBank On Digitizing In-Person Services With Data Analytics
The ongoing COVID-19 pandemic has put a damper on in-branch banking as banks scramble to find ways to continue their business during this crisis. Customers still need loan deferments, emergency...
View ArticleBoA CEO Says All PPP Loans Should Get Funded
As the Paycheck Prevention Program (PPP) reopens on Monday (April 27) with $310 billion, Bank of America (BoA) chief executive officer (CEO) Brian Moynihan said he thinks Congress should make the...
View ArticleToday In Payments: Amazon Trials Video Onboarding For New Merchants;...
In today’s top news, Amazon is trialing video onboarding calls to prevent merchant fraud, and hospitals face major financial hardship amid the coronavirus pandemic. Plus, the CEO of Bank of America...
View ArticleBig Lenders Process Half-Million PPP Loan Applications Totaling $45.8B
JPMorgan Chase and Bank of America said they processed almost 500,000 applications totaling roughly $46 billion as part of the Paycheck Protection Program intended to help small businesses struggling...
View ArticleThe Post-Pandemic SMB Restart, Localized Payments, PPP Audits Top This Week’s...
It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives into the small and medium-sized...
View ArticleBank Of America CEO: Stimulus Package Is Coming Together
The CEO of Bank of America said the impact of the $2.2 trillion in federal relief is beginning to reap benefits. In an interview on CNBC’s “Closing Bell,” on Friday (May 1) Bank of America CEO Brian...
View Article‘Green Shoots’ Or Scorched Earth: What We’ve Learned From Banks And Payment...
Amid the coronavirus pandemic and recessions, the old saying in life might hold true in business, and in particular for firms that rely on consumer spending to drive top and bottom lines: Plan for the...
View ArticleInvestor Concerns Over Credit Losses Pull US Bank Stocks Down
The U.S. banking industry is the runt of the litter of the current stock market rally as interest rates sink and loans crumble, according to Financial Times. The 45 percent drop in the KBW Bank Index...
View ArticleBoA Downgrades Square Over SMB Sector Concerns
Bank of America has lowered its rating of Square Inc. by two notches Monday (May 18), downgrading the stock to “underperform” from “buy” amid fears that shops, restaurants, and salons will struggle...
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Interoperable Data and Payments Are Healthcare’s Future, Says Bank of America
Amid an array of healthcare data and reams of medical payments handled by banks exists a triage opportunity. This, as inroads are being made to decades-old standards used by both sides, to make it all...
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How Big Healthcare Players Are Rewriting the Consumer Payments Playbook
Healthcare remains among the most paper-based industries in America, which means stakeholders from patients to providers to payers are missing out on digital efficiencies. Probing the intractable use...
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Follow the Consumer for Payments Innovation, Says Bank of America’s...
Consumer behavior will continue to drive payments innovation, says Alexandra Johnson, head of bank Innovation at Bank of America, in the PYMNTS eBook, “2023 Payments New Year’s Resolutions.” The...
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Report: BofA Seeing Slower Growth for Apple App Store Revenue
Bank of America is reportedly seeing “muted” growth in Apple’s App Store revenue. In a note to clients Thursday, BofA analyst Wamsi Mohan wrote that revenue has grown just 1% year over year in the...
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Banks Out to Challenge Big Tech in Brewing Digital Wallet War
With digital wallets now being used more after a years-long ramp-up, there’s a new battle brewing over which wallets consumers both know and trust with their payment credentials. Big Tech pulled ahead...
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Bank of America CEO: Consumer Trends Bode Well for Economy
Bank of America Chairman and CEO Brian Moynihan said Tuesday (Feb. 14) at the BofA Securities Financial Services Conference that the bank hears from commercial customers that they are trying to be...
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Bank of America and JPMorgan Chase Report Rising Delinquencies
The two largest banks in the U.S. have reported rising delinquency rates on their credit cards. Both Bank of America and JPMorgan Chase said in filings with the Securities and Exchange Commission (SEC)...
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Restaurant Delivery on the Rise as Pickup Falls
Diners order far more pickup than delivery, but PYMNTS research shows delivery is gaining ground. The Context Restaurant aggregators are doing everything in their power to make delivery a more...
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Time, Investment and Creative Thinking Needed to Accelerate UK and EU Open...
Five years after open banking became a regulatory requirement, the U.K. now claims 7 million active users. That figure, representing less than 20% of the total number of bank account holders in the...
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