Watchdog puts British banks on notice but no overdraft inquiry

LONDON (Reuters) – Britain’s financial watchdog will not open a formal inquiry into how banks charge for overdrafts, but put them on notice on Wednesday of a full evaluation of their pricing next year. The Financial Conduct Authority gave banks just two weeks in January to explain changes to their overdraft rates which would leave around eight million consumers worse […]

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Banks setting up for small business loan forgiveness as government prepares to release roadmap

2.98M Americans applied for unemployment last week FOX Business’ Cheryl Casone breaks down the latest jobless claims numbers, which came in higher than expected at 2.98 million. Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here. Continue Reading Below Banks are starting to lay the groundwork for Paycheck Protection Program loan forgiveness as […]

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Tech issues hobble U.S. banks' mad grab for $310 billion in new small-business aid

WASHINGTON (Reuters) – U.S. banks beginning another chaotic dash to grab $310 billion in fresh small-business aid released by the government on Monday were hamstrung after 11th-hour changes to the first-come-first-served program caused technology issues for many lenders. The Small Business Administration reopened its Paycheck Protection Program at 10:30 a.m. EDT (1430 GMT), allowing lenders to resume processing applications from […]

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Banks, regulators move to protect customers from wave of coronavirus scams in UK, U.S.

LONDON (Reuters) – UK banks are stepping up fraud prevention measures to protect customers from scammers eager to exploit the coronavirus pandemic with a whole range of new tricks, including fake sales of medical supplies and bogus government relief schemes. With British households effectively on lockdown, some banks said customers had already been caught out by fraudsters posing as banks, […]

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Fed pleased with banks use of discount window borrowing

Mnuchin: We are focused on being able to provide liquidity to companies Treasury Secretary Steven Mnuchin argues providing liquidity for companies is a top priority and there is massive bipartisan support for this economy. Recent changes to borrowing policies are being received well by the financial community. Continue Reading Below The Federal Reserve Board says it is encouraged by the […]

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Europe races to prevent bad loan crisis with bank guarantees

FRANKFURT (BLOOMBERG) – Relief is on the way for banks in France, Italy and Germany, as the region’s biggest economies resort to crisis-era tools to limit the damage from the coronavirus. French President Emmanuel Macron, invoking a state of war, said the country will guarantee as much as 300 billion euros (S$472.87 billion) of bank loans to companies – almost […]

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