Chinese new bank lending soared to a record CNY 12.09 trillion ($1.72 trillion) in the first half of 2020 as China sought to recover from pandemic-related shutdowns, according to data released Friday by the country’s central bank.
Dozens of state and national financial trade groups sent letters to U.S. lawmakers on Thursday in support of the Paycheck Protection Program Small Business Forgiveness Act, which would provide the majority of PPP small business recipients with an easier loan forgiveness application process and potentially save banks millions of dollars.
The Bank of China’s Malaysian outpost has begun using a QR code payment option for customers around the world who use the bank’s app, reflecting the current high demand for digital services as well as the bank’s continued interest in the Southeast Asian country.
China’s largest banks are preparing for a possible worst-case scenario following the passage of legislation by the U.S. Senate earlier this week that would impose harsh penalties on financial institutions that implement Beijing’s new security law for Hong Kong.
CoreLogic’s board on Tuesday unanimously rejected a $7 billion acquisition bid from Cannae Holdings and Senator Investment Group, while the investment firms hit back with threats to call a special meeting of the board by July 28.
HSBC is further expanding its Chinese footprint by creating a new fintech company and hiring a group of personal wealth advisers, a bank spokesperson told Fastinform on Monday.
The U.S. Senate unanimously passed legislation Thursday to impose sanctions on banks that do business with Chinese officials implementing Beijing’s new security law, which is viewed by many Western lawmakers as a violation of Hong Kong’s promised autonomy.
Banks, credit unions and debt collectors are throwing their weight behind a bill that would make it easier for customers to receive financial documents electronically after members of the U.S. Senate committee that oversees technology and consumer protection introduced the legislation Thursday.
Small businesses will have another five weeks to apply for emergency government-backed loans to help them stay afloat during a COVID-19 resurgence under a bill passed by the House of Representatives late Wednesday that will now go to President Donald Trump for his signature.
U.S. Federal Reserve officials think they may need to provide a “more explicit form of forward guidance” on the federal funds rate and are concerned a second wave of coronavirus could severely impact the economy, according to newly-released minutes of a meeting held earlier this month.
Investment firms Cannae Holdings and Senator Investment Group may call for a special meeting of CoreLogic stockholders to kick-start their attempts to acquire the data analytics company, the pair said in a regulatory filing on Tuesday.
U.S. lawmakers called on top economic officials Tuesday to address disparities in how banks are distributing federal COVID-19 relief funds to small businesses, communities of color and rural areas as time runs out on the Paycheck Protection Program.
The U.S. House of Representatives voted on Monday to block a recently finalized rule from the Office of the Comptroller of the Currency that makes significant changes to the application of the Community Reinvestment Act.
The structure of the Consumer Financial Protection Bureau violates the U.S. Constitution’s separation of powers and the president should have the authority to fire the watchdog agency’s director at will, the Supreme Court ruled Monday, but it held that the bureau can continue to operate.
Real estate data company CoreLogic has received an unsolicited acquisition proposal from Cannae Holdings and Senator Investment Group, two investment firms that already hold a stake in the company, CoreLogic said Friday.
A bill that would punish groups, entities or banks for subverting the autonomy of Hong Kong unanimously passed the U.S. Senate on Thursday, in a response to China’s controversial national security law that critics say undermines the city’s partial independence.
The U.S. Small Business Administration and the U.S. Department of the Treasury said Friday that they will disclose the names of recipients who have received larger loans under the Paycheck Protect Program, a sharp reversal from Treasury Secretary Steven Mnuchin’s earlier insistence that they would not be made public.
Student loan servicer Nelnet is mulling legal options after the U.S. government rejected a second business proposal from the company in three months, casting a shadow over its larger federal student loan contract which runs out later this year.
A trio of federal lawmakers on Thursday unveiled plans to provide new COVID-19 relief funds to small businesses that were previously underserved by the federal lending program, while leaving out corporations that may have other options to stay afloat.
A congressional oversight panel took issue with the U.S. Federal Reserve’s plans to buy more corporate bonds, suggesting that the measure might help large corporations but provide limited support to smaller businesses and state and local governments.