Credit

Credit

Watchdog Warns of ‘Significant’ PPP Fraud Risk

The GAO says "minimal" underwriting standards left the $670 billion small business rescue program vulnerable to fraud.

Matthew Heller
June 26, 2020
The Economy

U.S. Mortgage Delinquency Rate Jumps to 7.76%

More mortgages were past due in May than at any time since 2011 as Americans continue to struggle to pay bills amid the COVID-19 pandemic.
M&A

Ally Financial’s Takeover of CardWorks Called Off

The companies agreed to terminate the $2.7 billion deal, citing the "unprecedented" impact of the COVID-19 pandemic.
Applications

Mastercard to Buy Finicity

The companies said the deal would strengthen Mastercard’s "open banking" capabilities.
Credit

U.S. Banks’ Profits Sink 69% to $18.5B in Q1

Banks diverted earnings to reserves for "newly risky loans as the coronavirus tanked credit health and plunged the U.S. into a recession."
Credit

Amazon, Goldman to Offer SMB Credit Lines

In a marriage of tech and Wall Street, sellers on Amazon will be eligible for credit lines of up to $1 million from Goldman Sachs' Marcus brand.
Credit

Macy’s Raises $4.5 Billion in New Financing

The company said its reopened stores are outperforming.
Credit

New Bill Offers Second Loans to PPP Borrowers

“Congress must once again act urgently to support our most vulnerable small businesses through this crisis."
Credit

ECB Adds $672B to Pandemic Relief Program

“The euro area economy is experiencing an unprecedented contraction," the ECB said as it provided additional stimulus through emergency bond buying.
Capital Markets

Out of the Shadows

How project finance funded by private capital can accelerate the post-COVID recovery.
Risk Management

The Case for a Partnership Between Trade Credit Insurers and the U.S. Government

Lack of support for the trade credit industry means eliminating a safety net that keeps many businesses going.
Credit

The LIBOR Floor Is Rising

For many investment-grade borrowers, a LIBOR floor could double the funding spread on a loan.
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