Coronavirus Insights: Managing PPP Crunch, Consumer Debt Portal
Content from around the web related to the pandemic and its impact on the financial world. Ideas, new tools, information, expert viewpoints and more curated by The Financial Brand's editorial team.
How to Tame the PPP Monster and Get $$$ Into Small Businesses’ Hands
After three days wrestling with the massive Paycheck Protection Program that has brought even giant banks’ systems to a standstill, CenterState Bank’s team has come up with nine tips to assist small business lenders to get the money out to clients desperate for help.
Read More: Payroll Protection Program Put on Express Track By Midwestern Bank
‘Channel Cuomo,’ and 7 Other Ways to Manage Crisis Chaos
If dealing with coronavirus decisions based on incomplete and shifting information day after day has you in a fog, check out crisis management consultant Davia Temin’s eight rules for dealing with chaos. Rule No. 2: Forget any assumptions you have about how things should work.
Overcoming Obstacles (Like Pets) to Bank Staff Working from Home
Banks and credit unions striving to make stay-at-home employees more productive should give an article from B2C a read. It covers "4 Tips to Managing Work from Home Call Center Agents," along with how to address the "Three Top Obstacles" to working from home successfully.
Wells Fargo OK’d to Expand COVID-19 Program Lending — But With a Twist
On April 8 the Federal Reserve announced that it will temporarily and narrowly modify the growth restriction on Wells Fargo so it can provide additional support to small businesses. This applies only to additional loans made as part of the Paycheck Protection Program and the Fed’s forthcoming Main Street Lending Program. However, Wells must transfer any benefits from participation to the U.S. Treasury or to non-profit organizations that support small businesses.
Portal Lets Consumers Reach Out to Lenders to Negotiate Debt
Fintech collections company TrueAccord, which uses artificial intelligence to more effectively collect overdue debt, has launched a consumer-facing portal called Engage. According to Crowdfund Insider, Engage gives consumers a digital way to connect with any lender to postpone payments during the COVID-19 crisis.
Consumer Coronavirus Sentiment Scan Covers 7 Sectors Including Finance
Resonate pushed out a 29-page report drawn from a survey of 5,000 consumers. Wide-ranging, it covers overall sentiment relating to the pandemic plus detailed data on financial services, retail, health, politics, and more. Registration required to get the report.
Interchange Income Reductions Could Range from 3% to 13%
Cornerstone Advisor’s Senior Director Tony DeSanctis ran an analysis of the impact on debit card interchange income from a COVID-induced downturn. His model looks at three scenarios: Mild Recovery, Deep Recession and Depression. A companion article looks at five steps financial institutions can take to minimize the impact on payments revenues.
