NEW YORK—The global economy could shrink by up to 1% in 2020 due to the COVID-19 pandemic, and may contract even further if restrictions on economic activities are extended without adequate fiscal responses, according to analysis released United Nations Department of Economic and Social Affairs (UN-DESA).
CHICAGO–A new report offers some insights after two surveys were conducted to determine how financial services leaders and consumers are aligned on digital banking priorities and to further explore how leaders are investing in digital strategies to meet expectations.
EDINBURGH, Scotland—The Scottish government has released two new funding programs to help the country’s credit unions during the coronavirus crisis.
WASHINGTON–The Paycheck Protection Program is out of money. The $349-billion program managed by the Small Business Administration and designed to get money to small businesses to support payroll and other costs, has exhausted its funding in less than two weeks after the program became available.
WASHINGTON–Another 5.2 million American workers filed for their first week of unemployment benefits last week, according to the US Department of Labor, bringing the total number of Americans who have filed initial jobless claims since March 14 to around 22 million, or roughly 13.5% of the labor force.
LANSING–Michigan’s credit unions had helped to process more than $750 million in Paycheck Protection Program loans for approximately 7,500 small businesses representing 150,000 employees before that program ran out of money, according to the Michigan CU League.
VIENNA, Va.–PenFed conducted a COVID-19 Financial Attitudes Survey designed to help the credit union gauge how consumers are thinking about their finances given the current public health crisis.
ARLINGTON, Va.—Retail sales plummeted in March as the effects of COVID-19 shutdowns continue to reverberate through the economy.
WASHINGTON—NAFCU's Elizabeth LaBerge has urged the Federal Communications Commission (FCC) to expedite efforts to ensure financial institutions can contact consumers on matters related to the coronavirus pandemic during the national emergency.
WASHINGTON – The Consumer Financial Protection Bureau has issued a final rule raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA).
