U.S. borrowers struggle to get coronavirus relief from big banks


NEW YORK (Reuters) – U.S. borrowers seeking a reprieve from mortgage, auto or credit card payments because of coronavirus hardships are not getting the help they expected from big banks that promised assistance in recent weeks.

FILE PHOTO: A security guard wearing a protective mask is seen inside a Chase bank in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File Photo

JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N) and Citigroup Inc (C.N) are among lenders that announced programs to help customers whose income

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Fed’s Kashkari says, ‘We need to err on the side of being generous’


Neel Kashkari

Kate Rooney | CNBC

Minneapolis Federal Reserve President Neel Kashkari, who helped guide the U.S. economy out of its last crisis, said policymakers need to be less selective this time around when deciding who to help.

Kashkari was one of the architects of the Troubled Asset Relief Program, an omnibus effort directed toward aiding banks through a series of lending facilities. The program came about to resuscitate the then-moribund financial sector, which had been crippled by toxic assets largely related to the mortgage industry crash.

In seeking how to distribute the more than $400 billion allocated to TARP,

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Facebook launches fact-checking service on WhatsApp in Italy to fight coronavirus hoaxes


FILE PHOTO: A 3D printed Whatsapp logo is seen in front of a displayed stock graph in this illustration taken April 28, 2016. REUTERS/Dado Ruvic/Illustration

MILAN (Reuters) – Facebook Inc. launched a service in Italy to check the accuracy of information on coronavirus circulating on its messaging platform WhatsApp, the U.S. tech firm said on Thursday.

In a fresh attempt to fight manipulated content, Facebook said it was working with local fact checking service Facta which is analyzing content circulating on WhatsApp, including video, audio or photos.

Users can send content to Facta through a WhatsApp message to check it

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U.S. small business bailout starts Friday. Is the government ready?


(Reuters) – Chris Hurn, founder of Fountainhead Commercial Capital, has received 7,400 small business loan requests in the past two weeks, more than his business has handled in its five years of existence.

FILE PHOTO: A parking lot is seen almost empty as local stores are seen shuttered due to the outbreak of the coronavirus disease (COVID-19) in Matawan, New Jersey, U.S., April 1, 2020 REUTERS/Eduardo Munoz/File Photo

The Lake Mary, Florida-based non-bank lender is just one of thousands of financial institutions across the country preparing to dole out $349 billion in government-backed loans and grants starting Friday, just one

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