Almost two months after the Singapore government released guidelines for the deferral of insurance premium payments for those impacted financially by the COVID-19 pandemic, thousands of policyholders have filed their applications.… Read More
A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto
Chris Helgren | Reuters
Wells Fargo, one of the largest home lenders in the U.S., is stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic.
The bank informed its mortgage personnel of the news Thursday in a conference call, according to a source, and the move was confirmed by company spokesman Tom Goyda.
“Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit after April 30,” Goyda said
Pedestrians pass a JPMorgan Chase & Co. bank branch near the New York Stock Exchange in 2018.
Bloomberg | Bloomberg | Getty Images
JPMorgan Chase says it has closed more small business relief loans than any other bank, but it still has a huge mountain of applications from business owners who are now in limbo.
The bank has disbursed $14 billion in loans for the government’s $350 billion coronavirus relief effort, according to the company. But it has about $26 billion worth of applications from hundreds of thousands of business owners that could go forward if Congress secures more funding
A few hours before the expected launch of a federal program to dole out at least $350 billion in loans to small businesses struggling amid the coronavirus pandemic, none of the participating banks interviewed by CNBC are sure they’ll be ready.
From massive global institutions with trillion dollar balance sheets to regional banks and small local lenders, the companies all have one thing in common: They are awaiting key guidance from the Small Business Administration and Treasury on exactly how to administer the program.
“They’re not ready at all, they’re desperately awaiting guidance on how to do this,” said Ami