• Small Businesses, Hit Hard by Pandemic, Are Being Starved of Credit

    Small Businesses, Hit Hard by Pandemic, Are Being Starved of Credit0

    Small businesses that cleared the hurdle of the coronavirus shutdowns are now encountering an all-too-familiar obstacle: Banks don’t want to lend to them. The Paycheck Protection Program funneled $525 billion in forgivable loans to millions of small businesses in the pandemic’s early days. Yet that massive infusion masked a yearslong contraction in small-business lending that

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  • The Credit-Card Fees Merchants Hate, Banks Love and Consumers Pay

    The Credit-Card Fees Merchants Hate, Banks Love and Consumers Pay0

    In Silver Spring, a Maryland suburb of Washington, D.C., cash is becoming a rarity as consumers increasingly rely on credit cards, apps and online purchases during the pandemic. For Bump ’n Grind, an independent coffee and vinyl record shop, that is a growing burden. The shop, which roasts its own coffee beans, spent less on

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  • Payments Companies Give Credit Where It’s Due—to Debit

    Payments Companies Give Credit Where It’s Due—to Debit0

    The question of whether consumers are spending has different answers depending on where you look. Spending on credit cards? Down. Spending on debit cards? Way up. Debit has been the hero for many payments companies this year. Card networks as well as acquirers that handle payments for merchants have reported similar trends. At Visa V

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  • Small Businesses, Hit Hard by Pandemic, Are Being Starved of Credit

    Small Businesses, Hit Hard by Pandemic, Are Being Starved of Credit0

    Small businesses that cleared the hurdle of the coronavirus shutdowns are now encountering an all-too-familiar obstacle: Banks don’t want to lend to them. The Paycheck Protection Program funneled $525 billion in forgivable loans to millions of small businesses in the pandemic’s early days. Yet that massive infusion masked a yearslong contraction in small-business lending that

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  • Banks Have Begun to Merge. Next Year Could See Even More Deals.

    Banks Have Begun to Merge. Next Year Could See Even More Deals.0

    Courtesy of TCF Text size After a long pause, bank merger activity has resumed. And to hear Wall Street talk, the momentum may just be beginning. This past week, Huntington Bancshares (ticker: HBAN) announced plans to acquire TCF Financial (TCF) for $6 billion in an all-stock deal. The merger of the Columbus, Ohio–based Huntington with

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  • Bank Applications Get a Coronavirus Boost

    Bank Applications Get a Coronavirus Boost0

    Consumer lender Oportun Financial Corp. OPRT -0.16% on Monday filed paperwork to start its own bank in California, joining a wave of firms that have applied for banking licenses during a recession that has punished banks’ core businesses and forced them to set aside tens of billions of dollars to cover soured loans. Ten companies

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