Industry News
Banking
Top stories summarized by our editors
7/13/2020

The coronavirus pandemic has led more than 180 firms listed on the S&P 500 to withdraw earnings guidance, leaving investors to make their own calculations and prompting the widest divergence in analyst estimates since at least 2007. However, analysts responding to a FactSet poll agree the second quarter probably saw the deepest point of the downturn.

7/13/2020

Differences of opinion between the US Treasury Department and the Federal Reserve slowed the launch of the Main Street Lending Program, sources say. The Treasury reportedly favored a cautious approach, while the Fed argued for relaxed terms.

7/13/2020

This feature on Treasury Secretary Steven Mnuchin does an excellent job of detailing his background and explains how he has become one of the most powerful policymakers in the world.

More Summaries:
Steven Mnuchin
7/13/2020

Brian Brooks, interim chief at the Office of the Comptroller of the Currency, says temporary rule relaxations will not continue indefinitely and banks should not use the pandemic to affect branch closures.

7/13/2020

Banks are adopting a stricter approach to highly rated corporate borrowers looking to roll over their credit agreements during the coronavirus pandemic, with terms of any new financing tailored to meet the borrower's circumstances. Among the measures that lenders have imposed have been tighter loan terms and fee uplifts.

Full Story:
Reuters
7/13/2020

Georgia Renewable Power has followed European issuers and signed the US leveraged loan market's first green term loan deal to fund a renewable power scheme. The terms of the borrowing require the company to segregate the funding under the loan deal and check progress on the project against certain green criteria.

Full Story:
Reuters
$1T
7/13/2020

Companies seeking to bolster their finances amid the coronavirus crisis could accumulate debt amounting to $1 trillion worldwide this year, according to a survey of 900 leading firms. The increase would grow the world's total corporate debt by 12% to approximately $9.3 trillion.

Full Story:
Reuters
7/13/2020

Some banks are using fees made from Paycheck Protection Program loans and donating them to underserved communities and diversity efforts. Truist Bank gave bonuses to employees making less than $100,000 a year and created an initiative to help those affected by the COVID-19 pandemic.

Full Story:
Forbes
More Summaries:
Truist Bank
7/13/2020

A Federal Reserve task force is examining a coin shortage brought on by the novel coronavirus pandemic. Federal Reserve officials say the coin shortage will likely continue until the economy fully reopens.

Full Story:
ConsumerAffairs
7/10/2020

The UK chancellor's decision to base this week's stimulus measures on real-time data such as retail activity raises questions on whether it should replace more traditional data sources.