How Lenders are Responding to the Coronavirus Crisis

Both banks and online lenders are responding to the recent events with most already communicating with their customers detailing the precautions they are taking for their staff as well as measures to help impacted borrowers; the MLA sent a letter to Chairwoman Maxine Waters of the House Financial Services Committee and high ranking members of Congress detailing measures taken by their members; the OCC and FDIC also advised that banks take care of customers affected by the coronavirus, making recommendations to consider waiving fees and more flexibility for repayments; the banks are already being impacted significantly with the large banks halting share buybacks; the iShares U.S. Regional Banks ETF (IAT) was down 14% yesterday and publicly traded fintechs including LendingClub, OnDeck and GreenSky all touched all-time lows yesterday. Lend Academy

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