News

From The Real Deal:

Big banks led some consumers into financially risky mortgage agreements instead of offering the full relief program touted by the federal government, according to a report analyzing complaints.

From the American Banker:

Big banks that have been offering mortgage relief to homeowners during the pandemic are facing fresh criticism over the rules they are enforcing when borrowers are supposed to resume making their monthly payments.

From Fortune Magazine:

At first glance, the economic fallout from the COVID-19 pandemic mirrors the one following the subprime mortgage crisis that came to a head in 2008. 

Click here for Committee for Better Banks Lead Organizer Nick Weiner joins Yahoo Finance's Zack Guzman to discuss how the big banks have had 'major shortcomings' when it comes to the response to the COVID-19 pandemic.

Bloomberg News:

There are “major shortcomings” in how some big U.S. banks are providing financial relief for customers and instituting safety measures for front-line workers during the coronavirus pandemic, according to a coalition of labor unions, employees and advocacy groups.

Wells Fargo is drafting plans that could cut tens of thousands of jobs starting this year, people familiar with confidential talks told Bloomberg.