News

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.
The OCC today cautioned banks to be vigilant about compliance risks that could arise as a result of their response to the coronavirus pandemic.
The Federal Reserve on Thursday temporarily restricted shareholder payouts by the nation’s biggest banks, barring them from buying back their own stocks or increasing dividend payments in the third quarter as regulators try to ensure banks remain strong enough to keep lending through the pandemic-induced downturn.
When it comes to actually delivering COVID-19 relief, Citibank was comparatively worse than other credit card issuers