Commercial lending

While a securities-based loan is more commonly used to buy a fancy house or take a dream vacation, it's also an underused strategy for some affluent investors to pay large tax bills.

The hands-on role that planners can play in securing securities-based loans demonstrates their value in a number of ways.

Business lines south of the border, led by a diversified commercial banking unit, contributed more than 40% of total earnings at Bank of Montreal over the past 12 months. Company executives now see an opportunity in selling wealth management services to commercial clients.

Banks weren't involved in the trading frenzy, but some observers say the regulatory response should address risks to all financial institutions.

A slower-than-expected rollout of the COVID-19 vaccines and the threat of social unrest after the Jan. 6 riot at the U.S. Capitol could threaten the recovery, according to an American Bankers Association panel.

The agency has 90 days to review files and reach decisions.

The extension to Aug. 8 was offered by Sen. Ben Cardin, a Maryland Democrat, and cleared the chamber by unanimous consent. The House has yet to take up the bill but could pass it as soon as Tuesday night.

The bill, which passed the House last week on a 471-1 vote, now heads to President Trump’s desk for his signature.

The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.

Bankers spent Monday cleaning up damaged branches, wondering if their small-business clients will need more emergency aid and contemplating how the racial and economic inequalities highlighted by days of violent protests nationwide can be corrected.

The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses.

About 5,500 large customers of the commercial banking business applied for funding. Nearly all of them got loans.

The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.

Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

Though hopeful for a second-half bounceback in the economy, JPMorgan Chase is prepared for 20% unemployment, lackluster GDP and losses in its loan portfolio that could reach tens of billions of dollars.

Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.

“We have to have a roadmap for how to deploy capital in this environment,” says the global head of alternatives for the firm’s asset management arm.

The major issuers of leveraged products, which trade under the ProShares and Direxion trademarks, have each posted inflows of over $2.8 billion this month.

No online lenders are approved for the agency's traditional programs, but they could make loans under the COVID-19 stimulus package if they get special approval.

The firm, run by Big Short protagonist Greg Lippmann, may make sustainability the linchpin of its CLO business after completing its first deal that complies.