Bank of America CEO Says Half a Million Customers Have Deferred Payments [Yahoo! Finance News]
Wells Fargo & Company (WFC)
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Source: Yahoo! Finance News
Bloomberg) -- Half a million of Bank of America Corp.’s 66 million customers have deferred loan payments because of financial fallout from the coronavirus.“The idea is to defer the payment, defer the impact,” Chief Executive Officer Brian Moynihan said in an interview Friday on CNBC. “We’re working with our customers who need help, who are losing their jobs. We have to preserve their ability to have cash flow.”The lender is also dealing with a deluge of requests for funds from the government’s small-business relief program. By Friday evening, it had received 85,000 applications requesting $22 billion.The Charlotte, North Carolina-based lender earlier said it was prioritizing 1 million of its existing small-business borrowers because they had already been vetted and could receive funds most quickly, Moynihan said.That approach sparked criticism, including from Senator Marco Rubio, a Republican from Florida, who tweeted that the policy isn’t from the government but rather from Bank of A
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