Financial institutions need not be perfect to prevent most fraud. Rather than trying to block every shot, they should present a smaller target.
In the forgiveness phase, the challenge of processing and adjudicating the applications is shaping up to be more complex than the lending phase.
Let these questions guide your bank’s decision-making during the COVID-19 crisis and for the longer term
A willingness to compromise by both sides of the proceeding can raise the odds that the lender’s loan will end up being paid in full.
To stand out from the crowd, banks and credit unions must create effective messaging on the institution they are and the institution they want to become.