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Banks are causing a cash crisis by tightening lending standards during coronavirus crisis

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Major banks in America are tightening access to credit as coronavirus shutdowns put households across America in dire financial shape, The Wall Street Journal reported Saturday.

“Banks and financial-technology firms are starting to toughen their approval standards for new loans to consumers and small businesses. That means many people could find it hard to get credit just when they most need it, as the novel coronavirus pandemic puts thousands out of work,” the newspaper reported.

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“Large U.S. lenders including JPMorgan Chase & Co., Bank of America Corp., Capital One Financial Corp. and Santander Consumer USA Holdings Inc. are among the companies reviewing and revising certain lending criteria, according to people familiar with the matter,” The Journal reported. “Planned moves include approving fewer consumers with lower credit scores, asking for more income documentation and placing lower spending limits on new credit cards.”

Over three million Americans filed have filled for unemployment since the shutdowns began.

“American Express Co. has scaled back financing offers to small businesses, according to people familiar with the matter. Fintech lenders Square Inc. and On Deck Capital Inc. said this week they would do the same,” the newspaper noted. “Lenders are concerned that rising unemployment and a potential recession will send loan defaults soaring. The moves suggest at best a pause and at worst an end to six-plus years of a bull run in credit, where financial firms have been eager to lend and underwriting standards for credit cards, auto loans and personal loans have been relatively loose.”


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‘Insanity outside the White House’: After Trump stokes tensions, fresh clashes between police and protesters

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As protests against police violence and the killing of George Floyd continued in cities across the U.S. on Saturday, a massive crowd gathered outside President Donald Trump's White House as demonstrators again turned their ire and demands for justice and healing towards the nation's most powerful elected official. After tensions built, clashes erupted between law enforcement and demonstrators.

Tensions flared near the White House. Not sure what triggered it, all I saw was a blast of pepper spray and a sudden sprint backward. There’s a lot more pressure on the police cordon and they’re pulling out gas masks. pic.twitter.com/X4uCQRzPkw

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Ocasio-Cortez blasts her NYC mayor for ‘making excuses’ for NYPD violence against protesters

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The youngest woman ever elected to Congress ripped her city's mayor on Saturday for "making excuses" for New York Police Department actions.

In videos that circulated widely on social media, NYPD cruisers can be seen driving into pedestrian protesters.

https://twitter.com/RawStory/status/1266915796770598912

Rep. Alexandria Ocasio-Cortez (D-NY) blasted New York City Mayor de Blasio for defending the NYPD.

On Twitter, she told the mayor, "your comments tonight were unacceptable."

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‘Light ’em up’: Police open fire on people filming them from their front porch

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Video reportedly taken from the Wittier neighborhood of Minneapolis on Saturday shows authorities shooting projectiles upon people filming them from a front porch.

On Friday, Minneapolis Mayor Jacob Frey imposed a curfew on the city, but his emergency order did not apply to citizens' homes or front porches.

Yet a video posted on Twitter shows a Minnesota National Guard humvee rolling down residential streets, followed by a group of police.

"Look at this, they just keep coming," a woman is heard saying as the camera shows the police.

"Go inside. Get inside," the police shouted.

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