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Bank of America is offloading some margin loans after losing $292 million on soured credit to the former chairman of Steinhoff International Holdings, according to people with knowledge of the matter.
As policymakers take another crack at housing finance reform, federal leaders and the housing lobby are once again perpetuating the false notion that ending government guarantees would cause the 30-year, fixed-rate mortgage to vanish.
The San Juan company disclosed an error in the way it calculated the provision for losses in its commercial loan book.
Gulfside Bank, which would be based in Sarasota, is angling to become southwest Florida's first new bank in a decade.
Three unnamed "senior" employees helped the SEC win a $415 million settlement from the bank; Sherborne Investors takes a 5.2% stake in the British bank.
The Berlin company hopes to shake up the U.S. market with real-time, mobile-first, millennial-friendly banking, and the new infusion of cash from Allianz and Tencent will help.
The legislation, signed Monday by Gov. Rick Scott, authorizes 60- to 90-day loans of up to $1,000. It makes Florida the first state to pass a law designed to blunt the impact of the CFPB’s payday lending rule.
The agency's decision to lift a 2002 consent order against Ace Cash Express could lead to a revival of partnerships between national banks and payday lenders.
The House Financial Services Committee chairman's effort to make changes to a Dodd-Frank revision bill could either give him a defining victory or extend his losing streak.
The bank will enable customers to access its 2,500 ATMs via mobile banking.
Bank stocks in recent months were a fallback for suffering tech investors, but now both sectors are getting hit. It's a sign of tightening interest rate spreads — and more volatility to come.
As the agency pulls back its enforcement efforts, it opens the door for state authorities to pursue more cases against financial startups for their data collection and privacy practices.
Organizers want to open the first new bank in Michigan since 2009, while a third group in Florida has filed a de novo application.
The main problem is that Amazon's Alexa, Apple’s Siri and Google Assistant can’t yet verify a person’s identity. But there are already workarounds for that issue – and the tech giants may solve it soon.
The bank’s distributed ledger for private equity deals can now provide nodes to auditors, so they can easily access documents and data for their annual reviews.
On Dec. 31, 2017. Dollars in thousands.
On Dec. 31, 2017. Dollars in thousands.
Banks need to figure out how to provide more value to customers or non-bank financial services companies could displace them.
The bank is the latest to report required pay discrepancies in their British units; the DOJ and SEC are looking into sales practices at the bank’s wealth management unit.
The e-commerce giant is muscling its way into a number of businesses that banks have long dominated.
Sen. Elizabeth Warren, D-Mass., raised ethics concerns about Mick Mulvaney's dual role leading both the Consumer Financial Protection Bureau and the Office of Management and Budget.
Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.
The FBI has reportedly interviewed employees at the bank’s wealth management unit.
Independent Bank Group said the funds had become shareholders after it bought Carlile Bancshares last year.
Under Richard Cordray, the consumer bureau had questioned whether affiliations between small-dollar lenders and sovereign tribes are exempt from state laws, but observers say the agency’s acting chief has signaled a more welcoming approach.
Wells Fargo gets tipped off by OCC on investigation; HSBC is wading back into U.S. mortgage waters; a bank uses artificial intelligence to combat money laundering; and more.
While optimistic about the economy, bankers at this year's ICBA convention are still concerned about credit unions and other nonbanks, the role of technology, weakness in the agricultural sector and succession planning.
The bank, which has branches in eight state and operates a nationwide real estate business, said that the proposed new name, Bank OZK, would better reflect its geographic reach.
Independent Community Bankers of America CEO Camden Fine said his group “will not participate in making the perfect the enemy of the good” when it comes to further amending the regulatory relief bill.
Banks should adopt a more collaborative process to usher in innovation and refine digital strategy, says SunTrust CIO Scott Case.
The company will take a nearly $10 million hit after setting aside funds to cover a case of potential borrower fraud.
A decade after buying Bear Stearns, JPMorgan has maintained its revenue from fixed-income trading while many rivals saw theirs slip.
Directors at the Federal Reserve Bank of New York said they had narrowed their search for the bank's next president to a "handful of final candidates," without naming any of those still in the running or the timetable for announcing their selection.
Financial Institutions, the parent of Five Star Bank, was hit with a "needs to improve" rating following a review of its activities from 2011 to 2013.
Goldman Sachs Group Inc. pays women in the U.K. an average of 56% less than male colleagues, another stark example of the entrenched gender imbalances in the richest corners of the global economy.
The Consumer Financial Protection Bureau's “Project Catalyst,” launched six years ago to help fintech companies navigate regulations, has failed to deliver.
House Republicans want more aggressive changes to Senate’s Dodd-Frank rollback bill; papers scrutinize the heir apparent to Lloyd Blankfein.
Readers opine on the prospect of regulatory relief, weigh in on the need for regulators to become more tech savvy, react to HSBC hopping back into U.S. mortgage lending and more.
Eno likes reality TV, says Capital One's head of artificial intelligence. Who's afraid of big, bad Amazon? Not Nandita Bakhshi. Goldman Sachs won’t be breaking any glass ceilings. Plus, a study on sexual harassment in banking.
First the House and now the Senate have included provisions in their regulatory relief bills that bankers say would go a long way toward clearing up confusion over how to treat high-volatility commercial real estate loans.
Legacy financial firms like the big credit bureau are seeking out financial technology to diversify themselves, bring new products to market faster and meet the needs of global customers.
A day after the Senate passed regulatory relief, top House Republicans vowed to have a big say in the final version before the bill heads to the White House. Those comments raised fresh questions about how quickly the Dodd-Frank reforms will become law.
BankFirst Financial Services in Columbus, Miss., has acquired HomeFirst, a mortgage services firm.
Use of alternative data in traditional credit scoring would help consumers access the banking system and lower their cost of credit.
Park National, which came to regret its acquisition of a Florida bank just before the financial crisis, took more than a year to vet its recent deal for NewDominion in North Carolina.
The gap, already more than three times the national average, will widen to 60% this year, the company said in a report Thursday.
The acting director’s five-year plan shows that he wants to bring moderation to the agency, not ruin it from within.
With substantial regulatory relief within reach, community bankers should use their clout to shape cybersecurity policy and ensure a level playing field for banks and nonbanks, retiring ICBA chief Cam Fine says.
The measure easily passes with a two-thirds majority; Wells Fargo CEO's pay up by a third, but no cash bonus.
Ken Rees at Elevate Credit calls payday lending "the roach motel of financial products" and says his alternative has helped subprime borrowers get back on their feet.
Online banks and some credit unions are responding to Fed rate hikes by aggressively raising deposit rates on CDs, savings accounts and money market products, while the nation's biggest banks are largely standing pat — for now.
The request for feedback on adopted regulations is the eighth out of a dozen such requests that acting CFPB Director Mick Mulvaney has initiated so far as part of a public review of all the agency's processes.
The company's planned purchase of Coastway Bancorp in Rhode Island makes sense since both institutions used to be credit unions.
CEO Tim Sloan was paid $17.4 million, though he was denied a cash bonus, as the San Francisco bank continued to contend with scandal fallout.
With the Senate finishing its work on a regulatory relief package, a showdown in the House still looms while critics of Dodd-Frank weigh whether this is their last shot at unwinding it.
The National Credit Union Administration’s defense of changes to a field-of-membership rule was challenged by a federal judge on Wednesday, suggesting an American Bankers Association lawsuit against the revisions may be successful.
With rate hikes aplenty expected this year, Wells Fargo and Bank of America are said to be subdividing key markets to target deposit pricing in the future and minimize costs. These are among several innovative steps large banks are taking to prepare for more competition for deposits.
Sen. Elizabeth Warren, D-Mass., introduced a bill to create a permanent law enforcement unit to investigate criminal activity at large banks, just as the Senate was close to passing a regulatory relief package.
A customer is claiming that the Chicago bank operates a "predatory" overdraft fee program.
As it expands to the West Coast, the bank will first target car dealers at which it is already an indirect consumer lender.
Freddie Mac and Arch Capital are testing a new form of risk-sharing deal to boost investor appetite for low down payment mortgages. But the pilot is raising concerns about "charter creep" because it dictates private mortgage insurance decisions typically made by lenders.
Goldman Sachs needs to do a better job elevating women to its top ranks, new heir apparent David Solomon said recently. He has his work cut out for him.
Organizers in Winston-Salem are planning to raise at least $25 million to form Community Bank of the Carolinas.
A mortgage program created by a 2015 partnership between the Federal Home Loan Bank of Chicago and Ginnie Mae has securitized over $1 billion in government-backed mortgages, the partnership announced.
President Trump is expected to announce as early as Thursday morning that he has selected Larry Kudlow, the host of CNBC's The Kudlow Report, to replace Gary Cohn as head of the National Economic Council, according to multiple media reports.
Fundbox is testing a payments and credit network for small businesses and their business clients that may offer an alternative to traditional lenders, credit card issuers and supplier financing.
As Congress moves quickly toward passing regulatory relief legislation, another financial services policy goal — long-term reform of the National Flood Insurance Program — remains stalled.
A former senior executive at Equifax Inc. was criminally charged for allegedly selling almost $1 million worth of shares before the company’s announcement last year that it had suffered a massive data breach.
Coinbase Inc., one of the largest cryptocurrency exchanges, said it obtained an e-money license in the U.K. as it expands services in Europe. A local subsidiary also opened an account at Barclays Plc, easing deposits and withdrawal for clients.
A clear government backstop for the mortgage market would benefit small banks and investors by ensuring a stable and liquid secondary market for securities.
Smaller bank stocks have outperformed the big banks with the prospect of Dodd-Frank rollbacks; Trump “very strongly” pondering TV analyst for adviser role.
Though the Senate regulatory relief bill falls well short of a far-reaching House bill, critics argue it could still increase the chance of another bank bailout by the government and weaken consumer protections. Here are the measures causing the most debate.
The deal – expected to close later this year – will be the third credit union acquisition of a bank so far in 2018.
The interagency will establish a venue for bank holding companies that restructure to argue in favor of their being de-designated as "systemically important," similar to the process afforded for other firms.
Community banks and consumer advocates are clashing over a provision in the Senate banking bill on mortgage data reporting, but there’s been little vetting of what the measure would actually do.
The online giant has succeeded in disrupting every area of retail, but in banking it faces a high barrier to entry and fierce determination from banks like Citizens Financial and Bank of the West to keep upping their games.
A late addition to regulatory relief legislation would direct the Federal Housing Finance Agency to review credit-scoring alternatives, but some say the provision is redundant.
The merger of the Financial Services Roundtable and The Clearing House Association is likely to bring a more analytical approach to the combined group’s dealings with lawmakers, emphasizing detailed research over simplified talking points.
Timothy Zimmerman is optimistic about regulatory relief and the capabilities of the association's next CEO, but he remains wary of nonbank competition and cybersecurity risk.
Former Rep. Barney Frank refuted concerns voiced by other Democrats that a Senate bill rolling back some provisions of the Dodd-Frank Act will fuel another financial crisis.
The online lender is hiring Kenneth Brause, a CIT Group executive, to succeed CFO Howard Katzenberg.
Lawmakers on Tuesday continued debating a thicket of proposed additions to a crucial regulatory relief bill on their way to a final vote likely to occur as early as midweek.
American Express Ventures has become an investor in the startup EverCompliant, which helps financial institutions root out e-commerce websites backed by terrorists and drug cartels that are laundering money through payments-processing networks.
The country’s ratio of household debt to disposable income reached a record 171% in 2017.
The insurance company has made no effort to shrink or simplify since being designated as systemically important, and regulators should not remove heightened federal oversight until it does.
Investment banker appears to be the choice to succeed to Lloyd Blankfein; CNBC commentator is being vetted as chief White House economic adviser.
Scratch beneath the surface, and there is a lingering feeling among many in the banking, payments and mortgage sectors that not only is harassment present, but may actually be inevitable. Experts say institutions need to combat that mindset - or else.
An industry-wide study of the impact and implications of sexual harassment reveals striking implications for the modern workplace and a path forward.
An unprecedented, industry-wide survey of sexual harassment in the professional workplace reveals industries with the highest prevalence of unwanted sexual behavior, the differences between large and small companies, and blind spots that may be preventing corrections. Fortunately, the data also lights a path forward.
From inappropriate touching to belittling comments, women advisors confront workplace environments that are far from welcoming.
Many workers in the technology departments across a range of industries describe behavior that may fall short of a legal definition of sexual harassment, but is still disturbing and could contribute to low employee morale and high turnover.
Men and women who work in accounting say there’s a low prevalence of sexual harassment in the profession; the numbers suggest otherwise.
Human resources professionals are looking to fight bad behavior driven by upper management.
Senior leaders at the Federal Reserve, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said they want examiners to be more understanding of the budding partnerships forming between banks and fintech firms.
Amazon.com is planning to offer a credit card to U.S. small-business customers, furthering its push to supply companies with everything from reams of paper to factory parts, according to people with knowledge of the matter.
Despite past missteps in the U.S. mortgage business, the bank is giving it another go, bringing servicing in-house and catering to millennials and international clients here, says HSBC’s Raman Muralidharan.
On Dec. 31, 2017. Dollars in thousands.
On Dec. 31, 2017. Dollars in thousands.