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Updated: 2 min 21 sec ago

B of A is said to seek some margin loan sales after Steinhoff loss

47 min 15 sec ago
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.

Don’t let the 30-year mortgage sway housing policy

2 hours 16 min ago
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.

Accounting gaffe surfaces at First Bancorp in Puerto Rico

2 hours 35 min ago
The San Juan company disclosed an error in the way it calculated the provision for losses in its commercial loan book.

Another group plans de novo in Florida

2 hours 45 min ago
Gulfside Bank, which would be based in Sarasota, is angling to become southwest Florida's first new bank in a decade.

B of A whistleblowers get $83 million; Activist buys Barclays stake

3 hours 40 min ago
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 challenger bank N26 raises $160M ahead of U.S. launch

8 hours 44 min ago
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.

New Florida law will loosen small-dollar lending rules

15 hours 19 min ago
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.

OCC once wanted payday lenders to 'stay the hell away' from banks. No longer

Mon, 03/19/2018 - 22:47
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.

Is this Jeb Hensarling's last stand?

Mon, 03/19/2018 - 22:14
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.

Fifth Third latest bank to enable cardless ATM access

Mon, 03/19/2018 - 21:15
The bank will enable customers to access its 2,500 ATMs via mobile banking.

Bank, tech stocks are back in sync. Here's why that matters

Mon, 03/19/2018 - 19:36
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.

A hands-off CFPB might cause trouble for fintechs

Mon, 03/19/2018 - 19:20
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.

Surge in de novo activity spreads

Mon, 03/19/2018 - 18:43
Organizers want to open the first new bank in Michigan since 2009, while a third group in Florida has filed a de novo application.

Is Amazon’s Alexa ready for person-to-person payments?

Mon, 03/19/2018 - 17:19
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.

A year in, Northern Trust adds auditing to its distributed ledger

Mon, 03/19/2018 - 16:27
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.

Community Banks with the Largest Portfolios of Home Equity Loans

Mon, 03/19/2018 - 15:35
On Dec. 31, 2017. Dollars in thousands.

Community Banks with the Largest Farm Loan Portfolios

Mon, 03/19/2018 - 15:27
On Dec. 31, 2017. Dollars in thousands.

Amazon is the least of banking’s problems

Mon, 03/19/2018 - 14:32
Banks need to figure out how to provide more value to customers or non-bank financial services companies could displace them.

Goldman releases U.K. pay gap data; Wells targeted again

Mon, 03/19/2018 - 14:18
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.

How Amazon is shaking up financial services

Mon, 03/19/2018 - 00:17
The e-commerce giant is muscling its way into a number of businesses that banks have long dominated.

Warren keeps pressure on CFPB’s Mulvaney with new letter

Fri, 03/16/2018 - 22:35
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.

CRE bridge lending is white hot. What could possibly go wrong?

Fri, 03/16/2018 - 22:07
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.

Federal probe extends into Wells Fargo’s wealth business: Report

Fri, 03/16/2018 - 21:52
The FBI has reportedly interviewed employees at the bank’s wealth management unit.

Three private equity funds sell shares in Texas bank

Fri, 03/16/2018 - 21:42
Independent Bank Group said the funds had become shareholders after it bought Carlile Bancshares last year.

CFPB's Mulvaney shows lighter touch with tribal lenders

Fri, 03/16/2018 - 21:21
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' OCC tipoff, crime-fighting AI and HSBC's mortgage play: Top stories of the week

Fri, 03/16/2018 - 20:40
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.

Even with reg relief, community bankers worried about future

Fri, 03/16/2018 - 18:30
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.

Bank of the Ozarks seeks name change as it eyes further expansion

Fri, 03/16/2018 - 18:19
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.

ICBA to House GOP: Don’t obstruct reg relief

Fri, 03/16/2018 - 18:02
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.

New SunTrust IT chief weighs open banking, AI, fintech partnerships

Fri, 03/16/2018 - 17:59
Banks should adopt a more collaborative process to usher in innovation and refine digital strategy, says SunTrust CIO Scott Case.

Banc of California to take 1Q hit from large credit issue

Fri, 03/16/2018 - 17:30
The company will take a nearly $10 million hit after setting aside funds to cover a case of potential borrower fraud.

Bear Stearns lives within JPMorgan 10 years after fire sale

Fri, 03/16/2018 - 16:45
A decade after buying Bear Stearns, JPMorgan has maintained its revenue from fixed-income trading while many rivals saw theirs slip.

N.Y. Fed narrows Dudley successor search to 'handful' of people

Fri, 03/16/2018 - 16:45
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.

Federal Reserve lowers CRA rating for New York bank

Fri, 03/16/2018 - 15:49
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 pays female U.K. staff 56% less than male colleagues

Fri, 03/16/2018 - 15:42
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.

Mulvaney's revamp of CFPB should include its innovation hub

Fri, 03/16/2018 - 14:32
The Consumer Financial Protection Bureau's “Project Catalyst,” launched six years ago to help fintech companies navigate regulations, has failed to deliver.

Hensarling taps the brakes; Who is David Solomon?

Fri, 03/16/2018 - 13:11
House Republicans want more aggressive changes to Senate’s Dodd-Frank rollback bill; papers scrutinize the heir apparent to Lloyd Blankfein.

'Where does this conclusion come from?': Comments of the week

Fri, 03/16/2018 - 03:02
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.

Capital One's bot likes 'The Bachelor,' and bankers shrug off Amazonophobia

Thu, 03/15/2018 - 22:44
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.

Spike in construction lending one likely outcome of reg relief

Thu, 03/15/2018 - 22:32
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.

What’s driving fintech M&A? See Experian’s recent deals

Thu, 03/15/2018 - 22:04
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.

Think reg relief was hard to pass in Senate? Wait for House

Thu, 03/15/2018 - 20:52
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 in Miss. buys mortgage services company

Thu, 03/15/2018 - 19:50
BankFirst Financial Services in Columbus, Miss., has acquired HomeFirst, a mortgage services firm.

Include short-term loan repayment in credit scores

Thu, 03/15/2018 - 19:02
Use of alternative data in traditional credit scoring would help consumers access the banking system and lower their cost of credit.

Burned by last deal, Ohio bank extra cautious this time around

Thu, 03/15/2018 - 17:17
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.

HSBC pays U.K. women 59% less than men, widest bank gap so far

Thu, 03/15/2018 - 15:49
The gap, already more than three times the national average, will widen to 60% this year, the company said in a report Thursday.

Mulvaney is reforming, not destroying, CFPB

Thu, 03/15/2018 - 14:57
The acting director’s five-year plan shows that he wants to bring moderation to the agency, not ruin it from within.

Where small banks can raise their 'very powerful' voice next

Thu, 03/15/2018 - 14:22
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.

Senate passes Dodd-Frank rollback; Sloan's payday

Thu, 03/15/2018 - 13:50
The measure easily passes with a two-thirds majority; Wells Fargo CEO's pay up by a third, but no cash bonus.

This fintech is on a mission to eliminate payday lending

Thu, 03/15/2018 - 11:02
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.

Rate wars: Leaders and laggards in repricing consumer deposits

Thu, 03/15/2018 - 03:03
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.

CFPB invites comments on amending rules already in effect

Thu, 03/15/2018 - 02:00
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.

HarborOne in Mass. lines up its first ever bank acquisition

Thu, 03/15/2018 - 00:17
The company's planned purchase of Coastway Bancorp in Rhode Island makes sense since both institutions used to be credit unions.

Wells Fargo's Sloan received a 35% pay bump in 2017

Wed, 03/14/2018 - 23:21
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.

5 questions as reg relief moves closer to becoming law

Wed, 03/14/2018 - 22:05
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.

Judge signals skepticism of credit union expansion

Wed, 03/14/2018 - 21:25
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.

Megabanks gird for battle over deposit pricing

Wed, 03/14/2018 - 20:43
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.

Warren introduces bill to end ‘too big to jail’

Wed, 03/14/2018 - 19:51
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.

MB Financial facing lawsuit over alleged overdraft abuses

Wed, 03/14/2018 - 19:36
A customer is claiming that the Chicago bank operates a "predatory" overdraft fee program.

TD Bank to take auto-dealer financing business nationwide

Wed, 03/14/2018 - 19:27
As it expands to the West Coast, the bank will first target car dealers at which it is already an indirect consumer lender.

Charter creep concerns resurface in Freddie's new risk-sharing pilot

Wed, 03/14/2018 - 19:24
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.

Will women ever get a shot to lead Goldman? Ask its next top man

Wed, 03/14/2018 - 18:50
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.

Third group plans de novo in North Carolina

Wed, 03/14/2018 - 18:43
Organizers in Winston-Salem are planning to raise at least $25 million to form Community Bank of the Carolinas.

Ginnie Mae venture with Chicago FHLB crosses mortgage milestone

Wed, 03/14/2018 - 18:28
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.

Trump picks CNBC anchor Kudlow as top economic adviser

Wed, 03/14/2018 - 18:15
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.

Online lender's new target: Small businesses waiting to get paid

Wed, 03/14/2018 - 17:11
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.

Legislative progress on flood insurance changes still elusive

Wed, 03/14/2018 - 16:47
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.

Former Equifax CIO Jun Ying accused of insider trading, DOJ says

Wed, 03/14/2018 - 16:17
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 gets a U.K. money license and reportedly a bank account

Wed, 03/14/2018 - 14:56
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.

Housing market needs an explicit government guarantee

Wed, 03/14/2018 - 14:32
A clear government backstop for the mortgage market would benefit small banks and investors by ensuring a stable and liquid secondary market for securities.

Regional banks get a boost; Kudlow considered

Wed, 03/14/2018 - 13:13
Smaller bank stocks have outperformed the big banks with the prospect of Dodd-Frank rollbacks; Trump “very strongly” pondering TV analyst for adviser role.

9 controversial provisions in Dodd-Frank reform bill

Wed, 03/14/2018 - 03:01
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.

Indiana credit union set to buy Louisville bank

Tue, 03/13/2018 - 23:31
The deal – expected to close later this year – will be the third credit union acquisition of a bank so far in 2018.

FSOC will grant banks hearing process for shedding 'systemic' label

Tue, 03/13/2018 - 23:06
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.

Will HMDA data carve-out for small banks make discrimination easier?

Tue, 03/13/2018 - 21:45
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.

Bankers aren't waiting for Amazon ‘to come eat our lunch’

Tue, 03/13/2018 - 21:34
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.

Senate reg relief bill opens new front in credit-scoring battle

Tue, 03/13/2018 - 20:54
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.

Trade group merger underscores big banks' lobbying shift

Tue, 03/13/2018 - 18:59
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.

Hackers, nonbanks are small banks' biggest threats: New ICBA chair

Tue, 03/13/2018 - 17:42
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.

Don’t count Barney Frank among critics of reg relief bill

Tue, 03/13/2018 - 17:07
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.

OnDeck Capital to replace its longtime finance chief

Tue, 03/13/2018 - 16:56
The online lender is hiring Kenneth Brause, a CIT Group executive, to succeed CFO Howard Katzenberg.

Senate races toward final vote on reg relief bill

Tue, 03/13/2018 - 16:40
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.

Amex investment spotlights e-commerce's money laundering problem

Tue, 03/13/2018 - 16:20
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.

Mounting consumer debt poses risks for Canadian banks: Moody's

Tue, 03/13/2018 - 14:52
The country’s ratio of household debt to disposable income reached a record 171% in 2017.

Prudential hasn't earned the right to shed SIFI label

Tue, 03/13/2018 - 14:32
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.

Solomon next in line at Goldman; Kudlow to replace Cohn?

Tue, 03/13/2018 - 13:23
Investment banker appears to be the choice to succeed to Lloyd Blankfein; CNBC commentator is being vetted as chief White House economic adviser.

Banks wrestle with sense of futility on sexual harassment

Tue, 03/13/2018 - 02:48
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.

Sexual harassment in the professional workplace: behind the research

Tue, 03/13/2018 - 02:15
An industry-wide study of the impact and implications of sexual harassment reveals striking implications for the modern workplace and a path forward.

10 key findings: Sexual harassment in the professional workplace

Tue, 03/13/2018 - 02:15
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.

Wealth management fares worst in broad study of sexual harassment

Tue, 03/13/2018 - 02:13
From inappropriate touching to belittling comments, women advisors confront workplace environments that are far from welcoming.

Does Silicon Valley's 'bro culture' pervade IT elsewhere?

Tue, 03/13/2018 - 02:09
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.

Sexual harassment is a bigger problem than accountants think

Tue, 03/13/2018 - 02:09
Men and women who work in accounting say there’s a low prevalence of sexual harassment in the profession; the numbers suggest otherwise.

HR’s culture shift: Tackling workplace sexual harassment while navigating legal definitions

Tue, 03/13/2018 - 02:06
Human resources professionals are looking to fight bad behavior driven by upper management.

Bank regulators vow more flexibility in vetting fintech partnerships

Tue, 03/13/2018 - 01:19
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 is said to seek office-supply dominance with credit card

Mon, 03/12/2018 - 22:55
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.

Why HSBC is getting back into mortgages

Mon, 03/12/2018 - 22:18
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.

Community Banks with the Largest First Mortgage Portfolios

Mon, 03/12/2018 - 21:49
On Dec. 31, 2017. Dollars in thousands.

Community Banks with the Largest C&I Loan Portfolios

Mon, 03/12/2018 - 21:46
On Dec. 31, 2017. Dollars in thousands.