David Brickman will take the helm of the mortgage giant at a time of transformation in the mortgage market and housing finance policy.
Wells Fargo said Chief Executive Officer Tim Sloan has the full support of its board following a report that directors had reached out to Goldman Sachs's former chief financial officer for his job.
Trying to play keep pace with big banks that digitize as many processes as possible will undercut community banks’ strengths, according to speakers at this year’s ICBA convention.
The role of the central bank has changed over the decades, but presidential pressure on the Fed has been a constant.
Paul, one of American Banker's Community Bankers of the Year in 2012, made Eagle a formidable Washington-area institution.
Direct lenders are gearing up for more business in the U.K. as they see banks shrinking their sterling corporate loan books in the wake of Brexit-linked volatility and slower economic growth.
The Swiss bank’s CEO calls the trading environment “one of the worst in recent history”; 10,000 of German bank's U.S. employees fret over their future.
Mark Calabria has notably criticized the government’s role in housing, but some groups have taken him at his word when he told senators that he supported affordable housing initiatives.
Big banks’ edge lies in their sizable presence in faster-growing cities, not any unfair structural or regulatory advantages, according to a new report by the Bank Policy Institute, which represents large financial services companies. Community banks beg to differ.
In a unanimous ruling, the court placed new limits on the ability of consumers to sue law firms that handle foreclosures on behalf of mortgage servicers.
First Bank is removing a competitor by agreeing to acquire Grand Bank for $19 million.
U.S. banks accounted for nearly 40% of the financing worldwide to such firms, according to a report by Rainforest Action Network.
Speaking at a press conference, Federal Reserve Chairman Jerome Powell said the bank’s risk management failures have required a dramatic overhaul of its processes.
A report from the Government Accountability Office found that while the Federal Home Loan banks have taken steps to improve diversity among boards of directors, members are still largely male and non-minorities.
An executive at the Rhode Island company said the complexity of business lending remains an obstacle to switching to entirely automated, paperless operations.
Mechanics Bank was close to buying Rabobank's U.S. unit last year, but pressed pause when the seller ran into serious legal troubles.
There’s currently a focus on investing in technology and data to remain competitive, but financial firms also need to ensure they are helping workers adapt, argues Synchrony’s Margaret Keane.
Christopher Becker will succeed Michael Vittorio in January.
The bank aims to revitalize with internal promotions; German chancellor will let the country’s two biggest banks work things out themselves.
There’s bipartisan consensus that the conservatorships of Fannie Mae and Freddie Mac are unsustainable, but that may not be enough for lawmakers to upend the current system.
The state's financial regulator says Fast Money Loan charged consumers interest rates and fees above the state's usury cap, and operated unlicensed storefronts.
McLean Mortgage is not going forward with a potential acquisition by Congressional Bank of Bethesda, Md., saying reaching an agreement that made sense for all parties wasn't possible.
The House Financial Services panel is considering legislation making it illegal for a federal regulator to penalize a bank accepting FDIC-insured deposits from a legal marijuana business.
Reports of improper charges by perpetrators who know the victim soared last year. Issuers and card networks are failing to tighten security, clearly label transactions and police chargebacks, critics say.
The bank was fined $25 million for what the Office of the Comptroller of the Currency said was an inability to provide the discounts to all who were eligible.
More than 20 banks have been sold to credit unions. A prominent banking lawyer made the case at this year's ICBA convention that banks can become more aggressive acquirers.
As part of a settlement with the National Fair Housing Alliance and the American Civil Liberties Union, the social media platform will no longer allow certain advertisers to target users by age, gender or ZIP code.
The credit card network has teamed up with an ICBA unit and the fintech Urban FT to offer a card services program tailored to community banks.
As competitive pressures mount for mid-sized banks, more institutions are likely to follow the lead of BB&T-SunTrust and amass more resources for investing in AI, digital platforms and other cutting-edge technologies.
American Banker reporter Neil Haggerty examines the political implications of CEO Tim Sloan's testimony to the House last week.
The deal will give Janney greater access to the community banking sector.
The bank is tying manager pay to inclusive hiring; Cboe Global Markets to stop trading bitcoin futures.
The online lending industry has turned to the courts, Congress and now federal banking agencies in an effort, thus far fruitless, to blunt the impact of a 2015 appeals court ruling.
Recent remarks from top officials at the FDIC and Fed suggest the agencies' recent impasse over reforming the Community Reinvestment Act may be ending.
First-term Rep. Rashida Tlaib, D-Mich., has sponsored the Prevent Discrimination in Auto Insurance Act in order to prevent “undue burden” on low-income individuals seeking auto insurance.
The companies could bring something new, such as merchant acquiring to community banks, but their merger could also cause anxiety about giant vendors.
Congress granted banks significant reg relief last year, but incoming ICBA Chairman Paul Kennedy says a lighter touch is needed with Bank Secrecy Act rules, loan-loss modeling and call reports.
JPMorgan Chase said it wants to improve training for technology-related jobs and help community college programs. The five-year initiative is one of several the company has announced in recent years in the name of community development.
The Federal Housing Administration is returning to manual reviews of higher-risk loans it insures because it's finding that a growing share have lower credit scores, higher debt-to-income ratios, or both.
The tech company has taken World Wire, its blockchain-based cross-border payments network, live in 72 countries.
Given the size of the deal — which includes about $9 billion of Worldpay’s debt on top of a $34 billion bid — the pressure’s on to build a global powerhouse that can counter other major fintech mergers announced in the past weeks. FIS must also emerge as a nimble rival to the startups that threaten the old order.
On Dec. 31, 2018. Dollars in thousands.
On Dec. 31, 2018. Dollars in thousands.
Policymakers should continue to simplify requirements, so that banks and regulators alike can focus on the most important measures of stability.
The $35 billion deal could create "a global payments giant"; with the number of community banks dropping as low as 5,477, it may be time for new ones.
Financial services technology company FIS has agreed to buy Worldpay in a deal valued at $43 billion, which allows FIS to counter the transaction processing scale Fiserv received when it acquired First Data earlier in 2019. The merger price is based on a $34 billion bid plus $9 billion of Worldpay's debt.
Financial services technology company FIS has agreed to buy Worldpay for $43 billion, a deal that allows FIS to counter the transaction processing scale Fiserv received when it acquired First Data earlier in 2019.
Jamie Dimon remains the highest-paid chief executive, but his 5% pay raise was smaller than that of at least five of his counterparts. Here's what CEOs of 13 large and regional banks earned last year, based on recent proxy filings.
The federal government's more active role in GDP, payroll and other vital statistics produced by the island could hasten its recovery from Hurricane Maria and lift lending and bank valuations at the same time.
Mechanics, owned by a fund tied to investor Gerald J. Ford, will pay $2 billion for Rabobank in California.
BB&T-SunTrust deal came together with remarkable speed; Citi and Chase take on fintechs at their own game; CECL spells trouble for small banks, consumers; and more from this week’s most-read stories.
PricewaterhouseCoopers settled a lawsuit in which the FDIC accused it of negligence in its role as external auditor for Colonial Bank. But FDIC board member Martin Gruenberg objected because the firm did not accept blame.
CULedger and the computing giant will work to develop blockchain technologies, create new products and improve existing ones.
Industry lawyers say the agency’s decision could have implications for other bankers looking to change jobs.
If the United Kingdom leaves the EU without a deal, certain contracts held by U.S. entities and relocated outside the U.K. will not face new margin requirements.
Federal regulators normally hesitate even to name specific institutions, but the Office of the Comptroller of the Currency appears to be taking a different tack with Wells.
HSBC's new head of global markets is encouraging a speak-up culture, months after his predecessor left the bank amid a misconduct claim from a junior female employee.
Wells Fargo's leaders have repeatedly assured the public its aggressive sales culture is gone after quotas led workers to foist unwanted products on clients. Now another problem is festering: low productivity.
The Conference of State Bank Supervisors urged Sens. Mike Crapo and Sherrod Brown to establish a baseline for consumer protection in data privacy and security that would leave room for stricter state rules.
The Senate Banking Committee will hold two hearings at the end of March on Chairman Mike Crapo’s most recent framework for housing finance reform.
With regulators and policymakers studying their every move, financial institutions need to put more focus on preventing mistakes in the first place.
The California banking company has two loans tied to DC Solar that are on nonaccrual status.
The 65 people laid off in late February is only the beginning, report says; Bank of America CEO also tackles mortgages, the economy and gender issues.
Readers debate the merits of activist pressure on bank business, discuss the Trump administration's influence on the CFPB, consider Wells Fargo CEO Tim Sloan's performance before Congress and more.
Software startups say bringing borrowers, builders and lenders onto one digital platform can remove some of the risks lenders faced during the crisis.
Seven years after James Gutierrez left Oportun Financial and started a competitor, the acrimony sparked by the divorce is coming into public view.
Recounting her family’s financial struggles, Jelena McWilliams said regulatory policy should address the plight of the underbanked.
The Federal Reserve and Federal Deposit Insurance Corp. will hold two public meetings on BB&T's planned purchase of SunTrust to consider the deal's impact on the U.S. banking system
Gateway Mortgage Group says its launch of a digital-only bank is scheduled for this summer.
A bipartisan group of senators is proposing legislation to require the Financial Stability Oversight Council to weigh alternatives before putting a large, complex nonbank under Federal Reserve supervision.