Consumer Finance

The troubled Greenville, S.C., bank lost $15 million in the second quarter, its first quarterly results since a new management team replaced the three founders who were fired in April. Moreover, local NAACP leaders have raised concerns about the firings, which they say sent a toxic message to the local African-American community.

One in four banks are eyeing wealth management as a way to boost noninterest income and deepen customer relationships, according to a new survey by American Banker and SourceMedia Research.

Home price gains have caused borrowers to turn to second liens to access cash for home improvement or other needs as higher interest rates damp first lien originations.

Most bankers expect to see deposits flow out of their coffers next year if interest rates rise as expected, and some are starting to estimate how many. Whether the trend is good or bad depends on each bank's specific situation, but everybody has to get ready.
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Patrick Sinks is taking the reins at MGIC as the mortgage insurer faces tougher capital standards and a more competitive field where his company is no longer No. 1.

The lender reduced its reserves in the second quarter despite an acknowledgement that chargeoffs will likely rise in the coming months.

CIT Group's deal for OneWest is further proof that buyers are increasingly eyeing deposits, not assets, as they prepare for an increase in loan demand and look to position themselves for rising interest rates.

Interest rates for mortgages over $417,000 have fallen 11 basis points during the past six weeks, driven by competition among banks to win the mortgage business of wealthy, less risky borrowers and in turn, make them customers of other financial products.

Though satisfying examiners remains a priority, their decisions about how and where to deploy resources are being mostly driven by the desire to meet customers' changing demands, according to a new survey from the advisory firm KPMG.
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As lenders make riskier loans, they're banking on improvements in their ability to track delinquent borrowers' cars to keep losses to a minimum.