Consumer Finance News

Wal-Mart Launches Money Transfer Service

Wal-Mart's new "Walmart-2-Walmart" transfer service will enable consumers to send money to each other by using the retail chain's store network.

Community Banking

Breaking News

Associated's Earnings Dip as Fee Income Falls, Credit Costs Rise05:39PM ET

Fifth Third Studying Return to Small-Dollar Credit: CEO Kabat02:58PM ET

Wells Fargo Hires Two CFPB Experts on Mortgage Rules02:36PM ET

Lending Club Acquires Specialty Lender Springstone01:08PM ET

First Horizon Gets Boost from Servicing Sale12:31PM ET

Fifth Third's Profit Falls on Payments Unit's Decline, Legal Costs11:01AM ET

PrivateBancorp Beats Estimates as Revenue, Credit Costs Improve10:48AM ET

Federal Reserve Chairman Janet Yellen (Bloomberg News)

Will The Fed's Capital Rules Interfere with Monetary Policy?

In the old days the Fed's monetary policy and bank supervision were separate sides of the house. But its postcrisis capital rules for banks are blurring those boundaries.
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Regulation & Reform

Bank of America CEO Brian Moynihan (Bloomberg News)

Why B of A's Higher Legal Reserves Could Be a Good Thing

B of A caught observers off guard by announcing $6 billion in mortgage litigation expenses, but the move is an attempt to convince analysts and investors that there is an end in sight to its crisis-era legal woes. It just might work.

Fifth Third, Capital One Cut Off Payday Lenders

The moves are part of a recent trend of banks exiting businesses that they believe have fallen out of favor with regulators.
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Regulation & Reform

David Stevens, president and CEO of the Mortgage Bankers Association

Small Lenders Fear GSE Reform Bill Could Endanger Them

As drafted, the Johnson-Crapo bill would allow big banks to originate, aggregate, and guarantee mortgages. Small lenders worry such vertically integrated companies could price them out of the business.

Mortgages

Regulation & Reform

U.S. Bancorp CEO Richard Davis (Bloomberg News)

Regional Banks Finding Key Geographies to Their Liking

Executives at U.S. Bancorp, PNC and Huntington all sounded cautiously optimistic about lending opportunities and each has a favorite region when it comes to finding borrowers.

Community Banking

HUD's Donovan Works to Rally Liberals Behind GSE Bill

The Obama administration is urging activists like the National Council of La Raza to support legislation to overhaul the housing finance market, ahead of a Senate Banking Committee vote scheduled for late April.

Washington

Regulation & Reform

Paul Cummings, regional managing director for Wells Fargo subsidiary Abbot Downing

West Coast Wealth Managers Woo New York's Upper Crust

The wealth management units of Wells Fargo and Bank of the West are looking to expand their asset-management businesses by entering the lucrative — and competitive — New York market. Both banks are opening new offices in Manhattan this year.

Wealth Management

National/Global

Ted Tozer, president of Ginnie Mae (Bloomberg News)

Ginnie Mae Nixes Bank of America Mortgage Servicing Transfer

Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America to a nonbank servicer because of missing documents. The agency is asking the top servicers for an inventory of loans with missing documents.

Mortgages

National/Global

States Splitting with Feds on 'Operation Choke Point'

The federal push to stamp out illegal online lending is having unintended negative consequences, an umbrella group for state banking regulators says.

Regulation & Reform

M&T CEO Robert Wilmers (Image: Michael Chu)

M&T's Wilmers Defends Hudson City Deal at Investor Meeting

Robert Wilmers, chairman and CEO of M&T Bank, told shareholders at its annual meeting that times are tough for banking and that the continued delay of its Hudson City deal, and associated high costs, are disappointing. But he insisted that the deal is still worth doing.

Mergers & Acquisitions