Consumer Finance

John Thain was ready to answer every query about CIT Group's deal for OneWest Bank. The higher costs of SIFI regulations, the doldrums of the mortgage industry and the need to cut costs—Thain had firm comebacks for everything that other bankers could learn from.

The Georgia company is also planning a marketing campaign to promote its brand and expanded technology offerings.

The McLean, Va., company is once again making more credit available to its existing credit card customers. New regulations had forced changes to the process of approving line hikes.

In another reshuffling of its mortgage ranks, Bank of America has promoted D. Steve Boland, who joined the company through the 2008 acquisition of Countrywide Financial, to head residential lending.

These investors complain they get little say or direct recompense in government settlements with big banks over misrepresentations of mortgage securities like the Department of Justice's $7 billion deal with Citigroup.
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Consumer confidence is improving but uncertainty surrounding world events and gridlock in Washington continue to temper expectations for Stephen Steinour.

The California Republican, who's one of the most vocal critics of Operation Choke Point, trained his sights Thursday on Assistant Attorney General Stuart Delery.

Internal documents reveal that the crackdown is targeting banks, not merchants and processors, because it requires less investigation into the facts. That should anger all Americans who care about due process and the rule of law, writes ex-FDIC Chairman Bill Isaac.
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The ongoing search for expense cuts continues, as investors wonder why regional banks such as KeyCorp, Fifth Third, Webster Financial and M&T aren't cutting more and faster.

Regulatory constraints make it hard for banks to offer payday and other short-term loans, so why not refer those potential customers to credit unions who can? Some banks -- including Bank of America, TD and South State -- have decided this is a good strategy and helped start a credit union in South Carolina to do the job.
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