Quantcast

Breaking News

Image: Fotolia
Director Richard Cordray sat silently at a public hearing as a room full of the industry's customers and employees argued that Americans should be allowed to make their own borrowing choices.

Image: Bloomberg News
Whatever the outcome of Tuesday's vote over Jamie Dimon's dual titles at JPMorgan Chase, the debate raging at the country's largest bank will increase the pressure on bank boards to split up chairman/CEO roles in the future.

The Consumer Financial Protection Bureau's focus on discrimination in the auto loan business will likely force the banks it targets to stop paying bonuses to car dealers that originate high-interest loans. Changing practices in the rest of the industry could prove tougher.

Tim Ryan (Image: Bloomberg News)
Tim Ryan, a veteran lobbyist who runs JPMorgan Chase's regulatory strategy, served until January as chief executive of SIFMA, which moved last week to stop the sending of vote tallies to shareholders.

The title to a racing boat similar to the one pictured here is at the center of a dispute between Regions Financial and investor Charles Burnett 3rd.
A shareholder at Regions Financial urged shareholders to exercise "caution" in the election of the bank's 14 board members who are up for re-election at the its annual meeting Thursday.

CFPB Director Richard Cordray (Image: Bloomberg News)
Consumer advocates believe the bounties banks pay to car dealers for steering customers to high-interest loans are abusive. But with a ban likely to spark a political backlash, the Consumer Financial Protection Bureau is instead seeking to prove the markups are discriminatory.

Loan approvals take Lewis & Clark Bank a week on average because community bankers want to 'truly know their customers' and develop a 'comprehensive relationship' with them, CEO Trey Maust says.
Community banks often promise to move quicker on loan applications than big, bureaucratic banks. But online lenders are starting to make small banks look slow by approving small-business loans in a day or less.
Comments (3)

'I just think the world today is so complex,' says Simplicity Bank CEO Dustin Luton. 'You get to a point where people just want things to be made simple for them.'
A preference for greater simplicity in consumer banking products is one legacy of the financial meltdown, but the challenge for banks is delivering on the promise.
Comments (2)

Richard Carrion, chief executive of Popular
Popular in Puerto Rico is selling another book of loans as part of its attack on credit problems. The multimillion-dollar hit from the sale will be offset by a gain from the IPO of a payments processor.

Image: Thinkstock
Prepaid cards have been at the heart of several data breaches in recent years because their traits can make them easier for fraudsters to exploit.
See all Consumer Finance News

Email Newsletters

Get the Daily Briefing and the Morning Update when you sign up for a free trial.

This feature displays payments industry news and analysis from American Banker sibling brand PaymentsSource. Registration is required; for more information contact customer service.

TWITTER
FACEBOOK
LINKEDIN
Already a subscriber? Log in here
Please note you must now log in with your email address and password.