Consumer Finance News

Bank Discrimination Suit Highlights D.C. Insanity

Neil Weinberg | May 13

Bankers truly face a Catch-22 in the lending business these days, thanks to "qualified mortgage" and disparate impact laws.

Comments (3)

Mortgages

Consumer Finance

Hudson Valley in N.Y. Names CFO

Chris Cumming | May 13

Hudson Valley Holding Corp. in Yonkers, N.Y. , has named Michael Indiveri its chief financial officer.

Community Banking

Consumer Finance

Regions to Close $350M Tender Offer

Chris Cumming | May 13

Regions Financial has wrapped up a tender offer to lower its debt expense. The company said Monday that it plans to retire $350 million worth of 2014 bonds on which it pays a 7.75% interest rate.

Consumer Finance

Mergers & Acquisitions

Bank Lending to Small Businesses Rose in April

Brian Browdie | May 13

Institutions with at least $10 billion of assets approved 16.8% of loans between $25,000 and $3 million in April, up from 15.7% in March and 10.6% a year earlier, according to an index published Friday by Biz2Credit.

Consumer Finance

JPMorgan Directors Oppose Splitting Dimon's Role as 'Disruptive'

May 13

JPMorgan Chase's leading directors urged shareholders to reject calls for Jamie Dimon to relinquish his dual role as chairman and chief executive officer, saying it "could be disruptive" and against the best interests of investors.

Community Banking

Consumer Finance

N.Y. AG Faces Tough Task in Suing Servicers

Jeff Horwitz, Kate Berry | May 10

New York's Attorney General charged Bank of America and Wells Fargo with hundreds of cases of failure to comply with the national mortgage servicing settlement recently. The claims made for lots headlines but may prove a nonstarter in court.

Comments (1)

Consumer Finance

Regulation & Reform

OpRisk, the New Six Sigma; Debating the Leverage Ratio; Is Money Laundering a Real Crime?

May 10

A recap of the informed opinions (and the discussions they generated) on BankThink this week.

Consumer Finance

Technology

Consumer Groups Tear Into Agencies' First Steps on CRA Reform

Joe Adler | May 10

The National Community Reinvestment Coalition and other consumer groups say the bank regulators did not go far enough in proposing changes to Community Reinvestment Act examinations.

Community Banking

Consumer Finance

Wealth Management Presents Opportunity, But Also Stiff Competition

Kevin Wack | May 10

Many banks are joining the crowded field of companies targeting the investment savings of the so-called mass affluent.

Wealth Management

Consumer Finance

Are Banks Being Scapegoated Over Student Loans?

May 10

The Consumer Financial Protection Bureau and Congress are pushing for fixes to the student loan market, but some of their proposals are focused on the relatively small portion of loans made by banks and other private lenders. American Banker reporter Rachel Witkowski argues that the federal government, which does most student lending, needs to be more involved in any solutions.

Comments (1)

Community Banking

National/Global

The Problem with Prepaid: $45 Million ATM Heist Edition

Daniel Wolfe | May 10

The recent crime spree that netted $45 million in fraudulent ATM withdrawals adds to the many reasons banks approach prepaid products with caution.

Cards/Payments

Risk Management

Peregrine Estate Weighing Charges Against U.S. Bank, JPM

Chris Cumming | May 10

The trustee for Peregrine Financial Group is considering bringing claims against JPMorgan Chase and U.S. Bancorp for allegedly permitting the embezzlement that brought down the brokerage last summer.

National/Global

Consumer Finance

KeyCorp to Buy Large CMBS Servicing Portfolio from B of A

Dean Anason | May 10

A real estate arm of KeyCorp has agreed to purchase more than $100 billion of servicing rights on commercial and multifamily loans from Bank of America, Keycorp said in a press release Thursday.

Mergers & Acquisitions

Consumer Finance

ResCap Bankruptcy Probe to Clarify $25 Billion Threat to Ally

May 10

Ally Financial, the auto lender owned by U.S. taxpayers, may learn today how hard it will be to escape $25 billion in claims made against its bankrupt mortgage arm, Residential Capital LLC.

Consumer Finance

Fed's Duke Raises Fears About New Mortgage Rules

Rachel Witkowski | May 09

Federal Reserve Board Gov. Elizabeth Duke expressed concerns Thursday that new mortgage rules released in January could hold back the flow of credit for weaker borrowers in the current "murky" mortgage market.

Consumer Finance

Mortgages

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In Pictures

Comments of the Week: Fair Lending Insanity; Split Chairman and CEO Roles?

Video

Policy Clues from the Fed's Chicago Conference

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