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Consumer Finance News


N.Y. AG to Announce Monday Housing Enforcement Vs. Banks

May 05
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Community Banking
Regulation & Reform

N.Y. AG Plans New Claims vs. Banks Modeled on JPM Mortgage Suit

May 05
New York Attorney General Eric Schneiderman said he will announce new enforcement actions against major financial institutions as part of his effort to "protect New York homeowners" after calling the first such lawsuit last year a "template" for future litigation.
Consumer Finance
Mortgages

JPM Battles More Calls to Overhaul Board, Name New Chairman

Brian Browdie | May 05
CtW Investment Group, a union-backed organization that owns roughly six million shares of JPMorgan Chase, has called on shareholders to vote against three directors on the risk policy committee and the head of the audit committee. The move was reported Friday by The New York Times.
Comments (1)
Regulation & Reform
Consumer Finance

Financial Literacy: Posturing and Pragmatism; Meh About Mobile; Editor Potpourri

May 03

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

U.S. Prosecutors Pursuing Libor Convictions, Raman Says

May 03
U.S. prosecutors are pursuing guilty pleas, criminal convictions and "significant monetary penalties" from banks and their employees in the global investigation into the rigging of benchmark interest rates, a senior Justice Department official said.
Consumer Finance
Regulation & Reform

Consumer Groups Help Banks Score Victory on Remittance Rule

Kate Berry | May 03
Experts say the CFPB backed away from stiffer requirements after two powerful consumer groups raised fears that they would drive small banks and credit unions out of the remittance business.
Comments (2)
Regulation & Reform
Community Banking

Student Loans Become Tempting to Smaller Banks

Jackie Stewart | May 03
Community banks that expanded student lending to improve earnings are discovering why their larger brethren have backed off from the business: servicing and compliance challenges abound.
Consumer Finance
Community Banking

Second-Lien Machine Adds Power to Leveraged Lending

Matthew Sheahan | May 03
More lenders are willing to make second-lien loans because of hot demand and greater yield, even as regulators warn against risks in the leveraged-lending market.
Comments (1)
Consumer Finance
Community Banking

Consumer Lending Provides Lift to Latest Index of Banking Activity

Paul Davis | May 03
The banking industry's pace of expansion accelerated in March after bankers reported more activity in auto lending and mortgages.
Consumer Finance
Community Banking

Banks Need Branches to Hold Off Competitors

Michael Nuciforo | May 03
Instead of downsizing, banks should reposition big branch networks to protect their ground from nonbanks and tech companies trying to infiltrate the financial services space.
Comments (7)
Community Banking
Technology

Flagstar Settles Mortgage Suit for $110M

Chris Cumming | May 03
Flagstar Bancorp in Troy, Mich., will pay $110 million to settle allegations that it misrepresented the quality of more than $1 billion of private label mortgage-backed securities it sold to investors.
Community Banking
Consumer Finance

Treat Financial Literacy as a Value Add, Not a Public Service

Jeanine Skowronski | May 02
If they get on their high horse, bankers risk coming off as disingenuous. Concentrate instead on developing products that will help consumers meet a specific financial goal.
Comments (5)
Technology
National/Global

Fannie, Freddie Order Additional Relief for Sandy Victims

Brian Browdie | May 02
Fannie Mae and Freddie Mac are helping to provide additional relief to Hurricane Sandy victims who received a temporary reprieve from paying their mortgage after the storm but are still struggling financially.
Consumer Finance

Kovacevich Relives Familiar Role at Wells Fargo for a Day

Paul Davis | May 02
The San Francisco company's former CEO Dick Kovacevich served as stand-in at the Wells Fargo Championship pro-am. Why? One reason is that current CEO John Stumpf doesn't play golf.
Consumer Finance
National/Global

Hit to BMO Harris Image a Cautionary Tale in Deal Integration

Robert Barba | May 02
Customer satisfaction with BMO Harris fell after it bought Marshall & Ilsley thanks to a customer-service glitch and other issues, showing how hard it is to integrate acquisitions.
Comments (2)
National/Global
Community Banking

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

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