Mortgage bankers have been facing repeated threats of Community Reinvestment Act legislation regulation virtually alone, but now others are being targeted also, the latest being warehouse lenders. Federal Reserve Governor Lawrence B. Lindsey, addressing the National Association of Affordable Housing Lenders in Washington June 6, said the Fed was considering including wholesale lenders in revised CRA reform regulations. Warehouse lenders provide funds to bankers and other mortgage lenders on a short-term basis but because they do not make direct consumer loans, they may prove difficult to place under CRA regulationsa point Lindsey acknowledged. Nonetheless, the Fed was looking at that option, he said.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27