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Signage in front of the Fannie Mae and Freddie Mac headquarters.

Firm advising GSE investors updates plan to end conservatorships

The revised blueprint by Moelis & Co. incorporates a pending regulatory capital plan for the mortgage giants.

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Proposed eleventh-hour change to CECL has bankers scrambling

The Financial Accounting Standards Board is considering a plan to have banks break out charge-offs and recoveries on a year-by-year basis. Bankers fear new systems would be needed to comply.

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Wells Fargo branch
Pedestrians pass in front of a Wells Fargo & Co. bank branch in New York, U.S., on Wednesday, Jan. 11, 2017.

Wells Fargo layoffs begin with 1,000 mortgage, tech jobs

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.

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An Advance America Cash Advance payday store in Arlington, Virginia.

Payday lender's emails tell a different story on Choke Point

Top executives at Advance America acknowledged that anti-money-laundering concerns at banks were likely the cause of account terminations, even as they publicly blamed a stealth regulatory campaign.

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Fifth Third expects net interest income growth to cool considerably and fee income to tread water as rate hikes slow and inflation moderates but still continues. Photographer: Christopher Dilts/Bloomberg

Security risk in cardless ATMs? The customer

Fifth Third Bank customers were swindled out of over $100,000, but not because the bank didn't have protection in place.

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Acting CFPB Director Mick Mulvaney
Mick Mulvaney, director of the Office of Management and Budget (OMB), speaks during a Bloomberg Television interview at the White House in Washington, D.C., U.S., on Friday, Oct. 26, 2018. With U.S. growth last quarter beating estimates and inflation contained, Mulvaney said the latest figures probably "takes pressure off of the Fed to raise rates as they've indicated they want to do." Photographer: Al Drago/Bloomberg

CFPB walks tightrope in effort to define 'abusive' practices

Regulators typically write rules before applying them. But the CFPB is attempting the reverse.

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Brenda Kerr

HarborOne in Mass. hires former Santander exec to run retail banking

Brenda Kerr will be responsible for creating a strategy for the bank's retail operations.

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BBVA signage
A BBVA logo sits on display outside a Banco Bilbao Vizcaya Argentaria SA bank branch in Madrid, Spain, on Tuesday, July 22, 2014. BBVA, Spain's second-biggest bank, agreed to purchase state-run Catalunya Banc SA for 1.19 billion euros ($1.6 billion) as the government lined up buyers for nationalized lenders. Photographer: Angel Navarrete/Bloomberg

Blockchain slashes approval time on syndicated loans, BBVA says

BBVA, BNP Paribas and MUFG recently used BBVA's blockchain to reach an agreement within 24 hours — instead of two weeks — to lend a Spanish power company $150 million.

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'I lost my home because of a computer glitch': Wells Fargo victims seek answers

The bank recently notified an upstate New York man that he was wrongly denied a mortgage modification, and enclosed a $25,000 check. But details of what went wrong have been hard to come by.

(Full story here.)
Users of BofA's Erica virtual assistant

BofA faces lawsuit over use of the name Erica

A Colorado business owner and the second-largest U.S. bank are set to go to court this month over his intellectual property claim that he owns the service mark for an online virtual assistant named Erica. That is the same name the bank uses for its digital assistant.

(Full story here.)
GSEs CECL Payday lending Layoffs Security risk Loan modifications Virtual assistants Wells Fargo Bank of America CFPB
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