Banks say that an appeals court’s decision to ease restrictions will allow them to warn customers more easily when loans are past due or accounts have been compromised. But consumer groups argue that the decision gives financial firms license to market their products more aggressively and could lead to more harassing phone calls over unpaid debts.
HUD Secretary Ben Carson told lawmakers that overly rigid False Claims Act enforcement had forced lenders to suffer financially for what were just minor errors, but that lenders' fears of being sued were dissipating.
When Equifax disclosed its enormous data breach that exposed the personal information of some 143 million people, the reaction of many consumers and corporate executives was similar and familiar: our data is at risk at all times and the less access we give to others the better. But that's precisely the wrong lesson.
Canada's financial consumer watchdog will strengthen its supervisory and enforcement teams, modernize its supervision approach to monitor banks more proactively, and enhance consumer information after reviewing bank sales practices.
Online banks and some credit unions are responding to Fed rate hikes by aggressively raising deposit rates on CDs, savings accounts and money market products, while the nation's biggest banks are largely standing pat — for now.
As policymakers take another crack at housing finance reform, federal leaders and the housing lobby are once again perpetuating the false notion that ending government guarantees would cause the 30-year, fixed-rate mortgage to vanish.
While bank executives are divided on what they view as an optimal outcome for Fannie Mae and Freddie Mac, there is broad agreement that a future without them (or some government-supported equivalent) would mean tighter credit, higher rates and lower volume.
The banking and financial industries are undergoing a massive transformation, as old players are having trouble keeping up with digital natives, and powerful, real-time applications are changing the face of everyday banking.