Pacific Investment Management Co. raised more than $1.5 billion for a private pool to buy assets from banks looking to strengthen their balance sheets, according to two people with knowledge of the fund raising.

Goldman Sachs Group Inc., the fifth-biggest U.S. banking company by assets, will continue making principal investments with the firm's own money because executives do not think the so-called Volcker Rule prevents the practice, a Bank of America Corp. analyst said.

Certain Republican House lawmakers are questioning the need for a uniform fiduciary standard, adding more fuel to a legislative debate set to take place soon.

The company will shutter the offices it inherited when it bought EverBank in 2017 and focus on lending to existing customers through digital channels. U.S. Bank will assume the leases on about 25 properties.

The agency's pilot program, designed to streamline mortgage insurance applications associated with the Low-Income Housing Tax Credit program, will now include applications for new construction and substantial rehabilitation.

The company disclosed that it paid $146 million for servicing rights associated with $13 billion in mortgages.

A clear, cross-agency regulatory framework is needed to help the industry embrace the promise of this new financial services paradigm.

Calls for “reform” in times of high liquidity ignore the scalability of the system, and the need to have it around in times of trouble.

In order to align financial policy with the interests of consumers, the agency should consider why these services have caught on — and remember to keep a lane open for innovation.