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KeyBank engineered a low-dollar consumer lending product that makes money and pleases consumer advocates. The template's there for anyone who cares to look.
July 2 -
Receiving Wide Coverage ...Libor Mess: It turns out manipulating a key global interest rate for years on end can get you in some serious trouble. Stating that “the buck stops with me,” Barclays Chairman Marcus Agius has stepped down and the bank is launching an audit of its business practices, the Times says. The move is being read as an attempt to take pressure off of embattled chief executive officer Bob Diamond, the New York Times reports. The jury’s out as to whether that will be enough: the FT declares in a headline that “Decisive Week will Determine Diamond’s fate.”
July 2 -
Some analysts say the government-sponsored enterprises are sending a bold signal to banks that elevated buyback demands will continue and may peak this year.
June 27 -
Major banks used to thrive by arbitraging reality. As Moody's downgrades show, those opportunities are continuing to diminish.
June 22 -
Among the strongest industry rationales for a national mortgage servicing settlement was that it would break the legal stalemate over a huge backlog of delinquent loans. But five months after the deal was formally struck, the promised spike in foreclosures hasn't arrived.
June 21 -
Homeowners who faced wrongful foreclosure actions due to big banks' mortgage servicing failures are entitled to cash payments of as little as $1,000 to up to $125,000, according to new federal guidelines. But consumer advocates say that disparity is too wide.
June 21 -
New York is demanding that force-placed insurers lower their rates after a series of hearings highlighted the high cost of the policies and potential conflicts of interest in how banks purchase insurance on delinquent borrowers' homes.
June 12 -
The Consumer Financial Protection Bureau has launched a review of alleged discrimination in auto lending. Bankers fear it will opt for punitive enforcement over rules to prevent misconduct.
June 11 -
David Stevens, the president and chief executive officer of the Mortgage Bankers Association, will leave the trade group at the end of June to become president of SunTrust Mortgage.
May 30 -
A copy of Fannie's March request for proposals shows the GSE wants to cut out banks, buy insurance and administrative services separately, and scrutinize prices in ways insurance regulators haven't.
May 24 -
Wells Fargo executives say it keeps its risk low through the bank’s one-size-fits-all approach to problems: greater customer focus.
May 23 -
A federal judge dismissed portions of the Securities and Exchange Commission's case against two former executives of imploded bank Indymac on Monday.
May 22 -
The San Francisco bank has found that, with a few clever tweaks, its retail-focused business model can create sustainable earnings in a lackluster economy and position the bank for a broader recovery, executives said Tuesday.
May 22 -
The Federal Deposit Insurance Corp. has sued Bank of America, Citigroup, JPMorgan Chase and other banks for a cumulative $92 million in damages on mortgage-backed securities, alleging that shoddy appraisals and other underwriting defects tainted their sale.
May 21 -
JPMorgan Chase & Co's high profit margin on insurance it forces customers to buy "doesn't smell right," New York's Superintendent of Financial Services declared in hearings on tangled incentives in the force-placed insurance market.
May 18 -
Accused of price-gouging, kickbacks and borrower mistreatment, insurers QBE and Assurant sparred with the New York Financial Services Department in a Thursday hearing on force-placed insurance.
May 18 -
New York Financial Services Superintendent Benjamin Lawsky cites "perverse incentives" in opening remarks for three-days of hearings the state regulator has scheduled to look into the operations of the force-placed insurance market.
May 17 -
On Tuesday, Wells Fargo took its shot at overturning a landmark 2010 district court judgment against its overdraft fees and practices.
May 16 -
Meet newly muzzled Jamie Dimon. At JPMorgan Chase's Annual Meeting, executives spoke little and said even less of interest about the bank's "egregious" trading losses.
May 15 -
JPMorgans flawed value at Risk modeling failed to catch the danger in its Chief Investment Office. But the metrics elevated readings now threaten the banks ability to take risk elsewhere.
May 14
