Consumer banking
The U.S. should look abroad for innovative solutions to the problem of assessing the creditworthiness of borrowers with little formal credit history.
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Rohit Chopra, director of the Consumer Financial Protection Bureau, said the bank is "not making rapid progress" and hinted at the possibility of additional restrictions. But analysts saw positives for Wells in the $3.7 billion consent order.
December 20 -
In a sprawling consent order, the Consumer Financial Protection Bureau order cited mismanagement that extended from auto loans to mortgages and deposit accounts. Wells Fargo CEO Charlie Scharf called the agreement a critical milestone to "put these issues behind us."
December 20
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Changes that began at individual banks in 2021 gained steam this year, as many large and midsize banks reduced their reliance on overdraft-related charges. Federal and state policymakers were key catalysts of the sea change.
December 19 -
Dicier credit conditions, recession fears and tougher regulatory scrutiny combined to weaken merger activity in 2022. A push for scale is bound to resume when interest rates level off — at least among smaller banks, analysts say.
December 19 -
The Korean American bank's leader talks about her expansion plans, what she learned from former bosses and how Koreatown, and the community, is changing.
December 15 -
In a survey by J.D. Power, customers of nine large banks expressed their growing unhappiness with service from human employees. Discontent rose the most among consumers under age 40.
December 15 -
The app, Magnusmode, includes illustrated instructions for depositing a check, using an ATM and more. M&T Bank was its first U.S. bank partner.
December 14 -
Remote deposit capabilities have vastly improved banking services for residents of villages in western Alaska. But unreliable service means some face difficulties when trying to access their banking apps or make payments.
December 13 -
Regulators are chastising banks for compliance lapses among their fintech partners. But some say the software companies that connect them share some responsibility.
December 13
