Several consumer advocacy groups filed suit against the Texas CU Commission and the Texas Finance Commission, claiming new rules implementing the state's recently passed allowance for home equity loans, implementing the state's 1998 law, are tilted unfairly toward lenders and create exceptions that go beyond the intent of the law. The suit, filed in state court, claims the commission violated the law's 3% cap on fees by ruling that discount points purchased to lower interest are interest, so do not fall under the cap. Other provisions being challenged are exceptions to the waiting period and a requirement to provide actual loan costs before the closing. The suit was filed by the Association of Community Organizations for Reform Now, known as ACORN, The American Association of Retired Persons Foundation Litigation, and Texas Rio Grande Legal Aid.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
7h ago -
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
8h ago -
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
11h ago -
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
April 25 -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
April 25 -
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25