Mortgage lenders slammed proposed amendments to the real estate settlement process aimed at lowering and consolidating settlement costs after a congressional hearing on the proposals last week. The Independent Community Bankers of America called the proposals to amend the Real Estate Settlement Procedures Act, or RESPA, akin to making mortgage lenders "HMOs," and Realtors also were opposed. The amendments, proposed by HUD would allow lenders to consolidate the myriad charges associated with a mortgage into a single fee and provide borrowers a more definite estimate of costs before closing. The rule would require lenders to offer a single price for processing the mortgage, including appraisals and title insurance, or to stick more closely to initial estimates.
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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.
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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.
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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.
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Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
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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.
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The state's comptroller of public accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?
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