AUSTIN, Texas - (05/02/06) A state judge Monday struckdown several rules enacted by the Texas CU Commission and TexasFinance Commission governing home equity lending, handing a partialvictory to consumer groups challenging the 2004 implementation ofthe states Home Equity Line of Credit law. The groups,including Association of Community Organizations for Reform Now, orACORN, American Association of Retired Persons, and Texas RioGrande Legal Aid, claimed the rules tilted unfairly toward lendersand created exceptions that go beyond the intent of the law. Thesuit claims the volunteer state commissions violated the law's 3%cap on fees by ruling that discount points purchased to lowerinterest are interest, so do not fall under the cap. The Texas RioGrande Legal Aid said in some cases people were paying fees of 7%or 8%. Other provisions being challenged are exceptions to thewaiting period and a requirement to provide actual loan costsbefore the closing. In his ruling, Travis County District JudgeScott Jenkins declared seven of nine rules being challengedinvalid.
-
Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
March 28 -
The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
March 28 -
Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28