Lending Solutions, Inc. said it has now processed its two-millionth loan application through its National Loan Processing Center. The application was generated from USC CU, Los Angeles. It took the company, founded by Rex Johnson, nearly seven years to process its first one-million applications, hitting that mark in 2001. In just half that time it processed its second one-million apps. LSI, which processes loans for 300 CUs, said growth has led it to expand its facilities four times in the past nine years.
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The Federal Reserve authorized a bid by Morgan Stanley to incorporate its German investment bank under its U.S. bank subsidiary. Three Biden nominees on the Fed board dissented, citing concerns that the move could heighten risks for the U.S.-based investment banking giant.
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In three separate appearances Thursday, Fed Gov. Lisa Cook, Gov. Michael Barr and Vice Chair Philip Jefferson said they are worried that U.S. involvement in the war with Iran could drive up inflation, leading them to conclude that interest rates should remain steady in the near term.
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Federal Reserve Gov. Stephen Miran on Thursday detailed a plan to reduce the central bank's balance sheet, saying a smaller footprint would reinforce policy boundaries but could also bring more market volatility.
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The Canadian bank laid out its rationale Thursday for opening new branches in California. The objective is to increase density in the Golden State, and subsequently achieve greater market share and higher returns.
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The legislation would grant the Consumer Financial Protection Bureau, among other agencies, more oversight of airline-branded credit cards and rewards schemes.
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PayPal, Stripe, Visa and Mastercard must be vigilant against offboarding clients for political or religious reasons, the Federal Trade Commission warned Thursday.
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