Effective June 1, mortgage advertising in this state will have to abide by new rules from the Texas Savings and Loan Department, which oversees 30,000 mortgage brokers and loan officers in the state. Although the department does not regulate credit unions, the rules will apply to those CUSO's that are required to be licensed as mortgage brokers. The Texas league said that under the new rules, mortgage brokers will no longer be able to send out fliers or create advertisements in publications or on the Internet with teaser interest rates that do not disclose the full costs of the loan or that do not include the full identity of the broker. Mortgage ads will also have to include the APR in the same size and font as any other rates, as well as an explanation of how it is calculated and a full description of the product including the effective date and the end date.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
9h ago