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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Strong loan and deposit growth led to a double-digit increase in revenues and an even bigger jump in profits at the Columbus, Ohio-based regional bank.
October 17 -
Flagstar shareholders approved a plan to merge its holding company into the bank; Huntington tapped a new chief auditor, along with two new business leaders; First Foundation hired a new chief credit officer; and more in this week's banking news roundup.
October 17 -
In a tough quarter for the auto industry, the Detroit-based lender posted earnings that sped past Wall Street's expectations.
October 17 -
Approximately three years after the one-time non-depository bought Roscoe (Texas) State Bank, Cornerstone Capital Bancorp agreed to purchase Peoples Bancorp.
October 17 -
Regional banks say their asset quality is solid amid skittish investors. The KBW Nasdaq Regional Banking Index was largely stable Friday after falling by as much as 7% the day before.
October 17 -
Coordinated sanctions target two networks behind so-called pig butchering scams, human trafficking and money laundering for North Korean cybercrime groups.
October 17