Digital Mortgage Direct Page

The Basel Committee on Banking Supervision finalized guidelines for supervising and managing the risks climate change pose to banks. While capital requirements aren’t included, U.S. regulators are directed to play a hands-on role in assessing banks’ preparedness.

Wells Fargo, U.S. Bancorp, Truist Financial and PNC Financial were among the banks that said they are raising their prime lending rates from 4.0% to 4.75%.

Regulatory pressure and business exigencies have spurred foreign banks to draw down their presences in the United States in recent years. But Spanish bank Santander has been going the other way, expanding its U.S. business presence.

VyStar's deal for the $1.7 billion-asset Georgia bank, the largest bank to agree to be sold to a credit union, was terminated after numerous delays and difficulties in obtaining regulatory approval.

Several financial institutions that frequently sponsor fintechs, including Evolve Bank & Trust and Grasshopper Bank, highlighted the problems of fraud at American Banker’s Digital Banking conference.

The Consumer Financial Protection Bureau is scrutinizing “rent-a-bank schemes” that charge borrowers high interest rates, the agency’s deputy director said Wednesday. Consumer advocates have long pushed for limits on such partnerships between banks and nonbank lenders.

Democratic Sen. Elizabeth Warren cited a report that found then-acting Comptroller Keith Noreika chose to privately reprimand the Canadian bank for consumer abuses, rather than issuing a fine.

This is the biggest increase since 1994, and the Federal Reserve signaled it will keep hiking the interest rate until the end of the year.

The Dallas bank is joining the branch-consolidation trend that has accelerated during the pandemic, announcing plans to shutter 22 branches in Michigan, Texas and California.

In global news this week, U.K. regulators examine branch closures, Apple complies with Dutch App Store rules, a pan-Nordic payments system prepares for launch, and more.