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The Consumer Financial Protection Bureau is preparing to pick winners and losers in the consumer lending market, stifling innovation and curtailing freedom of choice.

The troubled Long Island-based lender laid out steps that it's taking to improve its loan-review process. The remediation efforts follow a massive loan provision last quarter, which led to a management shake-up and a $1 billion rescue led by former Treasury Secretary Steven Mnuchin.

The Consumer Financial Protection Bureau claims trade groups have no jurisdiction to file a lawsuit in Texas to stop the bureau's $8 credit card late fee rule, saying the plaintiffs engaged in "forum-shopping" to seek the most favorable outcome.

The credit bureau's data analytics portal, OneTru, hosts all previously offered products on a hybrid cloud-based platform and uses guides powered by artificial intelligence to streamline query processes.

Like many of its peers, the bank is evolving its virtual assistant to be more personalized and to incorporate a large language model, but it's not quite ready to turn on customer-facing generative AI.

The average 30-year fixed mortgage rate for conforming loans fell, according to Freddie Mac, even as the 10-year Treasury yield rose nearly 18 basis points from the start of this week.

The Federal Reserve and the Office of the Comptroller of the Currency both cited the nation's largest bank for having "inadequate" policies around firm and client trading activities.

The pandemic reduced the number of daily mass-transit commuters, but the accompanying surge of contactless payments is expanding and diversifying transit systems' demographic reach, according to data from the card network.

The Navy Federal scandal is just the tip of the iceberg. After looking away for 20 years, Congress needs to focus on providing real oversight of the credit union industry.

Larger banks are responsible for a special assessment to cover the costs of the failures of Silicon Valley Bank and Signature Bank. The price tag has ballooned by $4.1 billion, and trade groups are criticizing the FDIC's process, arguing that it lacks transparency.