New villain in battle over CFPB mortgage rule: Appendix Q
Signage is displayed outside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Tuesday, March 5, 2019. House Financial Services Committee Chair Maxine Waters will hold a hearing this week on the semi-annual review of the CFPB. Photographer: Andrew Harrer/Bloomberg
With the agency mulling changes to the “Qualified Mortgage” regulation, mortgage lenders say little-known standards for how they document a borrower’s income would be a good place to start.
United Financial could've sold for a lot more money, filing shows
People’s United offered 30% more in the summer of 2018 for United Financial than it agreed to pay in a deal announced last month. What followed the initial talks is a textbook lesson in the impact of indecision and the unexpected in bank M&A.
Bankruptcy relief for farmers would compound banks' credit risk
President Trump is expected to sign legislation soon that would expand the number of farmers who could file under the more lenient Chapter 12. Ag lenders are worried because farm bankruptcies recently rose and the trade war with China could worsen.
Regulators may end CRA credit for loans to wealthy: OCC’s Otting
Joseph Otting, comptroller of the U.S. currency, listens during a swear-in ceremony at the U.S. Treasury in Washington, D.C., U.S., on Monday, Nov. 27, 2017. Otting, a former OneWest Bank Group chief executive officer, won Senate approval this month to lead a key U.S. bank regulator, further clearing the way for the Trump administration to roll back Wall Street regulations. Photographer: Andrew Harrer/Bloomberg
Banks currently can help their CRA performance with mortgages to anyone in a distressed neighborhood, but Joseph Otting said officials crafting a reform plan are considering limiting that to lower-income borrowers.
The company's Silicon Valley Bank unit reduced its loan-loss cushion by $52 million. Private-equity and VC clients have warmed to the practice of doing deals virtually, which increases lending opportunities, SVB executives said.
What's behind the unlikely First Citizens-CIT deal; ex-Trump adviser Gary Cohn predicts bleak future for community banks; midsize banks gird for loan defaults, more margin pressure; and more from this week's most-read stories.