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Wells Fargo buys $14B of delinquent mortgages tied to pandemic

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The amount far surpassed that of any other servicer required to purchase Ginnie Mae-backed loans that were 90 days past due.

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CFPB launches investigation of Quicken Loans real estate affiliate

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The Detroit lender disclosed that the consumer bureau had sent a civil investigative demand to Rocket Homes Real Estate for potential violations of the Real Estate Settlement Procedures Act.

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Truist hastens cost-cutting, delays core conversion

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The North Carolina regional created by the merger of BB&T and SunTrust is saving money by shedding office space and reworking vendor contracts, but it was forced to put its systems integration on hold for up to a year to prioritize tech upgrades tied to the pandemic.

(Full story here.)

A grim outlook for Wells Fargo's commercial loan book

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The energy sector, retail and hospitality are among the industries that are faring poorly during the pandemic. The bank expects loan losses to remain elevated well into 2021.

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Lawsuit against Plaid heightens focus on data privacy issues

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A class action asserts that the data aggregator accesses more of consumers' bank account information than it needs and ultimately aims to sell the data to others. Plaid, which has agreed to be sold to Visa, denies the allegations.

(Full story here.)

U.S. Bancorp mulls more branch closings as customers flock to digital channels

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The Minneapolis company said 75% transactions have been handled online since the pandemic hit.

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How banks aim to close racial wealth gap: More minorities in leadership

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The pressure is on for banks to help Black and Hispanic households build net worth. Many say that starts with diversifying the ranks of middle and upper management.

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CFPB slaps Chicago mortgage lender with redlining lawsuit

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The consumer agency alleges Townstone Financial's CEO and president made statements on a radio show discouraging applicants living in Black neighborhoods from seeking home loans.

(Full story here.)

Banks seek more fintech help for PPP's next phase

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After tech firms assisted community bankers in processing applications in the Paycheck Protection Program, small-business lenders are continuing to engage with cloud providers and other outside companies to automate the loan forgiveness process.

(Full story here.)

Why banks are steering more political donations to Democrats

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Republicans still receive more money overall from bankers, but the gap is narrowing ahead of the November elections. Experts say that the trend corresponds with signs of a "blue wave" and that many in the industry prefer Democrats on nonregulatory issues.

(Full story here.)
Delinquencies Wells Fargo CFPB Quicken Loans Truist Financial U.S. Bancorp Diversity and equality
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