CFPB launches investigation of Quicken Loans real estate affiliate
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.
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.
A grim outlook for Wells Fargo's commercial loan book
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.
Lawsuit against Plaid heightens focus on data privacy issues
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.
How banks aim to close racial wealth gap: More minorities in leadership
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.
CFPB slaps Chicago mortgage lender with redlining lawsuit
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.
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.
Why banks are steering more political donations to Democrats
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.
The odds are better now that Congress will pass a bill to help financial institutions serve cannabis businesses, but the question of the legislative path forward has grown murkier.
The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.
Weeks away from succeeding Michael Corbat, Jane Fraser said she’d consider streamlining some units or divesting others as part of her effort to kick-start return on equity.