Organization Root Tag

Bankers and a key government supervisor say the downfalls of multiple regional lenders reminded regulators that traditional M&A is better for the industry than failed-bank-deals.

Wells Fargo is pursuing private mediation to settle claims of widespread discrimination against Black homeowners by denying them lower interest rates through refinancing and forcing them to pay more for loans.

The Consumer Financial Protection Bureau issued only 20 enforcement actions in 2022, but some observers say the enforcement numbers belie the results that director Rohit Chopra is getting from other ways of holding companies accountable.

Citi research strategists say crypto markets were not immune to fears of the U.S. defaulting on its debt.

Javice has asked a Delaware federal judge overseeing JPMorgan's fraud lawsuit against her to allow her to demand documents from the bank and firms that advised it on the $175 million acquisition of her college loan planning site.

Citigroup CEO Jane Fraser says the company's abrupt decision to abandon a long-running sales process of its Mexican retail operations won't change its medium-term guidance nor the eventual plan to exit the unit and allows stock buybacks to resume.

JPMorgan CEO Jamie Dimon testified that then-private banking head Mary Erdoes and then-general counsel Stephen Cutler could have decided to drop Jeffrey Epstein as a bank client after accounts of his sex-trafficking emerged

The locations being shuttered are spread across eight states, according to a spokesperson. JPMorgan took over 84 First Republic branches when it bought the failed San Francisco bank a month ago. 

After an appeals court sided with the Consumer Financial Protection Bureau in February, the CFPB and PayPal filed a round of legal arguments in late May to resolve remaining claims from a lawsuit PayPal first filed in 2019.

Curt Farmer, CEO of the Dallas company, defends its management of a Treasury Department program that provides federal benefits on prepaid cards. He says a recent American Banker investigative article "ignores the fact that Comerica took steps to protect Direct Express users when it became aware that a third-party vendor had not followed program protocols for reviewing customer inquiries."

The ill-conceived proposed rule would increase costs for a significant majority of credit card customers.

Potential uses for banks include risk analysis, investment portfolio construction and financial crime monitoring.

The bank's new long-term goal of more than $12 billion in pretax earnings will come from a mix of asset growth, more lending and expanding markets.

Federal Reserve Board Gov. Philip Jefferson, who has been tapped to serve as vice chair of the central bank, said the new rules will standardize capital requirements and increase transparency.

JPMorgan Chase CEO Jamie Dimon says his company remains committed to doing business in the Communist Party-ruled nation as political tensions grow.

The Federal Deposit Insurance Corp. said in its quarterly banking profile that the banking industry remains resilient despite a challenging economic backdrop, but exposure to commercial real estate losses and interest rate risks could make continued stability difficult.

A full accounting of regulators' actions in the lead-up to the collapse of Silicon Valley Bank, as well as other recent bank failures, is necessary to restore public confidence in both the banking system and the government itself.

The 30-year average for both conforming and jumbo loans jumped more than 20 basis points, according to the Mortgage Bankers Association.

The San Francisco-based bank is proactively managing its loan portfolio and working with borrowers to restructure terms with the goal of helping clients and minimizing risk, CEO Charlie Scharf said.

Carrie Tolstedt, the longtime head of retail banking at Wells, is resolving legal problems tied to her role in the bank's phony-accounts scandal. Earlier this year, she agreed to plead guilty to a criminal charge as part of a deal that calls for up to 16 months behind bars.