Opinions

The city of Miami has sued Bank of America, Citibank and Wells Fargo in U.S. federal court in Florida, for discriminatory mortgage lending practices against minority residents that resulted in a rash of foreclosures, city officials said Thursday.

Representative Mel Watt, who will leave Congress to become regulator of Fannie Mae and Freddie Mac, said he will delay a planned increase in the fees the U.S.-owned companies charge to guarantee mortgages.

IMGCAP(1)]

By assessing nearly $100 million in fines and restitution against Ally Financial on Friday, regulators sent a warning shot to all indirect auto lenders that they will be severely penalized if partnering dealerships charge higher interest rates or fees to minorities.

The Office of the Comptroller of the Currency has taken disciplinary action against the banking software provider Jack Henry & Associates for failing to get a processing center damaged by Hurricane Sandy up and running in a timely manner.

A recap of the informed opinions (and discussions they generated) on BankThink this week.

The Senate voted 59-34 Friday to end debate on the nomination of Janet Yellen to head the Federal Reserve.

Ally Financial (GKM) and Ally Bank will pay $98 million in fines and restitution to settle government claims that they discriminated against minorities through their indirect auto lending business.

Hudson Valley Holding (HVB) in Yonkers, N.Y., has hired a former regulator to be chief risk officer for its bank.

The American Association of Bank Directors and the Independent Community Bankers of America are objecting to a provision in the Volcker Rule requiring banks to shed trust-preferred securities.