Retail & Commercial

The government-sponsored enterprise financed 955,000 mortgages last year, down from the 1.8 million loans it backed in 2022.

New regulations involving cryptocurrency and the results of key elections will impact the industry's success this year.

Senior loan officers recently told the Federal Reserve that loan demand weakened and underwriting tightened last quarter, but both at a slower pace than three months earlier. They anticipate demand for credit will improve, especially in the back half of the year — provided rates begin to fall.

Shared services organizations PSCU and Co-op Solutions are offering post-purchase buy now/pay later loans, with the goal of reaching consumers who are concerned about managing their credit.

The megabank recently received three notices of matters requiring immediate attention, and it also failed regulatory exams, Reuters reported. Since 2020, Citigroup's regulators have been pressuring the company to clean up its risk management systems.

American Honda Finance Corp., the financing division of carmaker Honda, says that the Consumer Financial Protection Bureau sent it a "civil investigative demand" connected to the "furnishing of credit reporting information on consumer accounts."

The nation's largest credit union allegedly engaged in racial discrimination resulting in calls for further investigations and regulations. Had Navy Federal been subject to the Community Reinvestment Act it may have avoided this problem.

In a surprise move this week, banking veteran Sandro DiNello was appointed executive chairman of the embattled Long Island-based company, whose stock plummeted in the face of questions about its financial health.

French payments company Worldline may cut 8% of its workforce, Moneygram advances its digital strategy by hiring four new leaders, Fed issues enforcement action against Peoples-Marion Bancorp and more in our weekly banking news roundup.

Only a few dozen mortgage firms could likely afford the $7 million ad for this year's big game, a marketing veteran said.