Retail & Commercial

Capping interest rates may be popular with consumers, and ultimately voters, but doing so would actually hurt those advocates are trying to help.

A national interest rate cap of 36% would protect consumers from predatory practices that exploit their desperation and would level the playing field with responsible lenders who offer fair and transparent products.

Young adults exiting the foster care system often lack the documents and relationships they need to engage with financial products early on. Some advocates, including many in the Texas Legislature, are working to change that.

Wells Fargo makes a $1.5 million investment in Black entrepreneurship; America Express promotes small businesses through augmented reality; shareholders approve the Banc of California-PacWest merger; and more in the weekly banking news roundup.

Dream Chasers upped its bid for Carver, one of the nation's largest and highest-profile Black banks, by a quarter, to $3.25 per share, dismissing the growth strategy interim CEO Craig MacKay outlined in a recent shareholder letter.

Even if the 30-year fixed were to slip further to 6.4%, it is not enough to end the seller's strike, economists said.

Some proposed changes to uniform mortgage-backed securities, apartment loans and derivatives will be made while one involving credit reports and scores was pulled.

OneMain Financial, which mainly offers consumer installment loans, is paying $115 million to buy a small subprime auto lender from the investment bank Jefferies.

Mago, who was fourth on American Banker's Most Powerful Women to Watch list this year, succeeds Brian Fishel, who is retiring.

Shifting from earlier plans, the FDIC has established a special committee to investigate allegations of harassment and a toxic workplace culture at the agency. It will be led by directors Jonathan McKernan and Michael Hsu and may include as many as three nonvoting members from outside the agency.