Economy

Three banking trade associations told the FDIC that Rakuten Bank America, even after revisions to its earlier application to the agency, would still violate the separation of banking and commerce as well as present consumer privacy concerns.

Participation in the Main Street Lending Program for midsize companies is partly about public service, but the core business rationale is building "a banking relationship that continues on for some time," the Boston Fed chief says.

Former Comptroller of the Currency Gene Ludwig says making online lenders, credit unions and other nonbanks comply with the Community Reinvestment Act would be a powerful tool in addressing racial and economic injustices.

The Consumer Financial Protection Bureau plans to change the definition of what constitutes a qualified mortgage from a 43% debt-to-income limit to a price-based threshold, and further extend a temporary exemption given to Fannie Mae and Freddie Mac.

An article in The Atlantic warning that collateralized loan obligations will be banks’ next downfall overestimates the risk of these securities.

Business owners are changing banks at three times normal levels, a trend researchers attribute to their difficulty in obtaining emergency loans. If the forgiveness stage of the Paycheck Protection Program proves arduous, that rate could climb much higher.

JPMorgan Chase, Fifth Third, Truist among banks closing early to observe Juneteenth; inside the OCC's effort to extract $37.5M from former Wells Fargo execs; banks are at a loss what to do with record amount of funds; and more from this week's most-read stories.

A blueprint that includes more CRA and tax credits for lower-income African Americans would help a demographic disproportionately harmed by the coronavirus pandemic.

Kennebec Savings Bank will have $1.3 billion in assets after it absorbs Kennebec Federal Savings and Loan Association of Waterville.

Kyle Hauptman, who will be nominated to fill the seat held by Mark McWatters, is a staunch opponent of the Dodd-Frank Act. That could mean more policy clashes on the board if he is confirmed by the Senate.

From hiring to health care, Vice Chair Anne Finucane shares details about Bank of America’s pledge to address vital needs in minority communities.

Eastern Bank in Boston could raise as much as $1.7 billion to spend on acquisitions and technology investments that it says will be necessary to respond to customers' increasing preference for digital tools.

The FHFA and FHA both announced for the second time that they were delaying the freeze to protect borrowers and renters during the coronavirus pandemic.

The Fed chairman updated senators about the agency's new credit facility for midsize firms struggling in the pandemic. He also left open the possibility of additional stress tests to gauge the industry’s coronavirus response.

U.S. retail sales jumped in May by the most on record and double forecasts, regaining more ground than expected after unprecedented drops the prior two months as states allowed more merchants to reopen.

Executives argue the rollouts will largely focus on new markets and work in tandem with digital banking efforts.

As they prepare to exit government conservatorship, Fannie Mae and Freddie Mac have enlisted the investment banks to help them boost capital and evaluate market opportunities.

The agency flagged faulty risk management and other issues at the Federal Home Loan Bank of Des Moines and Federal Home Loan Bank of San Francisco in exams conducted last year.

The last bank where he was CEO, Opus Bank, ran into trouble largely because it made too many acquisitions in too short a time span. This time around, Gordon will take a more methodical approach.

Lawmakers shouldn't let themselves be misled by a slower pace in personal bankruptcy filings so far this year.