Economy

A lower court “erred” when it sided with Fannie Mae and Freddie Mac’s investors, the Justice Department said in its petition to the high court.

While the impact of the U.K.’s endemic late payments culture has captured the headlines over the past couple of years, there is arguably an even bigger problem afflicting the country’s merchant population — the threat of not being paid at all.

American Banker Capitol Hill reporter Neil Haggerty shares how the D.C. community reacted to Mark Zuckerberg’s congressional testimony and how it looks at the project now.

The regulator of Fannie Mae and Freddie Mac discussed steps the companies have already taken to limit their risk, as well as efforts to prevent housing market “overlap” with the FHA.

On Jun. 30, 2019. Dollars in thousands.

On Jun. 30, 2019. Dollars in thousands.

Executives are deciding what roles could be relocated to lower-cost hubs such as Plano, Texas; Columbus, Ohio; and Wilmington, Del.

Concerns over banks’ level of preparation have led to worries about disruptions in the lending market, and some financial institutions warn that a new interest rate benchmark could cause lenders to pull back on credit.

Why the Toronto bank is focusing on digital features; complaints about credit monitoring plans flood CFPB; the strategies midsize banks are relying on to stimulate growth; and more from this week’s most-read stories.

The Rakuten application has opened another front in the battle over nonfinancial companies' ownership of banks.

Citigroup promoted Jane Fraser to president, its second-highest post, making her a likely candidate to succeed CEO Michael Corbat and someday become the first woman to run one of the largest U.S. banks.

The Los Angeles bank is taking its wealth management and entertainment financing businesses to Miami and Long Island as part of its effort to expand nationally.

Rakefet Russak-Aminoach, who will leave the company at the end of the month, has raised net profit and lowered costs by revamping its technology and culture.

Facebook CEO says the company won’t purse Libra anywhere if U.S. regulators disapprove; the agency says “guidance” was actually “rules.”

Midsize players like BankUnited, BOK and Fulton Financial plan to rely on selective M&A, catering to niches overlooked by big banks, aggressive recruitment of commercial lenders and other strategies to stimulate revenue growth.

Originally formed to help consumers spot recurring charges, Truebill is adding banking and financial management features to its app.

Huntington Bancshares and U.S. Bancorp also said in recent days that they are eliminating jobs to reduce overhead and improve profits. With net interest margins shrinking and branch traffic continuing to decline, expect more banks to follow suit, analysts say.

FCUs are regaining their appeal given the resources NCUA has put into helping de novos and the potential for expanded fields of membership.

A regulatory cloud still follows fintech companies following a judge's decision throwing out the Office of the Comptroller of the Currency’s special-purpose charter.

At a House hearing covering a whole host of housing finance reform topics, Fannie Mae and Freddie Mac's regulator said "if the circumstances" call for eliminating investors, "we will."