Economy

The rampant unethical behavior at Wells Fargo suggests that bankers' ethics are still fundamentally awry eight years after the mortgage meltdown.

Wells Fargo Chief Executive John Stumpf was relentlessly questioned by lawmakers for nearly three hours Tuesday about what he knew of phony account openings and whether the bank would punish senior executives in what was arguably the worst hearing for a bank executive since the financial crisis.

WASHINGTON — Sen. Elizabeth Warren, D-Mass., called on Wells Fargo Chief Executive John Stumpf to resign Tuesday, saying Wall Street would continue to rip off customers until senior executives are held accountable.

Contrary to expectations about growing mortgage lending volumes, current industry trends suggest a gradual reduction in capacity for both lending and servicing that should alarm policymakers.

Democratic presidential candidate Hillary Clinton released an open letter to Wells Fargo customers Tuesday in which she called the phony account openings "deeply disturbing," defended the Consumer Financial Protection Bureau and demanded that individual executives be held accountable.

A top CFPB official said Monday that lenders have adjusted their business models and practices to comply with new rules, while MBA CEO David Stevens called on the Federal Housing Administration to clarify its underwriting standards.

WASHINGTON — Sen. Bob Corker, R-Tenn., dismissed calls Monday by a group with alleged ties to hedge funds to recuse himself from a hearing this week probing the recent enforcement action against Wells Fargo.

Steve Eisman, who profited from the mortgage meltdown, tells an industry crowd why he thinks the financial system is safer under Dodd-Frank, why Silicon Valley is "clueless" about lending and what the next "big short" will be.

Contrary to their stated goals, the Fed's post-crisis regulatory and monetary policies may be contributing to U.S. income and wealth inequality, according to a new paper based on academic research from the Federal Reserve and foreign regulators.

The Consumer Financial Protection Bureau can determine nearly anything to be an unfair, deceptive or abusive act or practice, and it's more likely to do so when lenders try to take advantage of regulatory loopholes.

The Department of Housing and Urban Development is taking a harder look at how mortgage lenders treat borrowers with limited English language skills.

Subway is learning that to get people into its stores, its mobile app has to be every bit as compelling as its menu.

Carolina Premier Bank in Charlotte, N.C., has hired Don Jackson from Community One Bank in Asheboro, N.C., as director of Small Business Administration lending, a new position at the bank.

Banks that are heavily involved in commercial real estate lending may shy away from buying institutions with similar concentrations.

The House Financial Services Committee said Friday it plans to open an investigation into the fraudulent account openings at Wells Fargo and will hold a hearing soon on the issue.

Big banks' flirtation with the idea of suing the Federal Reserve Board over its stress testing regime carries significant political risk and even if successful could yield at best a pyrrhic victory over the megabanks' primary regulator.

Mixed messaging on fin tech doesn't just emanate from the halls of Congress. It can also be found at the regulatory level as well.

Kentucky district court judge rules that the courts cannot interfere with the GSE regulator's wind down of Fannie Mae and Freddie Mac.

The Federal Reserve's annual stress testing regime violates federal administrative law, a coalition of banking groups said in a white paper released Thursday, likely previewing a court battle that could have far-reaching consequences for the program.

For large banks, the risks of partnering with marketplace lenders do not matter. But small community banks can't afford to partner with competitors angling to poach their customers.