Economy

The Mortgage Bankers Association on Wednesday said the housing market recovery has shifted to "a higher gear," and it raised its forecasts for total originations and home purchases for this year and 2016.

Bankers were pleased with the dramatic leap in home lending last quarter, but they cautioned that volume will slow in the second half as rate increases curb refinancings, nonbanks provide stiffer competition, servicing costs remain high and underwriting standards change.

Despite recent changes to the Financial Stability Oversight Council's systemically risky designation process, Senate Banking Committee members feared that once a designation is made, there is no way for a company to remove that label.

WASHINGTON — The Senate Finance Committee voted Tuesday for a measure that would extend a temporary 10-basis point hike in Fannie Mae and Freddie Mac guarantee fees for an additional four years.

A fifth of the financial institutions that participated in the Small Business Lending Fund have fully left the program and an increasing number of banks are joining them before the dividend rate jumps to 9% next year.

A growing number of regulators have indicated their support for raising the asset thresholds at which banks face new regulatory requirements. That's welcome news — but time is of the essence in implementing any changes.

Key proponents and critics of the 2010 financial reform law commemorated its anniversary by keeping the debate over its legacy front and center.

The new MBS program gives FHLB members direct access to the secondary market.

If Congress fails to act swiftly, most lending supported by the SBA will shut down for much of the next two months. This would undermine recent strength in a vital component of the American economy.

Payments technology is advancing so quickly on so many fronts that Spindle CEO Bill Clark is changing his requirements for hiring new sales staff.

What asset threshold? Community banks may not be required by law to conduct stress tests, but about one in three have been asked by their examiners to do so, according to a recent survey of banks.

Federal judges have dismissed two lawsuits that accused Wells Fargo of reverse-redlining in Los Angeles and Cook County, Ill., Reuters reported.

In one fell swoop, the Federal Reserve Board completed two of the most significant rules on its docket, completing a surcharge rule for the largest and most systemically risky U.S. banks and outlining the first capital rules for a nonbank systemically important financial institution.

Toronto's mass transit system is embarking on a mobile ticketing initiative that the system's operators hope will become the dominant payment system within three years — a time frame that demonstrates how hard it is to migrate to new payment technology.

Independent sales organizations are facing an age-old question that has confronted teenagers for centuries: What are they going to do with their future?

In a surprise move, the Federal Reserve Board proposed significant changes to its stress testing regime, including dropping its Tier 1 Common Capital requirements and delay leverage and risk-based capital ratio requirements for banks with "advanced approaches" in risk-based modeling.

A recap of the informed opinions (and the discussions they generated) on BankThink this week, including ways to make megabanks pay for their “too big to fail” subsidy and how banks can help put an end to human trafficking.

Major tech companies are building payment capabilities into their mobile apps, social networks and other offerings. These projects coincide with a rise in mobile commerce, potentially creating a new standard for how consumers shop.

WASHINGTON — The efforts of Fannie Mae and Freddie Mac shareholders to claw back the value of their investments by suing the U.S. Treasury have not elicited much support on Capitol Hill.

Citigroup's second-quarter profit got a modest boost from Citi Holdings, a unit set up six years ago as a dumping ground for toxic assets. After losing billions for years, Citi Holdings has now become a minor profit source for its parent.