Economy

Kevin Cummings, the New Jersey company's CEO, transformed Investors to sizable bank prior to its second-step conversion last May. With $2.2 billion in capital and an updated core system, Cummings has his sights on the company's next growth phase.

Ocwen Financial has delayed filing its 2014 results and announced the sale of more servicing rights.

The coffee chain announced plans on March 18 to begin testing delivery in New York and Seattle, with the iconic 102-story office tower serving as its Big Apple proving ground. In New York, customers will order through a Starbucks website and eventually transition to its mobile app.

The controversial $50 billion-asset cutoff was one of a host of policy issues the Treasury secretary addressed before lawmakers on Tuesday.

A new book by the American Enterprise Institute's Peter Wallison reveals how a government push to lower credit standards brought about the housing crisis — and why a new effort to expand homeownership could inadvertently set the stage for a fresh disaster.

WASHINGTON — The Federal Reserve Board issued a proposal Monday that would require certain financial institutions that have been assigned Legal Entity Identifiers to include that information in their regular reports, a first but tentative step toward broader reliance on the universal counterparty ID.

Lending groups are demanding the Consumer Financial Protection Bureau take down its mortgage rate calculator, arguing it is providing misleading information to consumers.

An expected rush of refinancings of Federal Housing Administration loans could force some mortgage servicers to take writedowns in the first and second quarters, but they have more incentive than ever to keep borrowers in the FHA program instead of letting rivals lure away their customers.

Ed DeMarco, the former chief regulator of Fannie Mae and Freddie Mac, warned that efforts under the Obama administration to expand access to credit could risk repeating mistakes that led up to the crisis.

The mobile wallet landscape has always been dynamic, and recent consolidation and upheaval have changed it once again. As older products fade or rethink their model, newcomers are bringing bold new ideas to market.

A recap of the informed opinions (and the discussions they generated) on BankThink this week, including the benefits of regulating banks by complexity rather than size and how to make the Fed's stress tests more effective.

Informing banks about the details of stress-test requirements in advance would help mitigate financial institutions' unnecessary costs. And conducting the tests on a quarterly basis would ensure that banks are unable to game the system.

Two foreign-owned banks — Santander and Deutsche Bank — failed the Fed's stress test. Two other foreign banks that failed last year, HSBC and RBS Citizens, passed this year.

Citigroup Chief Executive Michael Corbat will still have a job tomorrow (and probably several days after that). The bank's capital distribution plan was approved by the Federal Reserve on Wednesday, undoubtedly to the delight of shareholders who were surprised by last year's rejection.

JPMorgan Chase, Morgan Stanley and Goldman Sachs were each forced to resubmit their capital plans in order to pass the Fed's CCAR stress test, while Bank of America was publicly faulted for weaknesses in its capital planning process. While some saw that as a bad sign, others contended the banks appear more comfortable in pushing the limits of the stress testing process.

Policymakers should stop assuming that homeownership is always better than renting and recognize the economic circumstances that young people will live with for the foreseeable future.

Fannie Mae selected a chief internal auditor with an "inherent conflict of interest" and the mortgage giant's process for filling the position was faulty, according to a watchdog report to be released Wednesday.