Organization Root Tag

The declining credit quality included more borrowers with higher credit scores falling behind on their credit card payments. But executives said the increase remains within expectations as it continues seeing "very linear normalization" in credit.

Speaking at an event hosted by the Council on Foreign Relations, Federal Reserve Gov. Christopher Waller said the Federal Reserve has a long runway for its balance sheet reduction.

In a speech delivered Thursday afternoon, the Federal Reserve's vice chair said she does not see a wage-price spiral driving inflation, but rather a "price-price spiral."

Goldman Sachs provided more details on its pullback from its once-grand ambitions to expand into consumer finance. Though parts of that strategy will remain, the New York bank will halt its personal loan business and postpone offering a checking account for its wealth management customers.

In remarks delivered at a central banking symposium, Federal Reserve Chair Jerome Powell called for changes to money market funds and the Treasury market.

Esther George, the president of the Federal Reserve Bank of Kansas City, is retiring later this month. What's taking the bank so long to find a successor?

The Consumer Financial Protection Bureau's outline for upcoming regulations reflects the efforts of Director Rohit Chopra to reduce credit card late fees and overdraft fees.

The Consumer Financial Protection Bureau and the state attorney general claim Credit Acceptance Corp., an indirect auto lender, deceived thousands of borrowers by failing to disclose and include finance charges in calculating the cost of a car loan.

Higher interest rates helped drive down refinances by 87% and purchases by 42% compared to last year.

The Consumer Financial Protection Bureau's new unit will identify the root causes of recurring violations and find ways to hold companies accountable.

The 30-year fixed rate surged 15 basis points from a week earlier but ends 2022 at more than twice its mark from a year ago.

The overall share of distressed mortgages fell in every state, but the effects of Hurricane Ian led to a small uptick in early-stage late payments compared to one year ago, CoreLogic said.

Consumer advocates urged a district court to dismiss a lawsuit against the Consumer Financial Protection Bureau, alleging that discrimination is an "unfair," practice under the Dodd-Frank Act.

Foreclosure starts also increased by over 19% between October and November but remain below pre-pandemic levels.

Rohit Chopra, director of the Consumer Financial Protection Bureau, said the bank is "not making rapid progress" and hinted at the possibility of additional restrictions. But analysts saw positives for Wells in the $3.7 billion consent order.

Many experts think the Consumer Financial Protection Bureau's funding through the Federal Reserve could be the fatal flaw in the Dodd-Frank Act that created the agency, but differentiating the CFPB's structure from others may be tricky.

The Federal Reserve raised its benchmark interest rate by half a percent this week, but chair Jerome Powell said the question now is how long to keep monetary policy tight.

In a series of tense exchanges, Republicans accused Consumer Financial Protection Bureau Director Rohit Chopra of making rules through press releases.

The Lansing, Michigan-based firm was awarded the contract this spring and takes over from Novad Management Consulting, which had previously serviced government-held HECMs since 2014.

An administrative law judge has recommended that a trio of onetime Wells executives be ordered to pay a combined $18.5 million in connection with the bank's fake-accounts scandal.