Organization Root Tag

Criticism from banking and other business groups of Saule Omarova’s candidacy could make it difficult for moderate Democrats to support President Biden's pick to lead the Office of the Comptroller of the Currency.

While overall volume was down in August, it remained historically strong, particularly in the securitized market for home equity withdrawal loans made to borrowers age 62 and up.

The agency’s enforcement action against Better Future Forward says the nonprofit’s income-share agreements — an alternative education finance product — must follow the Truth in Lending Act just like other forms of student loans.

The White House and the Federal Housing Finance Agency announced steps to help nonprofits and public agencies buy foreclosed properties, among other initiatives, as part of a plan to boost supply over the next three years.

The key benchmark that the Federal Reserve targets to control monetary policy dropped for the second time in two weeks, an indication that the glut of cash in the front-end is starting to spill into this corner of the funding markets.

Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.

The bank, which helped launch the real-time network for peer-to-peer payments, is trying to duplicate that success by helping corporate clients process certain transactions instantly with wholesale partners and, in some cases, retail customers.

The bank’s decision to offer home improvement loans directly will not have a material impact on profits at the Atlanta-based fintech, according to GreenSky.

The agency developed measures taking effect Aug. 31 that, among other things, will allow lenders to prioritize foreclosures of the most impaired loans and then focus on modifying salvageable ones.

The bond market isn’t fully buying the hawkish shift from Federal Reserve officials in recent days.

Tight inventory and heightened competition kept prime purchasers at bay as property values continued their summer surge, according to Fannie Mae.

This year’s stress tests examined 23 banks including JPMorgan Chase and Goldman Sachs, with the remainder of the firms on an “every other year” test cycle. The capital requirements for those remaining firms are unchanged from last year.

While the hot market’s actual and forecast home price gains were key drivers of Fannie’s results, they also present a challenge to the affordable housing mission that it’s working to address.

The Treasury Department on Wednesday will announce its so-called quarterly refunding of longer-term securities, when it typically lays out any coming changes to debt-issuance strategy.

In late July, the Justice Department notified the Houston bank of a potential lawsuit alleging violations between 2013 and 2017, according to a securities filing. Cadence said that its prospective merger partner, BancorpSouth, supports the settlement discussions.

The bureau said two rules related to communications with debtors will go into effect as originally planned on Nov. 30. The agency had previously proposed an extension to consider consumer advocates' concerns about the regulations.

A hike in guarantee fees charged to lenders for the companies’ backing of loans was due to expire this year, but lawmakers now want to extend it to raise $21 billion for the bipartisan package.

The digital lender, which bought Radius Bancorp in February, still expects to record a full-year loss partly because of merger-related costs. But its stock price soared Thursday after it reported second-quarter net income of $9.37 million.

Democratic proposals to offer free accounts, restrict overdraft fees and cap interest rates have zero chance of passage. But analysts say lawmakers’ push for products that help consumers is influencing some banks’ decisions to institute reforms on their own.

Such applications have declined on an annual basis for the past three months, but overall weekly numbers increased due to a jump in refinances amid plummeting rates.