Special Program Root Tag

The company, poised to complete its purchase of Radius Bank, will enjoy new cross-selling opportunities, gain additional sources of fee income and capital as well as benefit from greater regulatory clarity, CEO Scott Sanborn says.

Despite mortgage rates expected to rise modestly in 2021, a bolstered Biden administration stimulus package and COVID-19 vaccination efforts bring promise for economic recovery.

Mortgage rates, whose movements until now had not reflected gains in the benchmark 10-year Treasury yield, rose 14 basis points this week, according to Freddie Mac.

Commercial real estate portfolios have held up better than expected during the pandemic. But rising delinquencies and fears of a delayed economic recovery are renewing questions about credit quality.

The incoming administration chose a battle-tested policymaker who can draw on her nearly two decades at the Fed to help rebuild an economy still struggling from the coronavirus pandemic.

The Trump administration has compelled the Federal Reserve to shut down the Main Street Lending Program and other facilities that aid banks’ pandemic relief efforts, but President-elect Biden’s Treasury nominee could help turn the spigot back on.

Goldman Sachs Group shuffled its business lines and announced a raft of management changes, carving out new divisions aligned with a strategy pivot unveiled earlier this year.

Banks reported decent loan growth in the spring and early summer as businesses rushed to draw down credit lines and tap the Paycheck Protection Program. But demand has been muted since, and bankers can only guess when it will pick back up.

Jane Fraser, a longtime Citigroup executive, will be the first female CEO of a major Wall Street bank. She succeeds Michael Corbat, who had held the post for eight years.

Bankers and fintech executives want lawmakers returning to Washington to focus on streamlined forgiveness and a second round of Paycheck Protection Program loans for small businesses.

Fintech lenders that reported a surge in missed payments at the start of the pandemic have seen credit quality rebound substantially since. But credit performance could still deteriorate if high unemployment persists and Congress fails to enact more relief measures.

The Federal Housing Finance Agency's proposal could undermine the companies’ mission to support the housing market and penalize consumers in underserved communities, industry and consumer groups say.

If Trump is reelected, his administration would likely move forward with privatizing Fannie Mae and Freddie Mac and relaxing key rules, while a Joe Biden presidency would likely try to expand homeownership access and borrower protections.

Dana Wade, a former OMB official, says a strong capital footing will help the Federal Housing Administration weather an uptick in delinquencies and ensure the mortgage market is viable once the economy recovers.

Though overall forbearance share is down, the number of extensions is rising as coronavirus hardship filings surpass the 90-day mark that delineates the end of traditional forbearance plans.

Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.

The global pandemic and stalled trade negotiations have discouraged farmers and ranchers from taking on more debt and made banks uneasy about extending more credit.

Community bank earnings are usually easy to understand, but loan deferrals and modifications as well as the complexities of the Paycheck Protection Program are skewing financial statements.

As home loans surge and lenders look to expand, they're doing a cost-benefit analysis on the possibility of opening more commercial locations.

The CEOs of the credit card lenders Discover and Synchrony are urging Congress to come through with another round of government stimulus so that struggling households can continue paying their bills.