Banking

Elizabeth Warren asked the Federal Reserve this week to force the spinoff of the bank’s nonbanking operations. Wells, which was recently hit with another $250 million fine, countered that it has made significant progress in improving its risk management and addressing misconduct.

In a recent securitization with Capital One, RBC Capital Markets gave a bigger role to small firms owned by minorities and women. It’s one example of how banks are striving to be more inclusive.

Alastair Borthwick, the president of global commercial banking, will succeed Paul Donofrio, who is transitioning to a new role as head of sustainable finance. The company also appointed three women to its executive leadership team.

The Loan Syndications and Trading Association alerts market participants to the challenges of term-SOFR transition before year-end.

The credit union service organization, which changed its name from CU Realty Services in June, has expanded its service area to cater to more homebuyers and help credit unions secure their mortgage pipeline.

The Rhode Island bank has entered into an agreement to acquire JMP Group, which focuses on the health care, technology, financial services and real estate sectors.

Known as MOHELA 2021-3, the trust will issue a mix of fixed- and floating-rate notes from a capital structure with three tranches, or note classes.

High CLO volume stems partly from transactions whose refis or resets anticipated last year were deferred when spreads widened considerably amid the pandemic.

Despite “color blind” underwriting algorithms, loan denial rates on mortgages that were not backed by the Federal Housing Administration and the VA skewed heavily toward minority groups, according to a study by The Markup.

Subprime borrowers whose credit scores have risen since they bought their cars are increasingly looking for a better deal. Credit unions and small banks are seizing the opportunity, often with the help of fintechs.