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.

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 price for the 20% stake in Santander Consumer USA Holdings that Santander does not already own is significantly higher than what the buyer first offered in July.

Credit performance to LL ABS deals has been better than expected, as financial support to borrowers made exxtra cash available to pay down on other obligations.

Minnwest Bank, which focuses largely on agriculture lending, said it will “become more sophisticated" with its mortgage and consumer lending services by acquiring Roundbank.

The expanded credit access in its automated mortgage decisioning goes into effect in mid September.

The Arkansas bank has hired an 11-member team to develop its new operation. Much of the team joins from TCF Financial, which was sold to Huntington Bancshares in June.

Late payments on office loans have trended upward recently, but longer lease periods may mitigate the potential for distress in that sector, the Mortgage Bankers Association said.

The 3.3 million-square-foot behemoth, which features an indoor ski slope and amusement park made a $9.3 million Aug. 2 payment on about $290 million.

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.

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.