Democratic senators seek details on JPMorgan’s collection practices
Six members of the Senate Banking Committee are asking questions about a flurry of lawsuits against credit card customers. The bank denies that it has resumed using robo-signing.
Consumer banking
Santander will exit U.S. home lending, review commercial segments
The moves, which are part of a multiyear strategy, are meant to focus resources in areas where the Spanish banking giant can earn solid returns.
Lenders eager for higher rates — just not too high
Community bankers are excited that the Federal Reserve is poised to raise interest rates, which would make loans more profitable — unless rates rise so much they suppress demand.
Treasury invests $8.7B in banks, credit unions focused on underserved
More than 180 community development financial institutions and minority depository institutions will receive the federal funds under a pandemic-era program. “It’s a lifesaver,” a credit union CEO said.
‘Just tired’: Why so many bank, credit union CEOs are calling it quits
Business and regulatory pressures were already weighing on aging executives before the onset of the pandemic led many to delay retirement plans. Now as the crisis eases, an increasing number are finally stepping down.
Lawmakers revive effort to enact national interest rate cap
After Democrats failed last year to rally support for a federal 36% limit, House and Senate proponents are trying to capitalize on the momentum from state rate caps that recently passed on a bipartisan basis.
Goldman Sachs traders deliver surprise surge in firm’s best year ever
Goldman Sachs Group posted a surprise jump in its trading business, rounding out a stellar quarter for Wall Street’s biggest banks.
Strong mortgage demand in key markets fuels First Republic profits
The San Francisco bank reported a 26% increase in its third-quarter earnings, thanks to robust single-family, multifamily and commercial real estate loan activity in New York, Boston and its home city.
Industry scrambles to prepare for CFPB debt collection rules
Banks, credit card issuers and debt collectors all supported the Consumer Financial Protection Bureau’s revised regulations. But they face a steep learning curve in complying with the rules, which take effect Nov. 30.
Big credit card issuers make their moves in buy now/pay later
Executives at JPMorgan Chase, Capital One and U.S. Bancorp all spoke this week about plans to take on upstarts that offer interest-free financing on consumer purchases. The increased competition figures to result in tighter margins across the category.
Wells Fargo pushes back on Sen. Warren’s call for breakup
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.
Bank of America names new CFO in leadership shake-up
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.
Minnesota bank acquiring nearby rival to expand in consumer lending
Minnwest Bank, which focuses largely on agriculture lending, said it will “become more sophisticated" with its mortgage and consumer lending services by acquiring Roundbank.
Simmons First National hires TCF veterans for equipment finance unit
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.
LendingClub, fueled by surge in loans, posts surprise profit
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.
Banking bills doomed in Congress still credited with fostering change
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.
Near-record SBA lending gives banks much-needed earnings jolt
Small Business Administration lenders have reported strong quarterly results, but those gains could evaporate later this year. Here’s why.
Two more regional banks are rethinking overdraft fees
Executives at Citizens Financial and Regions Financial said they plan to make policy changes that will reduce their reliance on the controversial but already dwindling charges.
CFPB complaints skyrocket as credit reporting issues again top the list
Complaints to the Consumer Financial Protection Bureau jumped 54% to 542,300 in 2020. Concerns about credit reports have long outnumbered those in other categories and jumped significantly as a share of the total from 2019.
CIB Marine in Wisconsin feeling pressure from well-known investor
Hildene Capital, which is pressuring CIB Marine to issue subordinated debt to redeem preferred stock, has nominated two individuals to stand for election to the company's board.
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