Federal agencies reverse Biden-era credit guidance
Seven federal agencies rescinded a 2022 guidance that encouraged creditors to offer special purpose credit programs to underserved communities.
Workplace
Truist shakes up C-suite, names Fiserv’s Lyons as CEO
The North Carolina-based regional has recruited Michael Lyons to serve as CEO, starting Sept. 1. Lyons will replace Bill Rogers, who plans to retire in April 2027.
CFPB sued over new rule that would weaken fair-lending laws
Housing advocates and compliance firms are suing to block a rule from the Consumer Financial Protection Bureau that they say guts the Equal Credit Opportunity Act.
CFPB finalizes a scaled-back small-business lending rule
The Consumer Financial Protection Bureau finalized a new version of a small-business lending rule that took 17 years to get over the finish line. Banks are still lobbying for the rule to be repealed.
Exclusive research Big AI spenders are reaping large productivity gains
American Banker data found that those who upped artificial intelligence spending by more than 25% in the last year saw major improvements in employee output.
Trump weighs retirement, education funds for home buying
A new move that would open up more use of certain dedicated savings accounts for home purchase purposes is under consideration, according to Politico.
Why no one can end the investment banking recruiting war
College sophomores are applying for jobs before they've even taken a finance class. Goldman Sachs CEO David Solomon says he dislikes the process, but doesn't have the power to change it.
Black homeowners lose ground as job losses mount
Black homeownership fell to 43.9% this summer, its lowest since 2021, as rising unemployment and federal layoffs widened housing gaps across demographics.
HUD faces backlash over new fair housing rule
The comment period for the Affirmatively Furthering Fair Housing interim final rule has been extended, but consumer advocates are clear in their opposition.
U.S. payroll gain of 177,000 shows uncertainty yet to dent hiring
The labor market continues to cool gradually, a sign that businesses facing heightened uncertainty and turmoil didn't significantly alter their hiring plans.
Banks warily optimistic on mortgages but volatile rates a concern
Some lenders are once again hiring mortgage lenders, but memories of the painful staffing cuts they were forced to make over the past two years remain top of mind.
DOJ accuses Rocket Mortgage, appraisers of bias in refi
According to the litigation, a homeowner's Denver property was valued 25% less because of her race.
First Guaranty lays off 15% of workforce, cuts dividend in half
The Hammond, Louisiana, company, which announced changes to its business strategy, cut 71 jobs and reduced its dividend to 8 cents per share.
Appeals court delivers big win to CFPB in Townstone redlining case
A federal appeals court ruled that the Equal Credit Opportunity Act prohibits not just outright discrimination but also the discouragement of prospective applicants for credit.
Rocket settles fair lending complaint with HUD
Rocket Mortgage entered into an agreement with the Department of Housing and Urban Development and will pay the consumers $65,000 to resolve the matter.
Wells Fargo redlining plaintiffs seek class certification
Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.
Tennessee bank to pay $1.9M in redlining case
As part of a settlement with the Justice Department, Patriot Bank must invest more than $1 million of the total in a loan subsidy fund for minority homeowners and take other corrective steps in its everyday business. The bank denied any wrongdoing.
Navy Federal faces lawsuit, allegations of racial bias in mortgage lending
The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.
Santander Bank settles home appraisal discrimination suit
A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.
Podcast Biologics and benefit plans: What employers need to know
Biologics are one of the fastest growing category of drugs—and one of the most expensive—making it challenging to balance cost with safety and efficacy. And it's even more challenging to incorporate unbranded biologics and biosimilars into benefits plans.
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