Consumer banking

Wells Fargo must pay $97 million to home mortgage consultants and private mortgage bankers in California who didn't get the breaks they were entitled to under the state's stringent labor laws.

Acting Consumer Financial Protection Bureau Director Mick Mulvaney announced a trio of significant changes to the CFPB.

The news of the data breach cast a shadow over relatively strong first-quarter earnings for the Atlanta bank.

Lending, especially in some consumer segments, increased at Bank of America in the first quarter, and CEO Brian Moynihan expects that to continue this year. However, for market watchers skeptical about the industry's growth prospects, BofA's numbers may do little to change their minds.

The firm warned Friday that it may take a charge of as much as $1 billion to settle a U.S. probe of its consumer business.

Late-payment rates at banks declined in nine out of the 11 consumer loan categories tracked by the American Bankers Association, including credit cards, auto loans and personal loans.

Banks that scored high in customer-satisfaction ratings did so for their front-line service, not their tech capabilities, a study finds.

Banks say that an appeals court’s decision to ease restrictions will allow them to warn customers more easily when loans are past due or accounts have been compromised. But consumer groups argue that the decision gives financial firms license to market their products more aggressively and could lead to more harassing phone calls over unpaid debts.

Despite past missteps in the U.S. mortgage business, the bank is giving it another go, bringing servicing in-house and catering to millennials and international clients here, says HSBC’s Raman Muralidharan.

The bank will spend an additional $1.4 billion on technology in 2018 to gain share and boost efficiency, executives said Tuesday. But they were peppered with questions about whether the big investment will yield a big financial return down the road.