Citigroup joined rivals in trimming the ranks of its mortgage workforce as rising interest rates continue to crimp demand in the housing market. 

Customers told the Consumer Financial Protection Bureau that bank customer service practices need a lot of work, but banks say more regulation would only make matters worse.

Bank lending activity grew at a strong clip in the second quarter and continues to expand. Yet rising interest rates and recession concerns could hamper future growth.

Farmers Bank plans to develop new revenue from home loans, despite seeing many bigger lenders flee the same market.

A new bipartisan senate caucus organized around community development financial institutions is just the latest sign that the sector's political influence is reaching new heights. 

The Consumer Financial Protection Bureau said a company doesn't need to experience a data breach for the agency to consider taking action.

The pandemic-era freeze on student debt payments has "dramatically" improved credit scores for Americans who borrowed money to pay for college, the Federal Reserve Bank of New York said.

Late-payment rates are rising at nonbanks that lend to people with lower credit scores. "We're probably entering a stretch where you're going to see a separation between those that are relatively good underwriters and those that are not," one analyst said.

Equifax, the second-biggest global credit bureau, was hit with a proposed class-action lawsuit after a report that it provided inaccurate credit scores on millions of U.S. consumers looking for loans.

The founder of the New York City bank and CDFI focused on lending to underserved communities and augmenting digital capabilities.

Equifax said some consumer credit scores were changed because of a computer error that has since been rectified.

Equifax provided inaccurate credit scores on millions of U.S. consumers looking for loans, The Wall Street Journal reported, citing bank executives and people familiar with the matter it didn't identify. 

Even though delinquency rates were previously at extremely low levels, the recent uptick among poorer consumers is worth monitoring, New York Fed researchers said.

Goldman Sachs Group, Morgan Stanley, JPMorgan Chase and Citigroup each reported a substantially larger workforce in the second quarter compared with a year earlier. Across the six biggest U.S. banks, the average gain in employment was 5.5% compared with mid-2021.

Like other mortgage lenders, the San Francisco megabank has been cutting staff since refinancing volumes started to fall. Additional layoffs are expected over the next couple of quarters, according to the bank’s chief financial officer.

The San Francisco bank reported a 31% increase in loan originations during the second quarter. Analysts are wondering whether it will be able to secure enough low-cost funds to avoid eroding margins.

The fast-paced rise in rates should be good for banks — until it isn't. The higher interest earned on loan payments will at some point be offset by higher interest paid on deposits. The only questions are: When, and by how much?

In a new interpretative rule filed Tuesday, the agency gave states a green light to expand on federal laws that protect consumers from unfair treatment by credit reporting agencies.

The Consumer Financial Protection Bureau sent a mass email to thousands of the bank's customers and former employees to gather information about the possible creation of phony accounts. Critics — including a federal judge — say the CFPB asked leading questions and may have overstepped its bounds.

The credit card issuer Synchrony Financial recently used FICO’s top competitor in a $1 billion deal. The choice is significant for VantageScore, but FICO remains the dominant credit score in the securitization market, according to analysts.