Eligible borrowers would receive a credit for up to $5,000 to pay for expenses like insurance, taxes and closing costs. The program comes months after fair-lending advocacy groups criticized KeyBank for its low rate of lending to Black borrowers.

A challenge to the SEC's use of administrative law judges could have big implications for bank regulators. The FDIC, Fed, OCC and CFPB could be forced to go to federal court in cases that would otherwise be handled in-house.

PeoplesBank in Massachusetts and others have developed digital brands that cater to younger customers' demands for smoother technology and mobile experiences.

Under a 2-year-old program, homebuyers receive grants of up to $5,000 for down payments and closing costs. JPMorgan Chase said the latest expansion — to some new 3,000 census tracts in 16 U.S. markets — may help an additional 1,000 customers obtain mortgages.

In 2021, Black and Hispanic homeowners were most prone to have suspended payments, but by 2023 they were just as likely to have resumed them as other groups, a study found.

The list of 57 early adopters includes large banks like BNY Mellon, JPMorgan Chase and Wells Fargo, as well as large bank technology companies including Jack Henry, FIS and Fiserv.

The technology that powers ChatGPT can sift through and even synthesize massive amounts of data, though it must overcome doubts over reliability, transparency and regulatory risk before it can be harnessed to conduct useful research.

Transgender and nonbinary people who switch their names to fit their gender identity must send documentation to all three national credit bureaus in order to avoid a hit to their credit — and many aren't aware of the need to do so.

Younger customers want personalized engagement, including in their music playlists, experts said at American Banker's recent Digital Banking conference.

Between 2004 and 2021, the share of originations under $150,000 has declined by 70%, forcing a growing number of consumers to seek alternative forms of financing instead of getting a mortgage, a Pew Charitable Trusts report found.

An Urban Institute and Federal Home Loan Bank of San Francisco paper suggests creating a pilot program in which some down payment funds are set aside in case the borrower runs into problems.

Rising interest rates on loans, greater borrowing and higher fees on deposit accounts all contributed to the increase. "Altogether, this paints a picture of debt that could really start to strain the checkbooks of American families," said Meghan Greene, a researcher at the nonprofit organization that authored the report.

The legislation has support among Republicans, who hold a slim majority in the chamber.

A former employee of The Change Company, which is the largest non-traditional mortgage lender in the U.S., claims in a new lawsuit that the firm mischaracterized the race, ethnicity and income of its borrowers. The company says the allegations, which relate to the representations it makes to be certified as a community development financial institution, are meritless.

The American Bankers Association's Economic Advisory Committee said access to loans is likely to further soften, while defaults and credit losses could increase in the second half of the year.

Smith joined the bank in January after serving as president of Keller Home Financial Services and heading Citi's U.S. mortgage business.

Decision-making algorithms powered by machine learning are seen as the next frontier for a more nuanced approach to mortgage decisions but skeptics worry this will just be a new way to discriminate.

The CEO of the world's largest asset manager said AI could have "some very large outcomes for long-term investing" and could also transform margins across sectors.

Now is the time to recruit this diverse, technology-focused demographic into the home lending business, industry leaders say.

Bank of America is also planning to expand into Madison, Wisconsin; Boise, Idaho; and Birmingham, Alabama, a company executive said. The goal is to find growth opportunities that don't require operating a large number of branches, the executive indicated.