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.
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.
The JPMorgan Chase CEO is rejecting arguments that banks are poised to loosen underwriting standards to win more mortgage business. He said what's needed to encourage banks to make more loans to borrowers with spotty credit files are changes to FHA rules and other policy fixes.
Former top commercial mortgage-backed securities strategist Trevor Murray accused the Swiss lender of illegally firing him in 2012 for blowing the whistle on attempts by traders to influence his research reports.
Earlier versions of the bill would have caused bigger changes in how Americans finance home purchases, higher education and retirement. Still, the final legislation will have important effects on borrowing and saving decisions.