Banking

As climate change causes more frequent disasters, more mortgages are at risk of going underwater. How can banks limit their exposure?

In a forum Tuesday, Senate Democrats railed against President Trump and Elon Musk's efforts to shutter the Consumer Financial Protection Bureau as anti-consumer and illegal.

The Trump administration's nominee to lead the Consumer Financial Protection Bureau, Jonathan McKernan, is seen as an institutionalist with a deep knowledge of policy. But whether he keeps the bureau shuttered or rebuilds it is uncertain.

Joseph Otting, who is leading Flagstar's turnaround, said potential buyers may be interested in acquiring the regional bank once it gets past certain challenges.

The MBA disclosed the year-end rankings of income-producing mortgage servicers at its yearly conference for this part of the industry.

A stop-work order from the Consumer Financial Protection Bureau's newly appointed acting director Russell Vought has created uncertainty about the future of consumer-oriented enforcement activity.

As a market leader, Rocket Companies rebranding comes in the foreground of several court battles and fluctuating earnings performance.

The Consumer Financial Protection Bureau, now led by Treasury Secretary Scott Bessent, agreed to temporarily halt enforcement and litigation over its medical debt rule, handing the banking industry an immediate reprieve.

The Federal Reserve Board lifted two enforcement actions against the megabank dating back to 2011. But the Fed's seven-year-old asset cap remains in effect.

The Long Island-based company, which is in the middle of a makeover, saw its stock price rise sharply after reporting a net loss that was less than what analysts expected.

The bank anticipates recent changes will help it rebound soon from a quarter in which commercial-loan distress grew and a sale of the company fell apart.

The acquisition adds mortgage warehouse lending to Minnesota's Stearns Bank, the latest to offer the service during a multiyear period that has seen several new entrants and exits.

The Alabama-based regional bank reported stronger earnings on a bump in capital markets fee revenue and lower expenses, but its total loans declined and its charge-offs increased. It expects only modest loan growth this year.

Equifax agreed to resolve allegations that it failed to conduct proper investigations of consumer disputes, ignored evidence and allowed previously deleted inaccuracies to be reinstated on credit reports. The credit reporting bureau also shared inaccurate credit scores and data about consumers with lenders.

The removal of the fourth-quarter implementation date also impacts the planned addition of a bi-merge report option.

Wells Fargo CEO Charlie Scharf validates some of the optimism, telling analysts he feels "really great about our progress." But he said executives "don't want to get ahead of ourselves."

Without admitting wrongdoing, Equifax agreed to pay $725,000 because of a three-week error which lowered credit scores for 77,000 New Yorkers.

Banks seeking to offload CRE assets are finding a receptive marketplace while regulators have managed to keep the situation in balance, observers say.

A deal would give Ackman a chance to expand Howard Hughes, known for its investments in master-planned communities and retail properties.

As the flames continued to spread, banks closed more branches while others donated to relief efforts.