Banking

Granite Point Mortgage Trust priced its initial public offering at $19.50 per share, which was below the $20 to $21 range the company expected.

Over 45% of the borrowers the collateral pool have FICO scores above 760, compared with just 36.42% in the marketplace lender's most recent transaction, completed in May.

The Financial Choice Act contains many positive reforms for community banks, but a provision affording benefits for holding loans on balance sheet poses risk for small lenders.

For Democrats, the scandal is a prominent symbol of big-bank misbehavior, while Republicans want to use it to show the shortcomings of the CFPB.

Granite Point Mortgage Trust is selling 10 million shares of common stock in an initial public offering to be priced between $20 and $21 per share.

The online lender, which focuses on high-earning millennials, is offering assurances that it will also serve Americans who make less money. But the company has not convinced critics, who say the plans are inadequate.

Fed Chair Janet Yellen called the Treasury's report a "complicated document" that shared many of the central bank's objectives, including reducing regulatory burden without sacrificing safety and soundness.

While the courts have affirmed cities’ right to file predatory lending suits, they are also now holding them to a much higher standard in proving that banks knowingly steered minority borrowers into high-cost home loans.

Casey Crawford, head of the rapidly growing Movement Mortgage, recently recapitalized First State Bank in Danville, Va., with his own money.

The Treasury Department published its first report on regulatory reform, offering some familiar industry asks alongside some surprising positions.