Banking

Sen. JD Vance, R-Ohio, lambasted the Federal Reserve for increasing the dominance of "too big to fail" banks and failing to rein in systemic risk. He asked whether the Office of the Comptroller of the Currency is a better regulator than the Fed.

After falling to a 10-year low in April, credit on the market diminished further last month, with government, conforming and jumbo offerings all decreasing, according to the Mortgage Bankers Association.

New loan acquisitions fell to their lowest level since 2020, but companies also grew shares of residential securities noticeably over the past three years, S&P Global Market Intelligence said.

A West Virginia homeowner is suing the banking giant for charges incurred when paying by phone, claiming breach of contract and violation of consumer protection laws.

Residents in the five cities with the lowest scores have an average median credit score of 499.8 in 2022, according to WalletHub.

The work-from-home phenomenon spawned by the Covid-19 pandemic and a slowing economy are pushing tenants to cancel or not renew leases, making building owners miss loan payments.

Chatbots may provide inaccurate information, may run afoul of consumer financial protection laws and may force consumers into "repetitive loops of unhelpful jargon," the Consumer Financial Protection Bureau warned.

The Consumer Financial Protection Bureau issued only 20 enforcement actions in 2022, but some observers say the enforcement numbers belie the results that director Rohit Chopra is getting from other ways of holding companies accountable.

Residents in the top five cities have an average median credit score of 800.4 in 2022, according to WalletHub.

Both loan demand and credit availability have contracted sharply, according to senior executives at several of the nation's largest banks. Their comments came against the specter of a potential recession.