Banking

Private mortgage insurers must accept the FICO alternative as valid collateral before it can be widely adopted by the mortgage industry.

After the rapid rise of interest rates, election uncertainty and tariff policies stymied borrower demand, some banks' second-quarter results suggest that loan growth may be on its way back.

A spike in the bank's noninterest income powered its better-than-expected net income and revenue in the second quarter.

CEO Brian Moynihan plans to keep directing some of the bank's excess capital into new market expansions, he said Wednesday. "Organic growth is the reality," given the bank's already dominant U.S. market share, he said.

FHFA's move to greenlight VantageScore 4.0 while sidelining FICO 10T has sparked a high-stakes clash over the future of mortgage credit scoring.

The global bank reported solid second-quarter results as executives maintain confidence in the bank's ability to achieve a return on tangible common equity of 10-11% next year. But an analyst said Citi's progress on reducing expenses will hinge on its ability to get freed from various enforcement actions.

Strong fee income growth and solid credit quality helped offset weak demand for credit as the San Francisco-based bank reported a 20% boost to earnings per share from a year ago.

Chairman and CEO Jamie Dimon said in a Tuesday statement that "the U.S. economy remained resilient" during the second quarter, adding that the recent tax cuts and potential deregulation are "positive for the economic outlook."

Calls for applications for a bank-specific program within the Community Development Financial Institution Fund have been delayed, raising the possibility that those funds are unspent before the appropriated money expires.

A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.