Banking

Eligible customers would receive a credit of up to $5,000 that can be put toward expenses like closing costs, or used to secure a lower interest rate. It's the latest example of a bank launching a program aimed at extending credit to minority borrowers.

Ally, Truist, Citizens and SoFi are among the banks that offer student loan repayment benefits. The recent Supreme Court decision striking down President Biden's loan forgiveness plan could give a leg up to companies that provide such assistance to their employees.

The Mortgage Bankers Association attributes this to muted demand for home purchases and companies trimming their operations.

Adjusted for inflation, consumer spending has largely stalled after surging at the start of the year. Delinquency rates, meanwhile, are ticking up. 

The $4 billion-asset United Federal Credit Union partnered with the Nevada Housing Division to offer first-time homebuyers access to down-payment assistance.

The Cleveland-based regional bank recently announced a $20 million line of credit for Lendistry, a Los Angeles-based, minority-led community development financial institution.

After a Supreme Court ruling, forgiveness for education debt looks unlikely but some of those exiting forbearance for it get a year-long break on credit and fees that could be helpful.

Twenty lenders from across the country are participating in Underwriting for Racial Justice, a collaborative effort to develop new criteria that will enable marginalized borrowers to gain access to credit.

Eligible borrowers would receive a credit for up to $5,000 to pay for expenses like insurance, taxes and closing costs. The program comes months after fair-lending advocacy groups criticized KeyBank for its low rate of lending to Black borrowers.

Rising interest rates are putting pressure on multifamily housing borrowers — especially investors who were looking for a quick return.

High vacancy rates in U.S. office markets and the impact of rising interest rates on property values in Europe have prompted a brutal selloff in publicly traded real estate stocks and bonds.

As President Biden tries to revive a key campaign promise to provide widespread debt relief to student-loan borrowers after a Supreme Court setback, legal experts warn that he's likely to encounter a fresh wave of lawsuits challenging his authority to act without congressional approval.

PeoplesBank in Massachusetts and others have developed digital brands that cater to younger customers' demands for smoother technology and mobile experiences.

Under a 2-year-old program, homebuyers receive grants of up to $5,000 for down payments and closing costs. JPMorgan Chase said the latest expansion — to some new 3,000 census tracts in 16 U.S. markets — may help an additional 1,000 customers obtain mortgages.

The technology that powers ChatGPT can sift through and even synthesize massive amounts of data, though it must overcome doubts over reliability, transparency and regulatory risk before it can be harnessed to conduct useful research.

Transgender and nonbinary people who switch their names to fit their gender identity must send documentation to all three national credit bureaus in order to avoid a hit to their credit — and many aren't aware of the need to do so.

The proposed legislation from Tennessee Republican John Rose calls for limiting the sale of consumer information to mortgage lenders, but includes stipulations for those with existing relationships.

Cullen/Frost, Columbia, Synovus, Valley National and Associated all have relatively large exposures to the office sector, which has been hurt by the popularity of remote work. Their executives point to factors that offer protection, including the geographic composition of their portfolios and the types of buildings that serve as collateral.

Realtor, mortgage banking, depository, securities, community lending, building, insurer, credit union and fair housing groups foresee operational complexities.

Rising interest rates on loans, greater borrowing and higher fees on deposit accounts all contributed to the increase. "Altogether, this paints a picture of debt that could really start to strain the checkbooks of American families," said Meghan Greene, a researcher at the nonprofit organization that authored the report.