Banking

The Consumer Financial Protection Bureau said “time is running out” for military student loan borrowers to obtain debt relief under the Public Service Loan Forgiveness program.

The credit reporting agency is trying to get a CFPB lawsuit dismissed by claiming the consumer bureau didn’t sign off on a 2017 consent order for the same violations.

Bank of America is keeping to its original hiring plans despite challenging economic conditions that have prompted others to pull back, Chief Executive Brian Moynihan said.

The firm’s latest offering to solidify its fintech bona fides touts 10-minute applications and funds up to $50K delivered within hours.

Goldman Sachs Group, Morgan Stanley, JPMorgan Chase and Citigroup each reported a substantially larger workforce in the second quarter compared with a year earlier. Across the six biggest U.S. banks, the average gain in employment was 5.5% compared with mid-2021.

Like other mortgage lenders, the San Francisco megabank has been cutting staff since refinancing volumes started to fall. Additional layoffs are expected over the next couple of quarters, according to the bank’s chief financial officer.

The San Francisco bank reported a 31% increase in loan originations during the second quarter. Analysts are wondering whether it will be able to secure enough low-cost funds to avoid eroding margins.

Ryan Donovan, a longtime credit union advocate and executive vice president of the Credit Union National Association, will officially succeed John von Seggern on Sept. 6.

The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But consumer advocates warn the use of that data could harm the very people it’s supposed to help. 

The agency issued an advisory opinion warning that credit reporting bureaus and other entities using credit checks can no longer use disclaimers to bypass privacy protections.

The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But consumer advocates warn the use of that data could harm the very people it’s supposed to help. 

The fast-paced rise in rates should be good for banks — until it isn't. The higher interest earned on loan payments will at some point be offset by higher interest paid on deposits. The only questions are: When, and by how much?

In a new interpretative rule filed Tuesday, the agency gave states a green light to expand on federal laws that protect consumers from unfair treatment by credit reporting agencies.

JPMorgan Chase is laying off hundreds of home-lending employees and reassigning hundreds more this week as rapidly rising mortgage rates drive down demand in what had been a red-hot housing market.

Most banks’ interest income will rise following the Fed policy shift. But the rate increase also boosts the likelihood of a recession that could hurt borrowers and drive up loan losses.

The Consumer Financial Protection Bureau sent a mass email to thousands of the bank's customers and former employees to gather information about the possible creation of phony accounts. Critics — including a federal judge — say the CFPB asked leading questions and may have overstepped its bounds.

The American Bankers Association’s credit conditions index fell sharply, as economists foresaw dampening loan demand. The weaker outlook lines up with major bank CEOs’ increased worries over a possible recession.

Fannie Mae and Freddie Mac asked originators to resubmit applications that contained errors and adjust sold mortgage information due to incorrect life-of-loan representations and warranties.

The credit card issuer Synchrony Financial recently used FICO’s top competitor in a $1 billion deal. The choice is significant for VantageScore, but FICO remains the dominant credit score in the securitization market, according to analysts.

The system may be good for the banks that own it, but it is not meeting its public mission.