Banking

A federal judge last week upheld "valid when made" rules that support such arrangements. But analysts say an appeals fight is likely, and new leadership at the OCC and FDIC could change the agencies' view of interest rate exportation across state lines.

"In many cases, these are fees where there's not even a service provided or where the bank or financial institution doesn't even do any work,” Rohit Chopra of the Consumer Financial Protection Bureau said Thursday in public remarks.

The moves, which are part of a multiyear strategy, are meant to focus resources in areas where the Spanish banking giant can earn solid returns.

The Federal Reserve, FDIC, OCC and CFPB — increasingly under the leadership of Democratic appointees — are gearing up to regulate cryptocurrency, modernize the Community Reinvestment Act and give consumers more control of their personal data. Here's a look at the policy changes they're mulling.

Esusu, a financial technology company that aims to help bridge the racial wealth gap by reporting rent payments to credit agencies, has become one of only a few Black-owned startups to reach a valuation of $1 billion after closing a Series B round led by SoftBank Vision Fund 2.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, described many charges by banks, credit unions and fintechs as "junk fees" and said they often exceed the cost of providing the service. Several trade groups called Chopra's claims "distorted and misleading."

Multifamily and specialty finance loans, which were highlights during the fourth quarter, should increase further in 2022, company executives said.

A $28 billion agreement with the National Community Reinvestment Coalition could help win regulatory approval for the acquisition of Michigan-based Flagstar Bancorp. The deal was originally expected to close last year.

The nonprofit received a $1.5 million grant to monitor, evaluate and strengthen consumer protections in the digital financial marketplace. Here's what it's doing with the funds.

President Biden’s aspirations for aggressive forgiveness haven’t been fulfilled to date, but steps taken so far have lowered a key hurdle to entry-level homeownership.

The Change Company, a lender to Black, Hispanic and low-income borrowers, was set to merge with the former quarterback’s blank-check company. Steven Sugarman, a onetime Banc of California chief, says his company is now in talks with other investors and inviting banks to use a new digital marketplace for its loans.

The consumer agency’s latest data analysis takes issue with how Equifax, Experian and TransUnion have dealt with a deluge of grievances. One analyst called it a “starting point” for stricter regulations and enforcement actions.

The credit bureaus plan to add repayment data for installment loans, a move that can inform credit decisions and help answer regulators' questions about how such borrowing affects consumers' financial health.

The Secured Overnight Financing Rate has benefited — amid the phaseout of Libor — from positive comments by regulators. Is a multirate environment, which some banks would prefer, still possible?

Branches across the country have closed temporarily, or switched to drive-thru service, as infections and quarantine rules have forced many bank workers to stay home.

The new state law, signed by the governor Wednesday and backed by the financial services industry, is intended to make notary services more accessible for older people, those with disabilities and residents of rural areas.

Banks have extra reason to be concerned by the news that a commonly used piece of software could be exploited by hackers.

Yan Zhao, President of NYDIG as she exploreshow Bitcoin is experiencing wider adoption in the traditional finance world, and why that is.

Key retail vacancies, a drop in office occupancies, plus a combination of lower oil prices, a housing market oversupply — worsened by the coronavirus pandemic — caused loan-level performance issues.

The state Department of Financial Protection and Innovation issued a cease-and-desist order against Nano Banc, saying the troubled bank violated an earlier consent agreement when it replaced five board members and appointed a new CEO without the regulator’s permission.