Banking

The very smallest banks, whose numbers shrank during the financial crisis, were most likely to express concern that the housing market will imperil the broader economy.

The relatively low share of borrowers who were distressed in June adds to signs that the offramp from government relief measures may not lead to an overwhelming wave of foreclosures.

The Office of the Comptroller of the Currency confirmed it will rescind an unpopular rule overhauling the Community Reinvestment Act and joined other agencies in calling for a renewed interagency effort.

The Rhode Island bank endured a sharp decline in fee income from home loans, which had spiked earlier in the pandemic. But CEO Bruce Van Saun says the company is well positioned as the refinancing boom fades and the home purchase market becomes more important.

Consumers are booking rooms at levels not seen since early 2020 and loan delinquencies have fallen sharply as a result. Still, business travel remains sluggish and new COVID variants are spreading, threatening the hotel industry’s recovery.

Identifying where payment stress is concentrated could help mortgage servicers and federal policymakers prepare for the broader range of loan workouts that will resume this summer.

It will be several years before business and group travel return to normal levels, according to an estimate from the American Hotel & Lodging Association.

Rebounding employment brought total forborne mortgages under 2 million, according to the Mortgage Bankers Association.

The lack of a stabilizing force in the commercial real estate mortgage business is creating one of the most significant threats the lending industry faces, writes the CEO of Cirrus.

The number of grievances about evictions and federal student loans declined between January 2020 and May 2021. Nonetheless, the Consumer Financial Protection Bureau warned financial firms that poor customer service can undermine government efforts to provide aid.