Banking

Alliant Credit Union in Chicago is building a database of Consumer Financial Protection Bureau enforcement actions to analyze patterns over time and help it formulate a compliance program that will withstand political swings in Washington.

After Democrats failed last year to rally support for a federal 36% limit, House and Senate proponents are trying to capitalize on the momentum from state rate caps that recently passed on a bipartisan basis.

Alternative lenders, which often use aggressive underwriting tactics to generate high returns, were closing in on banks even before the pandemic. Now they've pulled ahead.

The data aggregator assembled a group of technology companies that has developed a set of security standards for startups. It is open for comment ahead of an anticipated implementation in the second half of next year.

In a letter to the agency’s new director, top Senate Democrats recommended policy steps intended to limit mistakes in consumers’ credit files that they said “can ruin lives.”

With its agreement to buy KS StateBank’s residential mortgage operation, Kansas-based Armed Forces is going all in on home lending.

Companies using only a person’s name and not other identifiers to screen job and tenant applications can produce inaccurate information, according to the bureau. The agency's advisory opinion said such practices violate the Fair Credit Reporting Act.

The speed of money movement represents the future - success for those who deliver, challenges for those who don't

A report by the agency found that consumers in majority Black neighborhoods were more than twice as likely as those in white neighborhoods to lodge complaints with the credit bureaus over information in their files. Meanwhile, disputes were less common among older borrowers.

Mary Mack testified last week about the cultural problems she encountered after joining the bank's consumer unit in 2016. Recalling small group meetings she held with employees, she said: "People would stand up, and they were fearful."

Amazon, Google and other technology giants entering financial services should be subject to the same supervision banks are, Rohit Chopra said in his first congressional testimony as director of the Consumer Financial Protection Bureau. He also said he wants to focus enforcement on large firms that harm many people rather than chasing small companies.

The deal for Michigan-based Flagstar Bancorp, announced in April, was originally expected to be completed by the end of the year. The New York bank’s CEO expressed optimism that it will still get regulatory approval.

The credit bureau's $638 million deal to buy the ID verification firm is its second M&A agreement in a little over a month to broaden its line of products and services that help customers combat fraudsters and identity thieves.

The recent order by Director Rohit Chopra — issued just days after he was sworn in — demanding that Amazon, Facebook and others hand over information about their payments products is being interpreted as a sign that the consumer bureau wants to take a more active role in regulating the tech giants.

The Alabama company agreed to buy two nonbank lenders earlier this year. It’s still on the lookout for possible deals, potentially in corporate finance or wealth management, its chief financial officer told American Banker.

Trustmark Bank agreed to pay $9 million to resolve allegations that it discriminated against Black and Hispanic residents in Memphis, Tennessee. Attorney General Merrick Garland said the Department of Justice and other agencies will continue their crackdown.

The industry is prioritizing Black and Hispanic consumers in the interest of social equity and to tap new markets amid declining refinance volume and rising rates.

Goldman Sachs, Truist and Regions have all made deals to acquire home improvement lenders. Here's why their executives are so bullish on the sector.

Federal and state banking agencies released a joint statement calling on financial institutions to conduct the "due diligence necessary" to select a new reference rate benchmark that is suitable for their risk profile.

The Indiana company told investors that it’s ready to complete its combination with First Midwest Bancorp but that it’s unclear whether a recently filed mortgage discrimination lawsuit will get in the way of Fed approval.