Banking

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.

As the expiration of a national eviction moratorium puts economic pressure on low-income households, the Consumer Financial Protection Bureau is said to be considering investigating credit bureaus, debt collectors and large landlords accused of harming renters. But some argue the agency would be overreaching.

The San Francisco bank reported a 26% increase in its third-quarter earnings, thanks to robust single-family, multifamily and commercial real estate loan activity in New York, Boston and its home city.

Silvio Tavares, the former chief executive of the Digital Commerce Alliance, will lead the credit-bureau analytics firm.

Banks, credit card issuers and debt collectors all supported the Consumer Financial Protection Bureau’s revised regulations. But they face a steep learning curve in complying with the rules, which take effect Nov. 30.

Climate First Bank in St. Petersburg, Florida, is offering loans for condominium improvements that will reduce carbon emissions while fortifying buildings against serious weather events. More banks may implement similar programs in the years ahead.

Those leaving forbearance or other relief plans generally had higher credit utilization rates, were more likely to have mortgages, and experienced lower levels of bank card delinquencies, according to TransUnion.

Housing will still be a priority of the Consumer Financial Protection Bureau, but newly confirmed Director Rohit Chopra is also expected to investigate discrimination in the Paycheck Protection Program and bias in AI-powered lending algorithms.

There is $900 million in debt on the land alone, including the $150 million junior loan that is for sale by Jones Lang LaSalle.

The acquisition of Sabal Capital Partners, which has been growing its footprint in commercial mortgage-backed securities lending, will help the Alabama bank build out its capital markets business.

Rohit Chopra, a liberal consumer watchdog, was approved as the agency’s director nine months after the Biden administration first announced him as the nominee.