Banking

Acting Director Sandra Thompson said the Federal Housing Finance Agency is considering changes to the risk-based fees that critics say have disproportionately hurt minority borrowers of low down-payment loans.

Many banks are still making loans tied to the scandal-plagued benchmark despite years of preparation for its demise. The end of 2021 could prove hectic as bankers scramble to implement changes and explain them to commercial borrowers.

Chief Information Officer Scott Case and his staff are building patent-pending technology to transfer data from legacy BB&T and SunTrust systems to new digital channels while preserving the best of each company's platforms elsewhere.

The transaction is also the first securitization for ACREC. The entity is also taking on multiple roles, acting as sponsor, issuer and collateral manager.

Ratings jumped largely because white-collar workers have raced to take advantage of the lowest mortgage rates in history.

At a House Financial Services Committee hearing, lawmakers on both sides of the aisle questioned the widespread practice of screen scraping and agreed that consumers should have a more direct say over how their financial data is handled.

Senate Majority Leader Chuck Schumer said he planned to move Tuesday to file a discharge petition to move Chopra’s nomination out of the Senate Banking Committee and onto the Senate floor.

After exiting the business roughly 20 years ago, the San Antonio bank is working with tech consultant Infosys to help it build out a digital consumer lending business that will include home loans.

Elizabeth Warren asked the Federal Reserve this week to force the spinoff of the bank’s nonbanking operations. Wells, which was recently hit with another $250 million fine, countered that it has made significant progress in improving its risk management and addressing misconduct.

Digital technologies are transforming the delivery of financial services and reshaping consumer expectations. At the heart of change is the speed of money movement, which now represents the future — success for those who deliver, challenges for those who don't.

The Loan Syndications and Trading Association alerts market participants to the challenges of term-SOFR transition before year-end.

The credit union service organization, which changed its name from CU Realty Services in June, has expanded its service area to cater to more homebuyers and help credit unions secure their mortgage pipeline.

With its sale to Blue Ridge Bankshares set to close within months, FVC Bankcorp is moving to diversify by taking a 29% stake in Atlantic Coast Mortgage.

The Office of the Comptroller of the Currency is seeking nearly $19 million from David Julian, Claudia Russ Anderson and Paul McLinko. The trial before an administrative judge is scheduled to begin in South Dakota on Sept. 13.

Despite “color blind” underwriting algorithms, loan denial rates on mortgages that were not backed by the Federal Housing Administration and the VA skewed heavily toward minority groups, according to a study by The Markup.

In addition to the incentive, Neat Capital in Colorado mandated that its employees get inoculated against COVID-19.

Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.

The COVID-19 pandemic has exacerbated income inequality in America, and that has implications for banks and other lenders. Among those suffering most: renters, front-line workers and minority small-business owners.

The rate at which borrowers went past due on their home loans showed near-term improvement in July, according to Black Knight, but servicers fear those who still have forborne payments won’t recover.

CEO Thomas Cangemi is pushing to modernize a bank that for decades was focused largely on multifamily lending. The company has already agreed to buy the mortgage lender Flagstar Bancorp and its partnership with Figure Technologies, a blockchain-focused fintech, has the potential to make that acquisition more productive.