In a move designed to recruit and retain high-quality origination staff and fuel its expansion plans, USA Mortgage is turning over 100% control of the St. Louis-based nonbank lender to its workers through an employee stock ownership plan.
Stephen Calk is in the national media glare because his small Chicago-based bank made two enormous loans to Paul Manafort, President Trump's onetime campaign manager. Here’s a look at Calk's career and how he ended up in this spot.
Nonbank mortgage firms are seeking formal assurance from the Consumer Financial Protection Bureau that they will not become subject to surprise audits or enforcement without involvement of a state regulator.
Treasury Secretary Steven Mnuchin said the Financial Stability Oversight Council will propose SIFI criteria before executing changes, and provided comments about the Volcker Rule, Orderly Liquidation Authority and housing finance.