Big banks are expected to report that commercial lending weakened in the third quarter thanks to tax cuts, nonbank competition and seasonal factors. It raises questions about whether the second-quarter rally was an anomaly and if an overall economic slowdown is edging closer.
Bank Novo isn't a business lender (lots of firms already do that) or an account provider (it has a bank partner for that). Instead, it provides small businesses tools to track and analyze their banking activities.
The agency's 7(a) program had a small year-over-year decline, with bankers pointing to lender discipline and more borrowers qualifying for conventional loans.
HSBC will pay $765 million to settle allegations that it sold defective residential mortgage-backed securities in the run-up to the financial crisis, resolving one of the London-based bank's last significant legal challenges with the U.S. government.
Fannie Mae has appointed Hugh Frater, a member of its board of directors, to serve as its interim chief executive officer after Timothy Mayopoulos steps down next week, the company said in a statement on Monday.
