The Consumer Financial Protection Bureau on Wednesday asked for public input on the way it receives and processes complaints from consumers in what the agency said was a preliminary step toward making improvements.
The Seattle bank's improved loan yields offset higher expenses tied to Bank Secrecy Act remediation. Washington Federal had to delay a pending acquisition after issues emerged with its anti-money-laundering compliance.
Applications can now be made on the bank's app or website, but closings will still be in person. With this move, BofA joins Quicken Loans, Lenda, SoFi and others offering a mostly digital mortgage. The trend is sure to continue.
Proposal would lower capital requirements for some, raise them for others; Mulvaney says enforcement division will continue to police lending discrimination.
It remains to be seen whether Mark Zuckerberg’s testimony on Capitol Hill will prompt lawmakers to move forward on data privacy legislation. But it’s clear that the debate is just getting started — and that banks have a big stake.
If banks with high loan-to-deposit ratios overpay for brokered and promotion-driven deposits to fuel loan growth, they run the eventual risk of a liquidity crunch in an era when deposits — and the economy itself — are expected to be more volatile.
