The industry saw small gains in many loan categories during the second quarter, but credit cards declined. A new study from WalletHub shows the biggest quarterly drop in credit card balances in over 30 years.
The final version of the amended rule, like the original proposal, makes fair lending claims tougher to prove; but it does soften language that otherwise might have allowed mortgage companies to use algorithms to prove nondiscrimination.
Bank of Montreal's top executive says it's a "myth" that his company's commercial lending business is taking big risks and argues the bank will come through the recession with fewer loan losses than rivals.
The bank said it found evidence that employees and customers misused several government stimulus programs; the Fed plan may be too restrictive to get banks and borrowers to participate.
A recent victory for Navy Federal opens diversity jurisdiction to federally chartered credit unions, allowing them to more easily bring matters before federal courts.
Bankers and fintech executives want lawmakers returning to Washington to focus on streamlined forgiveness and a second round of Paycheck Protection Program loans for small businesses.
Only one of the 118 loans bought by the Federal Reserve through Aug. 31 was close to the $250,000 minimum in the rescue program, aimed small to midsize businesses hurt by the pandemic.
In congressional testimony, the director of the credit union regulator's Office of Minority and Women Inclusion outlined steps the agency is taking to increase diversity at the agency.
Bank of America announced how it plans to spend a third of its $1 billion commitment to address racial and economic inequities and the effects of the coronavirus pandemic in communities of color.
