The agency’s advance notice of proposed rulemaking, which would require banks to evolve with technology, shows foresight that policymakers too often lack.
The Los Angeles company said Commerce Mortgage, founded by former bank CEO Steven Sugarman, wasn't a shareholder by the record date for its annual meeting, even though the firm reported a 9.7% stake earlier this year.
Banks paid out nearly twice as much as they earned in the first quarter; Marilyn Booker, a managing director, said she was fired in December for pushing too hard on a diversity plan.
Wells Fargo Chief Executive Officer Charlie Scharf, who vowed last month to do more to improve diversity within the firm's ranks, is tying executives' pay to their progress in doing so.
The availability of some loans used to build homes dried up due to the coronavirus. Opening up the economy may help if it doesn't lead to a spike in infections, and if consumer demand persists.
A lawsuit filed Tuesday argues that the bureau's establishment of the panel looking into regulatory changes violated the Federal Advisory Committee Act.
The Fed chairman updated senators about the agency's new credit facility for midsize firms struggling in the pandemic. He also left open the possibility of additional stress tests to gauge the industry’s coronavirus response.
Shelter-in-place orders have given homeowners the time to pursue upgrades and repairs, and banks are seizing the opportunity to help finance the projects.
In one of the first comprehensive analyses of how the banking industry was affected by the onset of the coronavirus pandemic, the agency said quarterly income fell by nearly 70% from a year earlier.
