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.
The Treasury secretary has suggested raising an asset cutoff used by the Financial Stability Oversight Council to assess systemically significant nonbanks, removing some hedge funds and other risky firms from the council's purview.
Questions about the CFPB’s structure, high-profile enforcement actions and the acting director’s rift with Elizabeth Warren could dominate two days of hearings on Capitol Hill.
The comptroller said he is looking to capitalize on the industry's strong profits and high capital reserves to reduce costs and lower exam fees next year.
