Bankruptcy Blogs

Why some banks are aggressively cutting costs and others aren’t

09/15/20

Several companies said this week they’re slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies and hold off on moves like branch closings to better gauge which changes in consumer behavior will stick.

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California Legislature Passes Mini-CFPB Bill; If You Liked The Department Of Business Oversight, Get Ready For The Department Of Financial Protection And Innovation

09/15/20

On August 31, both houses of the California legislature passed and sent to Governor Newsom for signature the California Consumer Financial Protection Law (the CCFPL).  Effective on January 1, 2021 if Governor Newsom signs the bill (which he is expected to do), the Department of Business Oversight will be replaced by the Department of Financial Protection and Innovation (DFPI).  Much of the law comes directly from Title X of the Dodd-Frank Act, with a particular focus on consumer protection.  While the DBO has authority to enforce specific laws, the focus of the DFPI will be on the kinds of

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CFPB data collection rule could exempt smallest small-business lenders

09/15/20

The agency finally detailed how it may implement congressional requirements to collect information on credit to small businesses. Lenders below certain asset thresholds and that make few business loans could be off the hook.

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NCUA’s Harper warns of possible premiums as Hood teases new department

09/15/20

Two board members for the credit union regulator spoke during a NAFCU event, highlighting liquidity issues, plans for new departments at the agency and more.

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JPMorgan, BofA cut interest-income outlook amid jump in trading

09/15/20

The two biggest U.S. banks trimmed expectations for net interest income as low rates and tepid loan growth weigh on revenue.

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Consumers are relying more on finance apps, survey finds

09/15/20

A survey conducted by Harris Poll and commissioned by Plaid found that 60% of U.S. adults are using more apps to manage money since the onset of the pandemic.

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JPMorgan adds consumer bank CEO Duckett to leadership team

09/15/20

JPMorgan Chase added a half dozen executives, including Thasunda Brown Duckett, to its operating committee in the biggest expansion of its top leadership group in years.

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Ally expects margin expansion from consumer loan growth

09/15/20

Originations in the third quarter are on pace to double what the Detroit lender reported a quarter earlier, adding more high-yielding loans to the balance sheet.

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Bank safety measures evolve well beyond hand sanitizer

09/15/20

Banks are augmenting their use of masks, distance markers and the like with apps to notify employees of exposure to infected individuals and technology meant to make branch visits safer.

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1st Financial FCU eyes expansion with rebrand

09/15/20

The $282 million-asset institution's new name is intended to build on its work with underserved communities around St. Louis.

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