One criticism of the CARES Act is that it provides relief only to borrowers with government-backed loans. Bills in New York and California would cover the remaining 30% of homeowners. ... Read full article
The company will incur an upfront fee but will save $7 million a year by walking away from a deal with the Los Angeles Football Club. ... Read full article
A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit. ... Read full article
In blue states in particular, governors and attorneys general are taking up the mantle of consumer protection during the coronavirus emergency, effectively adding another layer of regulation to the patchwork of state and federal oversight. ... Read full article
Tom Meyer, CEO of 1st Capital since 2015, decided to step down because shelter-in-place orders are keeping him from family hundreds of miles from the bank. ... Read full article
JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with 200 state-chartered banks and credit unions, have agreed to let borrowers skip payments for 90 days if their finances have been upended by the pandemic. Bank of America said it would waive ... Read full article
The San Diego bank is struggling to renegotiate a partnership with the tax preparation firm to address caps on interchange fees. ... Read full article
Recent proposals considered or passed by legislatures around the country grant banks certain exemptions, but they differ from state to state and may pose new compliance headaches. ... Read full article
David Brager, the California company's sales division manager, will replace Christopher Myers on March 16. ... Read full article
The deal for Trinity Capital in Los Angeles would further strengthen the company's capital markets capabilities. ... Read full article
Sierra Bancorp in Porterville has formed dedicated lending teams in Sacramento and Greater Los Angeles in its bid to accelerate loan growth following a sluggish 2019. ... Read full article
Gavin Newsom's proposal to create a consumer watchdog modeled after the CFPB includes a provision that would make it easier for upstart financial firms to obtain industrial loan charters. ... Read full article
Unlike other regions of the country, the western U.S. has seen very few large bank mergers in recent years. Here's why Pacific Premier's acquisition of Opus Bank could change that. ... Read full article
The California company will pay $1 billion for Opus, a once highflying bank that struggled with credit issues in recent years. ... Read full article
The Los Angeles company set aside more money to cover a problem loan after an updated appraisal of the credit's collateral. ... Read full article
The fintech Sezzle received its license after agreeing to refund customers and pay a fine for previously making loans that state regulators had deemed illegal. ... Read full article
In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry. ... Read full article
Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight. ... Read full article
Here's one way community banks are trying to win over commercial clients and wealthy households: by sharing internal research with them and positioning themselves as experts on everything from business sentiment to demographics. ... Read full article
The decision by the state’s Department of Business Oversight on an application for a lending license by Sezzle could guide fintechs and others seeking to make loans to consumers at the time of purchase. ... Read full article
