The fintech's new products may violate several banking and securities regulations and could mislead the public about the differences between coverage on banking and investment accounts, industry officials say.
A CFPB report says the bank is the most expensive bank for college students; lenders would be banned from mailing high-interest loans disguised as checks.
Balances from the 52 branches Flagstar bought from Wells Fargo fell by 22% between the deal's announcement and closing, forcing the Michigan company to adjust the math for earning back tangible book value.
Nearly 60% of people thinking about switching banks would be open to banking with a big tech company if they ever get that option. Cash incentives or existing savings accounts are big factors in consumer decisions — and things that banks could keep in mind in their efforts to recruit or retain customers.
Wells Fargo charges students nearly four times as much in fees as banks without college marketing agreements, according to an internal report by the Consumer Financial Protection Bureau.
It’s still primarily a commercial bank, but the branding campaign — CIT’s first in a dozen years — is designed to appeal to the group driving its torrid deposit growth: retail savers.
An eight-month-old consent order appears to be forcing the San Francisco bank to grapple more deeply than it did previously with the many failures that led to its account-opening scandal.
Amid negotiations with Synchrony Financial over the potential purchase of a $10 billion portfolio, Capital One's Richard Fairbank indicated Wednesday that he is willing to walk away.
