The prospect of a lower corporate rate resulting from looming tax reform discussions may be a blessing for the industry, but it could be bittersweet for one particular group of bankers. ... Read full article
Social Finance’s application for an industrial loan charter has not only drawn opposition from a coalition of incumbent banks and community activists, it also serves as a microcosm of several perennial debates in financial services policy. ... Read full article
The marketplace lender's application for an industrial bank charter is under fire from small banks and progressives, who say it could violate the barrier between banking and commerce and shut out middle-class and lower-income consumers. ... Read full article
Readers slam credit unions’ ever-inclusive membership criteria, weigh in on the OCC’s proposed fintech charter, encourage a rewrite of the CRA, and more. ... Read full article
Tucked away in the Treasury Department’s regulatory reform report released last month was a nascent effort to reform the way regulators implement the Community Reinvestment Act. ... Read full article
ESSA Bank & Trust has successfully worked with a federal program that helps former prisoners in some eastern Pennsylvania towns get back into society, and it plans to expand the program to the Philadelphia market. ... Read full article
In 1981, a Louisiana banker sarcastically offered advice to a money market fund chasing deposits in his market, presaging today’s battles over nonbanks encroaching on banks' turf. ... Read full article
The online lender, which focuses on high-earning millennials, is offering assurances that it will also serve Americans who make less money. But the company has not convinced critics, who say the plans are inadequate. ... Read full article
The California Reinvestment Coalition is pressing regulators to reject the $700 million bank merger unless PacWest commits more resources to underserved groups in Southern California. ... Read full article
The OCC recently gave Sterling a 'satisfactory' rating and said the New York bank had addressed some concerns by the Fed that had leaked to the public and raised questions about its pending M&A deal. ... Read full article
The Treasury secretary says the Trump administration doesn't support separating commercial from investment banking; wealthy neighborhoods are designated as low-income, benefitting banks with branches there. ... Read full article
Readers opine on legacy core systems, the negative messaging around the Troubled Asset Relief Program, Jamie Dimon defending his Trump ties, and more. ... Read full article
The company also said it believes there are no regulatory obstacles that will derail its planned acquisition of Astoria Financial. ... Read full article
The Federal Reserve is asking Sterling to address deficiencies tied to its collection, verification and reporting of CRA data from 2014 to 2016. ... Read full article
The Wisconsin regional's profits rose 35% in the first quarter on healthy loan growth, wider margins and an improved efficiency ratio while saying its "satisfactory" CRA rating had been restored. ... Read full article
Upcoming changes to how banks report mortgage activity to the government will have an undeniable impact on Community Reinvestment Act exams, but regulators have been silent on how they will use the data. ... Read full article
Low scores make it harder for banks to get regulatory OKs to expand, but Wells is in retrenchment mode anyway. ... Read full article
Technology innovation and the level of consumer understanding about fintech options are critical missing pieces of Community Reinvestment Act policy. ... Read full article
Wells Fargo engaged in an "extensive and pervasive pattern" of discriminatory and illegal lending practices for years, the OCC said in slashing a key rating of how the bank serves communities. ... Read full article
With a "needs to improve" rating, Wells Fargo is now subject to a wide range of regulatory restrictions on things like branch openings and M&A. ... Read full article
