Already tasked with fixing Wells Fargo's scandal-plagued retail bank, Mary Mack has added a second big job: running a consumer lending operation that is dealing with reputational issues of its own.
The Minneapolis bank is betting that it has the heft — and the brand recognition — to compete for deposits in states where its biggest rivals already dominate.
The Federal Housing Finance Agency issued a proposal Wednesday that would require mortgage giants Fannie Mae and Freddie Mac to align their policies on cash flows for current mortgage-backed securities, and eventually for a uniform security when it is implemented next year.
The Supreme Court upheld using “disparate impact” over three years ago. But with HUD weighing a policy change, banks and advocacy groups are still at odds over the court decision.
President Donald Trump's former campaign chairman was convicted on eight fraud counts, including two counts of bank fraud. He faces jail time on each count.
The Troy, Mich., company is operating unfettered by regulatory orders for the first time in a decade, and its CEO says Flagstar now has the flexibility to pull the trigger faster on deals and accelerate its diversification beyond mortgages.
The investors initially won the right to sue as a group in 2015 before an appeals court reversed the ruling; the $13 billion lawsuit can now proceed as a class action.
