In addition to overseeing the bank’s lines of business, technology and operations, Kevin Blair will now be responsible for human resources, credit administration and all customer-facing support functions. ... Read full article
Comptroller of the Currency Joseph Otting explains why his agency and the Federal Deposit Insurance Corp. have moved forward with a proposal to change the 42-year-old CRA. ... Read full article
The proposal comes after years of criticism that the current policy stifles innovation and hamstrings banks' ability to raise funds. ... Read full article
PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in ... Read full article
Regulators’ sweeping proposal to reform implementation of the Community Reinvestment Act has drawn strong opinions on both sides. ... Read full article
The National Credit Union Administration board signed off on a controversial budget, and it delayed its risk-based capital rule to buy itself time amid complaints by bankers. ... Read full article
Corporate debt swelled to $15.987 trillion in the third quarter after borrowing increased by nearly 6%, according to the Federal Reserve. ... Read full article
The regulatory action from the Federal Reserve was one of two U.S. Bank received for its dealings with a payday lender who was later convicted of fraud. ... Read full article
The long-awaited proposal by the OCC and FDIC to modernize the Community Reinvestment Act would seek to make grading simpler and more transparent while allowing banks to spread loans and investments across a broader geographic area. ... Read full article
Casting aside recession fears, the credit bureau predicts credit cards, mortgages, auto loans and unsecured personal loans should all perform well — including those extended by online lenders. ... Read full article
Testing shows an overreliance on machine learning data can unfairly harm credit scores. ... Read full article
In a rare move, the House Financial Services Committee chairwoman will lead a congressional delegation to a public FDIC board meeting as it considers releasing a proposal to rework the Community Reinvestment Act. ... Read full article
TD Bank claimed the top spot in J.D. Power’s national bank satisfaction survey, but Wells Fargo showed the greatest year-over-year improvement. ... Read full article
The bank joins rivals in predicting a better than expected Q4; JPM exec says AI could help create products for savings. ... Read full article
The average price of a previously owned car has fallen in two consecutive months, and if the trend continues, lenders could see losses mount, Richard Fairbank said this week. ... Read full article
Many business customers are putting off expansion because they can’t find enough workers to fill available jobs. ... Read full article
The bank, whose 7(a) originations have plummeted in recent years, is developing a portal that will let applicants upload documents, complete forms and track application progress. ... Read full article
Radius Bank is letting consumers open accounts through NerdWallet as part of its banking-as-a-service offerings to reach customers through third parties. ... Read full article
Todd Gibbons, who succeeded Charlie Scharf in September, said tech investments give the custody bank a competitive edge and make it more efficient. ... Read full article
The Fed chairman said he has not given up on the central bank agreeing with other regulatory agencies on a plan to modernize the Community Reinvestment Act, but admitted, "I don’t know whether that will be possible or not.” ... Read full article
