Two banks take equity stakes in online student lender CommonBond
Fifth Third and First Republic are among the investors in the company’s $50 million equity round. ... Read full article
Fifth Third and First Republic are among the investors in the company’s $50 million equity round. ... Read full article
Many of the industry’s top executives — at big and regional banks alike — enjoy premium perks, including personal travel on corporate aircraft and minimal wait times for fancy medical exams. Here’s an overview of the special items disclosed to investors so ... Read full article
Critics of the Consumer Financial Protection Bureau have long sought to convert its leadership structure from a single director to a five-member commission. Here’s why the idea is dead on arrival. ... Read full article
HUD Secretary Ben Carson told lawmakers that overly rigid False Claims Act enforcement had forced lenders to suffer financially for what were just minor errors, but that lenders' fears of being sued were dissipating. ... Read full article
Banks say that an appeals court’s decision to ease restrictions will allow them to warn customers more easily when loans are past due or accounts have been compromised. But consumer groups argue that the decision gives financial firms license to market ... Read full article
Canada's financial consumer watchdog will strengthen its supervisory and enforcement teams, modernize its supervision approach to monitor banks more proactively, and enhance consumer information after reviewing bank sales practices. ... Read full article
In an update on the Deposit Insurance Fund, FDIC staff said the fund's ratio of reserves to estimated deposits will likely reach the required 1.35% level by the second half of 2018. ... Read full article
One fintech has a new twist on gamification — tie savings contributions to achievement in the most popular games. ... Read full article
Gulfside Bank, which would be based in Sarasota, is angling to become southwest Florida's first new bank in a decade. ... Read full article
Bank of America is offloading some margin loans after losing $292 million on soured credit to the former chairman of Steinhoff International Holdings, according to people with knowledge of the matter. ... Read full article
Three unnamed "senior" employees helped the SEC win a $415 million settlement from the bank; Sherborne Investors takes a 5.2% stake in the British bank. ... Read full article
As policymakers take another crack at housing finance reform, federal leaders and the housing lobby are once again perpetuating the false notion that ending government guarantees would cause the 30-year, fixed-rate mortgage to vanish. ... Read full article
The House Financial Services Committee chairman's effort to make changes to a Dodd-Frank revision bill could either give him a defining victory or extend his losing streak. ... Read full article
The legislation, signed Monday by Gov. Rick Scott, authorizes 60- to 90-day loans of up to $1,000. It makes Florida the first state to pass a law designed to blunt the impact of the CFPB’s payday lending rule. ... Read full article
The agency's decision to lift a 2002 consent order against Ace Cash Express could lead to a revival of partnerships between national banks and payday lenders. ... Read full article
The bank will enable customers to access its 2,500 ATMs via mobile banking. ... Read full article
As the agency pulls back its enforcement efforts, it opens the door for state authorities to pursue more cases against financial startups for their data collection and privacy practices. ... Read full article
The main problem is that Amazon's Alexa, Apple’s Siri and Google Assistant can’t yet verify a person’s identity. But there are already workarounds for that issue — and the tech giants may solve it soon. ... Read full article
The bank’s distributed ledger for private equity deals can now provide nodes to auditors, so they can easily access documents and data for their annual reviews. ... Read full article
Banks need to figure out how to provide more value to customers or nonbank financial services companies could displace them. ... Read full article