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The Federal Housing Administration should monitor reverse mortgage servicers more closely and track related data that would shed light on a rise in defaults, according to a Government Accountability Office report. ... Read full article

An initial review determined that lax oversight at Enloe State Bank allowed for the origination of more than 100 allegedly fraudulent or fictitious loans. ... Read full article

The shareholders' claims against Fannie Mae and Freddie Mac's regulator mirror arguments in cases challenging the Consumer Financial Protection Bureau. ... Read full article

Though a draft has been circulating since this summer, eight senators on Thursday officially released a bill to require companies to disclose their true owners at incorporation. ... Read full article

The Minneapolis bank said it will provide $8.2 million in grants to nonprofits that arm potential workers with cutting-edge skills and promote small-business growth. Banks say the investments will help them and their commercial customers close the skills ... Read full article

A hearing on legislative proposals exposed a sharp partisan divide over a regulatory plan to restrict the frequency of collection calls. ... Read full article

TransferWise once marketed itself as Robin Hood-style rival to banks. Now it sees itself as an ally. ... Read full article

Elder financial exploitation is a vast and growing problem in the U.S., and one that presents difficult policy challenges for law enforcement and banks. ... Read full article

The once-acquisitive company is not interested in a "roll-up strategy" in Texas's biggest city, said CEO Phil Green. In a Q&A, he also explained why loan competition is intensifying and what's really keeping business customers up at ... Read full article

Citigroup has set measurable goals for increasing representation of women and U.S. minorities in senior, higher-paying roles and CEO Michael Corbat is urging other financial firms to follow suit. ... Read full article

The legislation included changes designed to attract more Republican support, which is key to the measure ultimately becoming law. ... Read full article

Digital-first lenders more than doubled their market share in the last four years, according to a report by Experian. ... Read full article

One Republican lawmaker went so far as to suggest that Congress should try to block the central bank's effort, but Democrats said FedNow will promote competition in real-time payments. ... Read full article

Members of the House Financial Services Committee cited leveraged lending, cybersecurity and the switch to a new interest rate benchmark among potential systemic risks that keep them up at night. ... Read full article

JPMorgan, which led the offering, may have “enabled” the startup’s questionable behavior; the system may enable more people to get approved for mortgages. ... Read full article

Industry groups are calling on the consumer bureau to eliminate the debt-to-income limit for “qualified mortgages” and provide a short-term extension of special treatment for Fannie- and Freddie-backed loans. ... Read full article

While no one is suggesting that the plan will help banks regain the share they've ceded to nonbanks, bankers believe that stabilizing Fannie Mae and Freddie Mac could at least help them keep what they have. ... Read full article

Kenneth Blanco expressed concern in a speech about cyber criminals using "synthetic identities" to commit fraud with data stolen from fintech platforms. ... Read full article