AMERICAN BANKER

Banking veteran to become executive chairman of Colo. fintech firm

Tue, 04/17/2018 - 14:02
Chris Marshall, a former CFO at Capital Bank Financial, will help Tax Guard recruit bank and nonbank clients. The firm uses technology to let lenders know if potential clients owe money to the IRS.

Fed weighs more transparency, less subjectivity for stress tests: Quarles

Tue, 04/17/2018 - 06:09
The Federal Reserve is considering allowing banks a chance to comment on stress tests before they take them and dropping any qualitative review for the largest banks’ performance, according to Randal Quarles, the central bank’s vice chairman for banking supervision.

Will the regulators speak with one voice on CRA reform?

Tue, 04/17/2018 - 06:09
The Office of the Comptroller of the Currency has been leading the charge on revamping the Community Reinvestment Act, but a big unknown is whether the other two regulators charged with carrying out the law are committed to moving ahead as swiftly on a reform plan.

Consumer groups oppose Senate repeal of CFPB auto lending rules

Mon, 04/16/2018 - 22:48
Sixty-four consumer groups are speaking out against a Senate measure, expected to be voted on this week, that would overturn the Consumer Financial Protection Bureau's 2013 regulation on discriminatory pricing by auto lenders.

Barclays is said to be sounding out clients about trading crypto

Mon, 04/16/2018 - 22:32
Barclays has been gauging clients' interest in the British bank starting a cryptocurrency trading desk, potentially joining Goldman Sachs in pioneering a new business on Wall Street, according to people with knowledge of the matter.

Changes to Volcker coming with or without House bill

Mon, 04/16/2018 - 22:11
Regulators are working to reform the rule regardless of whether a House provision streamlining authority for it is approved.

Kansas banking commissioner named for Fed community banking seat

Mon, 04/16/2018 - 21:19
Michelle Bowman, a former community banker and now the Kansas State Bank Commissioner, was one of two Federal Reserve Board nominees announced by the White House on Monday. President Trump also nominated Columbia University Richard Clarida as vice chair.

Banks and Thrifts with the Largest Portfolios of Home Equity Loans

Mon, 04/16/2018 - 21:18
On Dec. 31, 2017. Dollars in thousands.

Umpqua names Tory Nixon as its first chief banking officer

Mon, 04/16/2018 - 21:15
Previously the head of commercial banking, Tory Nixon — also a former NFL cornerback — will now oversee the bank's digital strategy.

Banks and Thrifts with the Largest Portfolios of First Mortgages

Mon, 04/16/2018 - 21:09
On Dec. 31, 2017. Dollars in thousands.

Signs of loan growth appear (if you look hard) at BofA

Mon, 04/16/2018 - 20:35
Lending, especially in some consumer segments, increased at Bank of America in the first quarter, and CEO Brian Moynihan expects that to continue this year. However, for market watchers skeptical about the industry's growth prospects, BofA's numbers may do little to change their minds.

This fintech partnership could serve as template for small banks

Mon, 04/16/2018 - 19:52
New Resource Bank and P2Bi are splitting the risk and revenue associated with asset-based loans.

Blue Ridge Bank in Va. hires former Middleburg CEO for key post

Mon, 04/16/2018 - 19:47
Gary Shook, who led Middleburg Financial before its sale to Access National, has become Blue Ridge's president and chief banking officer.

Large U.S. banks scramble to meet EU data privacy rules

Mon, 04/16/2018 - 19:17
Many large internationally active U.S. banks are facing potentially hefty fines if they fail to comply with Europe's General Data Protection Regulation, which takes effect May 25 and gives consumers much more control over how their data is gathered, used and shared.

Goldman aims to diversify Marcus unit in buying fintech Clarity Money

Mon, 04/16/2018 - 18:31
The addition of a personal finance app rounds out the loan and deposit-account offerings at the online lender Marcus.

Legal expenses eat into M&T's 1Q profits

Mon, 04/16/2018 - 16:17
A $135 million increase in litigation expenses related to its 2011 acquisition of Wilmington Trust overshadowed a wider net interest margin and improved credit quality for the Buffalo, N.Y., company in the first quarter.

Build an analytics strategy to prevent financial crime

Mon, 04/16/2018 - 16:08
The AML and financial crime ecosystem continues to evolve at record pace and bring new challenges.

Don't overlook women-owned businesses

Mon, 04/16/2018 - 15:48
Expanding SBA funding and providing additional Community Reinvestment Act credit could help boost female entrepreneurs.

Wells may restate earnings; Capital rule phase in

Mon, 04/16/2018 - 14:12
Bank’s earnings report notes possible $1 billion in fines; loan-loss accounting rule will be rolled out over three years.

Bank of America’s cost-cutting drive pushes profit to record

Mon, 04/16/2018 - 13:55
Bank of America Corp. hit a milestone in its years-long effort to get costs under control.

Not Obama's OCC: Agency sets ambitious reg relief agenda

Mon, 04/16/2018 - 04:02
Comptroller of the Currency Joseph Otting took office only late last year, but he is wasting little time in tackling a series of hot-button topics, including easing anti-money laundering regulations and lowering national bank fees.

Wells Fargo's latest problems go beyond potential $1 billion fine

Fri, 04/13/2018 - 23:54
The bank revealed Friday that it is facing hefty regulatory penalties and will likely have to restate first-quarter earnings. Declines in loan balances and fee income and questions about upcoming stress tests are only adding to investors' worries.

Is tax reform fueling a price war in commercial lending?

Fri, 04/13/2018 - 23:19
Bankers hoped the tax overhaul would stimulate a boom in business borrowing, but several said this week that hasn’t happened yet. PNC’s Bill Demchak warned that the tax cuts could be encouraging lenders to underprice loans.

Bankers welcome new capital proposals but want regulators to go further

Fri, 04/13/2018 - 22:34
During earnings calls, bankers welcomed the latest efforts by regulators to modify capital rules. JPMorgan Chase CFO Marianne Lake, meanwhile, called on policymakers focus on overhauling the G-SIB surcharge.

Blue Ridge Bank in Va. plans to seek N.C. charter

Fri, 04/13/2018 - 22:32
The bank, which already offers mortgages through seven offices across North Carolina, is the fourth group to announce plans for a de novo in the state.

Next-gen branches, business line exits and a dearth of reg actions: Top stories of the week

Fri, 04/13/2018 - 22:10
BofA, Citi and Union Bank map out next moves in branching; MB Financial and Regions exit business lines; a dramatic reduction in regulatory actions under Trump; and more from this week's most-read stories.

Regulators to phase in capital treatment of credit losses

Fri, 04/13/2018 - 21:28
Bank regulators propose to allow banks to phase in capital treatment of credit losses over three years

Behold the radical continuity of the Fed’s capital proposals

Fri, 04/13/2018 - 21:25
Over the past week, regulators have proposed the most substantial changes to capital requirements for the largest banks in years, but the most startling thing was how unremarkable they were.

Congress won't repeal Dodd-Frank. Why does Paul Ryan say it will?

Fri, 04/13/2018 - 20:59
Suggestions that Republicans are working to unwind Dodd-Frank could indicate a vote on a bipartisan regulatory relief bill is near.

Adjusting to new digital demands goes beyond technology

Fri, 04/13/2018 - 19:49
Banks should rethink even existing services, such as the branch experience, said top executives at the Oracle Industry Connect conference.

Surprising contributor to JPMorgan’s strong 1Q: Auto leasing

Fri, 04/13/2018 - 19:47
A 28% increase in lease assets helped offset stagnant growth in traditional auto lending.

JPMorgan’s blockchain leader switch and other women in tech

Fri, 04/13/2018 - 19:45
Amber Baldet is exiting JPMorgan Chase to start her own venture, and another female executive is taking charge of the blockchain effort. BofA makes major progress on digital mortgages and gets gun-shy after Parkland. Plus, GM’s one-sentence dress code.

It may be time to ditch those distressed credits

Fri, 04/13/2018 - 18:10
Banks have been hanging on to problem loans for various reasons, but that could create headaches when credit inevitably worsens.

House passes bill giving Fed authority over Volcker Rule

Fri, 04/13/2018 - 18:02
The bill, which also exempts community banks from the trading ban named for former Fed Chairman Paul Volcker, would go a step further than the regulatory relief bill that passed the Senate.

Wells Fargo's rosy results may soon wilt as settlement looms

Fri, 04/13/2018 - 15:57
The firm warned Friday that it may take a charge of as much as $1 billion to settle a U.S. probe of its consumer business.

First Republic's 1Q profit climbs 13% on surge in loan demand

Fri, 04/13/2018 - 15:47
Record loan originations and strong growth in wealth assets under management more than offset a double-digit increase in expenses at the San Francisco company.

‘High five, Mr. Mulvaney’: Comments of the week

Fri, 04/13/2018 - 15:27
Readers weigh in on the use of blockchain in property records, Mulvaney's efforts heading the Consumer Financial Protection Bureau, the need for financial standards in banking and more.

Retail banking gains one of highlights in PNC's 1Q

Fri, 04/13/2018 - 15:27
The Pittsburgh company reported a 39% gain in retail banking profits amid a lot of strong first-quarter numbers, yet it still fell short of analysts' earnings expectations by a penny and wants to push for stronger loan growth.

First Horizon sees profit boost and higher costs from Capital Bank deal

Fri, 04/13/2018 - 15:14
First Horizon CEO Bryan Jordan said the bank is still on track to meet cost-cutting targets from its 2017 deal for Capital Bank in North Carolina

Earnings season opens; Democrats hit CFPB salaries

Fri, 04/13/2018 - 15:02
JPM, PNC, Citi and Wells kick off reporting; Senate banking panel members want to know why so many agency staffers are paid so much.

Citi meets revenue expectations, but work remains on efficiency

Fri, 04/13/2018 - 14:45
Revenue increased 2.8% to $18.9 billion thanks to gains in equities trading and other factors, but the bank still wants to improve its efficiency ratio, which could get harder as the year goes on.

JPMorgan finds its Goldilocks moment in first-quarter volatility

Fri, 04/13/2018 - 13:35
Revenue and profit for the first three months of 2018 rose to all-time highs, the bank said Friday, spurred by record results from stock trading.

With help from regulators, small-dollar loans can work for banks, borrowers

Fri, 04/13/2018 - 13:32
Regulators should revise existing rules to encourage banks to offer short-term loans to customers who run into financial emergencies.

Proxy advisers support Ohio bank in battle with activist investor

Thu, 04/12/2018 - 23:32
Stilwell Group is trying to win a board seat at Wayne Savings Bancshares.

Banks refusing gun industry business is 'troubling,' CFPB chief says

Thu, 04/12/2018 - 23:31
Opting out of doing business with the firearms industry is "troubling" behavior from banking institutions, said Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, during a hearing on Thursday.

Payday loans, CFPB data collection and Warren face-off: Mulvaney's 2nd day on Hill

Thu, 04/12/2018 - 23:26
Acting CFPB Director Mick Mulvaney took heat from Democrats on whether he planned to take the agency's consumer complaint portal private while responding to Republican fears that its data collection activities pose a data security risk.

MB Financial to exit national mortgage lending

Thu, 04/12/2018 - 23:11
The Chicago company said its decision was largely based on intense competition, very low margins and economic changes.

Online lenders adopt the model they sought to disrupt

Thu, 04/12/2018 - 22:25
As upstart companies mature, they face pressure to develop deeper relationships with their customers. That is leading some to offer to a wider range of products, including deposit accounts.

Democrats ask if military job was dangled to Manafort lender

Thu, 04/12/2018 - 22:11
Reps. Elijah Cummings and Stephen Lynch sought records related to a banker's communications with former Trump campaign manager Paul Manafort and the Trump campaign, and about his bank's loans to Manafort.

Kabbage is said to acquire startup backed by Mack, Pandit

Thu, 04/12/2018 - 21:51
Orchard Platform Markets, a provider of lending data and services backed by the former heads of Citigroup and Morgan Stanley, is set to be acquired by small-business lending platform Kabbage, said people familiar with the deal.

New twist in CFPB fight: Judges question Mulvaney’s dual role

Thu, 04/12/2018 - 21:13
A panel of judges remained skeptical of claims by Leandra English, deputy director of the Consumer Financial Protection Bureau, that she is the rightful head of the agency. But they didn’t sound convinced that current acting Director Mick Mulvaney is, either.

Banks were told tax reform would spur lending. They’re still waiting

Thu, 04/12/2018 - 20:38
Investors are growing worried about lackluster loan growth this year at community banks.

Grading Treasury’s CRA reform memo: ‘Incomplete’

Thu, 04/12/2018 - 20:21
The Treasury Department’s long-awaited report on modernizing the Community Reinvestment Act was heavy on glittering generalities but light on specifics, which explains why the report punted the real job of making needed reforms.

Profits rise at Bank of the Ozarks, but so do expenses

Thu, 04/12/2018 - 20:18
Loan growth and higher yields helped offset a 20% increase in expenses at the Arkansas bank in the first quarter. Meanwhile, it warned of one-time rebranding costs to come in the third quarter.

BofA, Citi plan next-gen branches

Thu, 04/12/2018 - 19:13
Bank of America is investing heavily in videoconferencing at unstaffed branches, Citigroup is experimenting with gamification and Union Bank’s Purepoint Financial is going entirely paperless.

Origin Bancorp in La. plans to go public

Thu, 04/12/2018 - 18:10
The 106-year-old bank is looking to raise $90 million, with plans to use half of the funds to redeem outstanding preferred stock.

Regions partners with mortgage fintech

Thu, 04/12/2018 - 17:33
The bank says its partnership with Lender Price will help streamline and simplify its home loan process.

HopFed in Ky. reaches compromise with its harshest critic

Thu, 04/12/2018 - 16:57
The company will add a representative of Stilwell Group to its board. The investment firm, which has long criticized HopFed's leadership and strategy, agreed to support the company's recommendations at future annual meetings.

Green Dot adds investment firm Stash to list of tech partners

Thu, 04/12/2018 - 16:02
The announcement is an example of how Green Dot, which swung from a loss to a profit last quarter, is focusing on technology partnerships with Intuit, Uber and others to boost its bottom line.

U.K. banks start cracking down on consumer borrowing

Thu, 04/12/2018 - 15:52
Concerned about rising default rates, banks "significantly" tightened underwriting in the first quarter, the Bank of England said in a report published Thursday.

Regulators are fueling another housing boom

Thu, 04/12/2018 - 15:50
The government is pushing up mortgage prices to dangerous levels by easing credit standards in a market where supply is low but demand is high.

Why banks should care about ‘ambient’ computing

Thu, 04/12/2018 - 15:47
Dominic Venturo, chief innovation officer at U.S. Bank, shares his vision for digital banking ten years from now. It includes ambient computing – interconnected devices, machines and sensors that are sensitive and responsive to the presence of people.

Flush with cash, Canada banks poised for expansion and takeovers

Thu, 04/12/2018 - 15:36
The country's six largest lenders are approaching their strongest capital position since 2013, leaving them with enough resources to pursue acquisitions, buy back shares or build from within. That has the chiefs of Canada's big banks weighing options.

Fee income drives earnings growth at Commerce Bancshares

Thu, 04/12/2018 - 15:36
The Kansas City, Mo., company also benefited from higher yields on its loans and flat funding costs.

Mulvaney backs group-run CFPB; another capital relief plan

Thu, 04/12/2018 - 14:02
Acting director wants agency run by a bipartisan body, not a lone director; Fed and OCC push for relaxing the supplementary leverage ratio at the biggest banks.

A $100 cash advance for free? One firm is trying the idea

Thu, 04/12/2018 - 12:06
Oportun, a consumer lender that focuses on Latinos, is rolling out a product designed to combat overdraft fees.

Former Webster CEO Smith decides against run for Connecticut governor

Thu, 04/12/2018 - 00:07
James Smith said his late enrollment in the state’s Republican Party meant he would be ineligible to be a candidate in its August primary and that he did not want to disrupt the nomination process.

Florida bank to be sold as part of bankruptcy process

Wed, 04/11/2018 - 23:15
Beach Community Bank in Fort Walton Beach will be sold for $100 million once its holding company goes through bankruptcy, according to a local news report citing the bank.

JPMorgan sued over 'sky-high' fees for cryptocurrency buys

Wed, 04/11/2018 - 22:55
JPMorgan Chase was sued for charging "sky-high" interest rates and fees to customers who used their credit cards to buy cryptocurrencies such as Bitcoin.

Fed, OCC back proposal to ease big-bank capital measure

Wed, 04/11/2018 - 22:33
The agencies proposed changes to the way they apply a capital backstop to the largest systemically important firms, replacing a static leverage ratio with a more dynamic ratio that takes each bank’s risk profile into account.

House Dems to Mulvaney: Where are the enforcement actions?

Wed, 04/11/2018 - 22:05
In his first of two Capitol Hill hearings this week, Democrats hammered the acting director of the Consumer Financial Protection Bureau for ignoring what they view as the agency's core purpose.

SBA plan to share disaster-relief lending role is a bust

Wed, 04/11/2018 - 21:30
A plan to bring in banks was created right after last summer’s hurricane devastation, but the magnitude of those storms, government dawdling on the issue and lenders’ reluctance to participate are key reasons zero loans have been made under the program.

Why one small bank wants to bring real estate appraisals in-house

Wed, 04/11/2018 - 21:30
TriStar Bank in Tennessee says a shortage of appraisers is slowing down its commercial real estate lending and raising the cost of appraisals. The claim has outraged appraisers, who argue that the bank is simply trying to avoid paying their fees.

With Ryan departing, it’s now or never for reg relief

Wed, 04/11/2018 - 20:52
House Speaker Paul Ryan's decision not to seek re-election is another sign of the difficulties Republicans will likely face in holding the chamber in November, heightening pressure to move a pending regulatory relief bill as soon as possible.

CRA’s black box could prove difficult to open

Wed, 04/11/2018 - 20:45
Critics argue that Community Reinvestment Act standards need to be more transparent, but creating more objective measures would require regulators to favor some types of loans over others.

'Siri, Alexa, Google — why can't I pay for things with you?'

Wed, 04/11/2018 - 19:57
The rapid adoption of voice assistants only adds to the notion they could one day be disruptors in commerce, payments and financial services.

Key's call: To modernize consumer lending, it had to strip systems to the core

Wed, 04/11/2018 - 19:20
The Cleveland bank's CIO Amy Brady said it had to start replacing legacy systems now to position itself as a leader in the future.

CFPB eyes potential changes to consumer complaint process

Wed, 04/11/2018 - 17:25
The Consumer Financial Protection Bureau on Wednesday asked for public input on the way it receives and processes complaints from consumers in what the agency said was a preliminary step toward making improvements.

Higher rates, loan demand boost Washington Federal's 1Q profit

Wed, 04/11/2018 - 17:10
The Seattle bank's improved loan yields offset higher expenses tied to Bank Secrecy Act remediation. Washington Federal had to delay a pending acquisition after issues emerged with its anti-money laundering compliance.

Mulvaney’s proposed CFPB reforms are bad for small business, too

Wed, 04/11/2018 - 15:54
The acting director wants to gut the agency, which would harm both consumers and entrepreneurs.

Bank of America launches a (mostly) digital mortgage

Wed, 04/11/2018 - 15:23
Applications can now be made on the bank's app or website, but closings will still be in person. With this move, BofA joins Quicken Loans, Lenda, SoFi and others offering a mostly digital mortgage. The trend is sure to continue.

Fed proposes simpler big bank regs; CFPB to tackle unfair lending

Wed, 04/11/2018 - 14:14
Proposal would lower capital requirements for some, raise them for others; Mulvaney says enforcement division will continue to police lending discrimination.

The trickle-down for banks from Facebook’s scrutiny on Hill

Wed, 04/11/2018 - 02:32
It remains to be seen whether Mark Zuckerberg’s testimony on Capitol Hill will prompt lawmakers to move forward on data privacy legislation. But it’s clear that the debate is just getting started — and that banks have a big stake.

BofA will no longer lend to some gunmakers, vice chairman says

Tue, 04/10/2018 - 23:30
Bank of America plans to stop lending to companies that make assault-style guns used for non-military purposes.

Warning to banks: It’s not too early to worry about a liquidity crunch

Tue, 04/10/2018 - 23:22
If banks with high loan-to-deposit ratios overpay for brokered and promotion-driven deposits to fuel loan growth, they run the eventual risk of a liquidity crunch in an era when deposits — and the economy itself — are expected to be more volatile.

Mnuchin's ill-advised plan on nonbank SIFIs

Tue, 04/10/2018 - 21:49
The Treasury secretary has suggested raising an asset cutoff used by the Financial Stability Oversight Council to assess systemically significant nonbanks, removing some hedge funds and other risky firms from the council's purview.

5 issues that could make sparks fly in Mulvaney testimony

Tue, 04/10/2018 - 21:45
Questions about the CFPB’s structure, high-profile enforcement actions and the acting director’s rift with Elizabeth Warren could dominate two days of hearings on Capitol Hill.

Fed unveils capital proposal aimed at simplifying stress tests

Tue, 04/10/2018 - 21:10
New capital regime expands on concept first articulated by former Fed Gov. Daniel Tarullo to modernize stress tests

Following the beat of the music to reach a younger crowd

Tue, 04/10/2018 - 20:18
Streaming services such as Pandora and Spotify are becoming popular advertising vehicles for community and regional banks.

Lower exam fees in OCC’s future: Otting

Tue, 04/10/2018 - 20:08
The comptroller said he is looking to capitalize on the industry's strong profits and high capital reserves to reduce costs and lower exam fees next year.

Banks that deal with sanctioned Russians could draw U.S. ire

Tue, 04/10/2018 - 19:47
British banks that deal with the Russian oligarchs and companies on a new American sanctions list will face "consequences," according to a senior U.S. Treasury official.

Facebook’s data problems have an upside for banks

Tue, 04/10/2018 - 18:47
With consumer privacy issues in the spotlight, Citibank is betting its app — as an offering from a trusted data partner — will be more appealing than those from unknown brands or companies that have less liability if security breaches occur.

JPMorgan invests in risk management fintech

Tue, 04/10/2018 - 18:20
AccessFintech lets financial firms track trades and aggregates data in order to get a sense of risk across a number of systems.

Bank of America, Harvard form group to promote responsible AI

Tue, 04/10/2018 - 18:02
AI in a car can be fatal. What could go wrong with AI in a bank? A new council established by BofA and Harvard hopes to minimize unintended consequences that could jeopardize consumers' financial well-being or discriminate against them.

First Horizon commits $4 billion to community-development lending

Tue, 04/10/2018 - 16:14
Following its deal for Capital Bank in N.C., First Horizon will fund mortgage and small-business lending in low-income areas of the Southeast, and expand its vendor relationships with minority-owned firms.

To capitalize on open banking, the industry needs standards

Tue, 04/10/2018 - 15:53
Developers will struggle to create apps that can be used seamlessly across institutions unless banks can learn to share programming data in a consistent way.

Digital lender to offer checking with monthly membership fee

Tue, 04/10/2018 - 14:49
For $29 a month, MoneyLion customers will receive a checking account with no minimum balance requirement and will have access to a large a network of ATMs, as well as low-interest personal loans and financial advice.

CFPB plans big Wells fine; New CEO, same problems for Deutsche

Tue, 04/10/2018 - 14:21
A $1 billion penalty being bandied about; Deutsche’s problems may be too big to eradicate.

Online lender touts new personal credit line as HELOC alternative

Tue, 04/10/2018 - 06:05
Upgrade's new product, unveiled Tuesday, is aimed at consumers who are expecting a big expense but may not need to borrow all the money at once. Unlike a home equity line of credit, the loan can be approved in minutes because there is no need for collateral or an appraisal process.

Mulvaney laments ‘activists’ on CFPB staff

Mon, 04/09/2018 - 23:48
The acting head of the Consumer Financial Protection Bureau said he is “pleasantly surprised” with most personnel but raised concerns about those who lean toward the regulatory philosophy of Sen. Elizabeth Warren.

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