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Mulvaney, handpicked team in tow, ready to reshape CFPB

Fri, 01/19/2018 - 15:37
The agency’s acting director has recruited several conservative staff members who will likely prove instrumental in charting its future.
Categories: FINANCIAL NEWS

Fee income, rising rates boost Regions 4Q profit

Fri, 01/19/2018 - 15:05
Regions also saw significant increases in its point-of-sale consumer lending, even though overall loans were slightly down from 2016.
Categories: FINANCIAL NEWS

SunTrust records $172M benefit from tax reform

Fri, 01/19/2018 - 14:49
The new tax law helped boost fourth-quarter results at SunTrust Banks in Atlanta, while the recent rate hikes led to gains in spread income.
Categories: FINANCIAL NEWS

Acquisition drives strong loan, revenue growth at First Horizon

Fri, 01/19/2018 - 14:33
The deal Capital Bank Financial helped boost revenue by 17% in the fourth quarter, but one-time charges related to recent tax cuts dragged down theMemphis company's profits.
Categories: FINANCIAL NEWS

Senate's maverick move on GSEs; latest in 'As the CFPB Turns'

Fri, 01/19/2018 - 13:43
The Seante looks to forge its own path on GSE reform, breaking to the right of a plan from the FHFA; a new candidate to lead the CFPB emerges as its current director tells the Fed, "Thanks, we're good on funding."
Categories: FINANCIAL NEWS

A new name emerges as possible head of CFPB

Fri, 01/19/2018 - 04:03
Johnathan Dever, a Republican Ohio state representative and defense lawyer, is being touted as a top candidate to lead the bureau, according to multiple insiders.
Categories: FINANCIAL NEWS

'Hats off to Mulvaney’: Comments of the week

Fri, 01/19/2018 - 04:03
Readers react to Mick Mulvaney launching a public review of the Consumer Financial Protection Bureau, weigh in on the Senate’s bill to ease some Dodd-Frank rules, opine on how the wave of GOP departures will affect banks and more.
Categories: FINANCIAL NEWS

FSOC gives up effort to designate MetLife as SIFI

Fri, 01/19/2018 - 04:03
The Financial Stability Oversight Council filed a joint motion with MetLife that all but cemented the 2016 court ruling throwing out the insurance giant's designation.
Categories: FINANCIAL NEWS

Cheat sheet: How the Senate is going its own way on housing finance reform

Fri, 01/19/2018 - 03:16
Senate negotiators are working on a bill that would place Fannie Mae and Freddie Mac into receivership and replace them with multiple mortgage guarantors, according to sources.
Categories: FINANCIAL NEWS

JPMorgan boosts Dimon's pay 5.4% to $29.5M for 2017

Fri, 01/19/2018 - 00:24
It was the second-biggest package the 61-year-old billionaire banker has received since he became CEO in 2005, only trailing his $49.9 million of reported compensation for 2007.
Categories: FINANCIAL NEWS

Lawmaker criticism over Wells supervision is 'reckless': OCC’s Otting

Fri, 01/19/2018 - 00:24
Comptroller of the Currency Joseph Otting blasted a letter from Senate Democrats criticizing his agency for not implementing recommendations on supervision in the wake of the Wells Fargo scandal.
Categories: FINANCIAL NEWS

Regulators grapple with fallout from Justice Dept. U-turn on pot

Thu, 01/18/2018 - 23:38
Attorney General Jeff Sessions did not keep the rest of Washington apprised of his plan to rescind an Obama-era memo on pot. Now Fincen and other federal banking agencies are dealing with the backlash from that decision.
Categories: FINANCIAL NEWS

Group plans de novo bank in Las Vegas

Thu, 01/18/2018 - 23:22
Organizers of Sterling Bank have filed an application with the FDIC and have set a $20 million capital target.
Categories: FINANCIAL NEWS

Citi is first mover on gender pay gap – will other banks budge?

Thu, 01/18/2018 - 23:22
The difference in pay between men and women at Citi is not as striking as some other differences. A reverse mentor changed how Goldman’s Edith Cooper thinks about differences in the workplace. Banks are doing a lot more than relaxing the dress code to retain tech talent. And Ellen Pompeo offers some personal notes on tackling the pay gap.
Categories: FINANCIAL NEWS

Amex cobrand card wins take a toll as rewards costs keep rising

Thu, 01/18/2018 - 23:06
A string of cobrand credit card wins is getting expensive for American Express Co.
Categories: FINANCIAL NEWS

Defying predictions, M&A is low priority after tax cuts

Thu, 01/18/2018 - 22:51
It was thought tax cuts could fuel a rise in bank deals, but regionals seem to be leaning toward digesting what they have already bought, pursuing smaller, nonbank deals and rewarding shareholders.
Categories: FINANCIAL NEWS

Treasury, FHFA see eye to eye on housing finance reform, top official says

Thu, 01/18/2018 - 22:51
Craig Phillips, a top aide to Treasury Secretary Steven Mnuchin, said his department "broadly" agrees with the FHFA plan, which would return Fannie Mae and Freddie Mac to the private market and provide them an explicit government guarantee.
Categories: FINANCIAL NEWS

Is CFPB’s Mulvaney waging war on the agency he runs?

Thu, 01/18/2018 - 22:19
If anyone has doubted that acting Consumer Financial Protection Bureau Director Mick Mulvaney intends to overhaul the agency, the last three days alone have put those doubts to rest.
Categories: FINANCIAL NEWS

OCC warns banks not to get complacent as good times roll

Thu, 01/18/2018 - 22:19
The Office of the Comptroller of the Currency’s semiannual report on industry risk said tougher competition between banks, leading to looser underwriting, could arise from the economic expansion.
Categories: FINANCIAL NEWS

CNB Bank Shares adds scale in central Illinois with Jacksonville Savings deal

Thu, 01/18/2018 - 22:04
The company will pay $62 million in cash for a bank with four branches and $337 million in assets.
Categories: FINANCIAL NEWS

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