AMERICAN BANKER

Ginnie Mae venture with Chicago FHLB crosses mortgage milestone

Wed, 03/14/2018 - 18:28
A mortgage program created by a 2015 partnership between the Federal Home Loan Bank of Chicago and Ginnie Mae has securitized over $1 billion in government-backed mortgages, the partnership announced.

Trump picks CNBC anchor Kudlow as top economic adviser

Wed, 03/14/2018 - 18:15
President Trump is expected to announce as early as Thursday morning that he has selected Larry Kudlow, the host of CNBC's The Kudlow Report, to replace Gary Cohn as head of the National Economic Council, according to multiple media reports.

Online lender's new target: Small businesses waiting to get paid

Wed, 03/14/2018 - 17:11
Fundbox is testing a payments and credit network for small businesses and their business clients that may offer an alternative to traditional lenders, credit card issuers and supplier financing.

Legislative progress on flood insurance changes still elusive

Wed, 03/14/2018 - 16:47
As Congress moves quickly toward passing regulatory relief legislation, another financial services policy goal — long-term reform of the National Flood Insurance Program — remains stalled.

Former Equifax CIO Jun Ying accused of insider trading, DOJ says

Wed, 03/14/2018 - 16:17
A former senior executive at Equifax Inc. was criminally charged for allegedly selling almost $1 million worth of shares before the company’s announcement last year that it had suffered a massive data breach.

Coinbase gets a U.K. money license and reportedly a bank account

Wed, 03/14/2018 - 14:56
Coinbase Inc., one of the largest cryptocurrency exchanges, said it obtained an e-money license in the U.K. as it expands services in Europe. A local subsidiary also opened an account at Barclays Plc, easing deposits and withdrawal for clients.

Housing market needs an explicit government guarantee

Wed, 03/14/2018 - 14:32
A clear government backstop for the mortgage market would benefit small banks and investors by ensuring a stable and liquid secondary market for securities.

Regional banks get a boost; Kudlow considered

Wed, 03/14/2018 - 13:13
Smaller bank stocks have outperformed the big banks with the prospect of Dodd-Frank rollbacks; Trump “very strongly” pondering TV analyst for adviser role.

9 controversial provisions in Dodd-Frank reform bill

Wed, 03/14/2018 - 03:01
Though the Senate regulatory relief bill falls well short of a far-reaching House bill, critics argue it could still increase the chance of another bank bailout by the government and weaken consumer protections. Here are the measures causing the most debate.

Indiana credit union set to buy Louisville bank

Tue, 03/13/2018 - 23:31
The deal – expected to close later this year – will be the third credit union acquisition of a bank so far in 2018.

FSOC will grant banks hearing process for shedding 'systemic' label

Tue, 03/13/2018 - 23:06
The interagency will establish a venue for bank holding companies that restructure to argue in favor of their being de-designated as "systemically important," similar to the process afforded for other firms.

Will HMDA data carve-out for small banks make discrimination easier?

Tue, 03/13/2018 - 21:45
Community banks and consumer advocates are clashing over a provision in the Senate banking bill on mortgage data reporting, but there’s been little vetting of what the measure would actually do.

Bankers aren't waiting for Amazon ‘to come eat our lunch’

Tue, 03/13/2018 - 21:34
The online giant has succeeded in disrupting every area of retail, but in banking it faces a high barrier to entry and fierce determination from banks like Citizens Financial and Bank of the West to keep upping their games.

Senate reg relief bill opens new front in credit-scoring battle

Tue, 03/13/2018 - 20:54
A late addition to regulatory relief legislation would direct the Federal Housing Finance Agency to review credit-scoring alternatives, but some say the provision is redundant.

Trade group merger underscores big banks' lobbying shift

Tue, 03/13/2018 - 18:59
The merger of the Financial Services Roundtable and The Clearing House Association is likely to bring a more analytical approach to the combined group’s dealings with lawmakers, emphasizing detailed research over simplified talking points.

Hackers, nonbanks are small banks' biggest threats: New ICBA chair

Tue, 03/13/2018 - 17:42
Timothy Zimmerman is optimistic about regulatory relief and the capabilities of the association's next CEO, but he remains wary of nonbank competition and cybersecurity risk.

Don’t count Barney Frank among critics of reg relief bill

Tue, 03/13/2018 - 17:07
Former Rep. Barney Frank refuted concerns voiced by other Democrats that a Senate bill rolling back some provisions of the Dodd-Frank Act will fuel another financial crisis.

OnDeck Capital to replace its longtime finance chief

Tue, 03/13/2018 - 16:56
The online lender is hiring Kenneth Brause, a CIT Group executive, to succeed CFO Howard Katzenberg.

Senate races toward final vote on reg relief bill

Tue, 03/13/2018 - 16:40
Lawmakers on Tuesday continued debating a thicket of proposed additions to a crucial regulatory relief bill on their way to a final vote likely to occur as early as midweek.

Amex investment spotlights e-commerce's money laundering problem

Tue, 03/13/2018 - 16:20
American Express Ventures has become an investor in the startup EverCompliant, which helps financial institutions root out e-commerce websites backed by terrorists and drug cartels that are laundering money through payments-processing networks.

Mounting consumer debt poses risks for Canadian banks: Moody's

Tue, 03/13/2018 - 14:52
The country’s ratio of household debt to disposable income reached a record 171% in 2017.

Prudential hasn't earned the right to shed SIFI label

Tue, 03/13/2018 - 14:32
The insurance company has made no effort to shrink or simplify since being designated as systemically important, and regulators should not remove heightened federal oversight until it does.

Solomon next in line at Goldman; Kudlow to replace Cohn?

Tue, 03/13/2018 - 13:23
Investment banker appears to be the choice to succeed to Lloyd Blankfein; CNBC commentator is being vetted as chief White House economic adviser.

Banks wrestle with sense of futility on sexual harassment

Tue, 03/13/2018 - 02:48
Scratch beneath the surface, and there is a lingering feeling among many in the banking, payments and mortgage sectors that not only is harassment present, but may actually be inevitable. Experts say institutions need to combat that mindset - or else.

Sexual harassment in the professional workplace: behind the research

Tue, 03/13/2018 - 02:15
An industry-wide study of the impact and implications of sexual harassment reveals striking implications for the modern workplace and a path forward.

10 key findings: Sexual harassment in the professional workplace

Tue, 03/13/2018 - 02:15
An unprecedented, industry-wide survey of sexual harassment in the professional workplace reveals industries with the highest prevalence of unwanted sexual behavior, the differences between large and small companies, and blind spots that may be preventing corrections. Fortunately, the data also lights a path forward.

Wealth management fares worst in broad study of sexual harassment

Tue, 03/13/2018 - 02:13
From inappropriate touching to belittling comments, women advisors confront workplace environments that are far from welcoming.

Does Silicon Valley's 'bro culture' pervade IT elsewhere?

Tue, 03/13/2018 - 02:09
Many workers in the technology departments across a range of industries describe behavior that may fall short of a legal definition of sexual harassment, but is still disturbing and could contribute to low employee morale and high turnover.

Sexual harassment is a bigger problem than accountants think

Tue, 03/13/2018 - 02:09
Men and women who work in accounting say there’s a low prevalence of sexual harassment in the profession; the numbers suggest otherwise.

HR’s culture shift: Tackling workplace sexual harassment while navigating legal definitions

Tue, 03/13/2018 - 02:06
Human resources professionals are looking to fight bad behavior driven by upper management.

Bank regulators vow more flexibility in vetting fintech partnerships

Tue, 03/13/2018 - 01:19
Senior leaders at the Federal Reserve, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said they want examiners to be more understanding of the budding partnerships forming between banks and fintech firms.

Amazon is said to seek office-supply dominance with credit card

Mon, 03/12/2018 - 22:55
Amazon.com is planning to offer a credit card to U.S. small-business customers, furthering its push to supply companies with everything from reams of paper to factory parts, according to people with knowledge of the matter.

Why HSBC is getting back into mortgages

Mon, 03/12/2018 - 22:18
Despite past missteps in the U.S. mortgage business, the bank is giving it another go, bringing servicing in-house and catering to millennials and international clients here, says HSBC’s Raman Muralidharan.

Community Banks with the Largest First Mortgage Portfolios

Mon, 03/12/2018 - 21:49
On Dec. 31, 2017. Dollars in thousands.

Community Banks with the Largest C&I Loan Portfolios

Mon, 03/12/2018 - 21:46
On Dec. 31, 2017. Dollars in thousands.

Five questions for CFPB nominee to replace Mulvaney

Mon, 03/12/2018 - 20:32
The eventual pick will likely encounter heavy scrutiny from senators and, if confirmed, would take the helm of an agency still defined by turmoil nearly seven years after its creation.

Which central bank has the most Twitter followers? (Hint: It's not the Fed)

Mon, 03/12/2018 - 20:27
Shortly after taking the job, Federal Reserve Chairman Jerome Powell highlighted the need to communicate monetary policy better. He could learn a thing or two from central bank with the most Twitter followers.

Game of chicken: Ag lending threatened by report on poultry farming

Mon, 03/12/2018 - 19:38
The SBA may back off of poultry loans after its inspector general determined that farmers are often controlled by big corporations. That could cause headaches for lenders with a focus on that business.

AI as new tool in banks’ crime-fighting bag?

Mon, 03/12/2018 - 19:09
OCBC Bank in Singapore has seen a 35% reduction in false positives in its tests of artificial intelligence-based anti-money-laundering software. Other banks could follow its lead, though there are regulatory and customer-protection questions.

Government needs to rethink cybersecurity approach

Mon, 03/12/2018 - 19:02
Policymakers need to focus less on how they regulate the banking industry’s cyber defenses and more on how they will protect the financial system from an attack.

Payday lender to settle fee-practices probe

Mon, 03/12/2018 - 18:11
California officials had accused Advance America of wrongly assessing Department of Motor Vehicles fees on its payday loans to skirt the state's interest rate cap.

Four questions for CFPB nominee to replace Mulvaney

Mon, 03/12/2018 - 17:08
The eventual pick will likely encounter heavy scrutiny from senators and, if confirmed, would take the helm of an agency still defined by turmoil nearly seven years after its creation.

Civista makes big push in Cincinnati with United acquisition

Mon, 03/12/2018 - 15:22
The company has agreed to buy United Community Bancorp in a $114 million deal that will add five branches about Cincinnati.

Relaxing regulations could make next crisis worse

Mon, 03/12/2018 - 15:05
Bankers should be careful in their push to deregulate, as efforts to roll back some crisis-era rules will likely add new risks to the financial system.

Warren makes rounds blasting reg relief bill, dismisses 2020 talk

Mon, 03/12/2018 - 14:48
Sen. Elizabeth Warren said in a series of interviews on Sunday morning political shows that a bill giving banks relief from rules imposed after the 2008 financial crisis could usher in a new round of taxpayer-funded bailouts.

Eastern Bank-created fintech Numerated lands two new bank clients

Mon, 03/12/2018 - 14:05
Franklin Synergy and MidFirst both plan to deploy the online lending platform, which according to its creator can render loan decisions in just under three minutes.

Will Blankfein retire?; Amex readies steep cuts in pricing

Mon, 03/12/2018 - 13:22
Goldman CEO is reportedly considering leaving by the end of this year; credit card company plans to reduce its merchant fees to stay competitive.

Reg reform for manufactured home sellers sparks loan steering debate

Mon, 03/12/2018 - 12:08
A provision in the Senate's regulatory relief bill that would give manufactured housing retailers more leeway to make financing recommendations has consumer advocates concerned about potential lending abuses, while the industry contends it simply levels the playing field with real estate agents and homebuilders.

Top candidates to replace Gary Cohn

Mon, 03/12/2018 - 03:02
As head of the National Economic Council, Gary Cohn played a key role in helping guide the Trump administration on its financial services policy, including on regulatory relief and housing finance reform. Institutions are anxiously watching to see who President Trump picks as Cohn's replacement.

Goldman CEO Blankfein to exit as soon as year-end: Report

Fri, 03/09/2018 - 22:55
Goldman Sachs Chief Executive Officer Lloyd Blankfein plans to step down as soon as the end of this year, the Wall Street Journal reported.

Florida poised to enact workaround to CFPB payday rule

Fri, 03/09/2018 - 22:51
The legislature has passed a bill that would allow lenders to make installment loans that, in many cases, would be more costly than payment loans. If Gov. Rick Scott signs it, Florida would become the first state to pass a law designed to blunt the impact of the CFPB’s crackdown on high-cost consumer loans.

Will CRA finally get its makeover?

Fri, 03/09/2018 - 22:47
Regulators are working intently on a proposal to reform how they apply the Community Reinvestment Act after previous attempts to modernize CRA policy drew mixed reviews.

Dems' Dodd-Frank clash, Bank of Amazon and Fintechs to Work For: Top stories of the week

Fri, 03/09/2018 - 21:55
Democratic infighting over a bill to curb the reach of the Dodd-Frank Act dominated discussion this past week, but Amazon still made waves in its disruptor role. Also: Our 'Best Fintechs to Work For' debuted.

Small N.C. bank says hostile bid has cost it employees and clients

Fri, 03/09/2018 - 21:32
KS Bancorp disclosed in a legal filing that an takeover effort by First Citizens is spooking lenders and prompting prospects to delay and cancel plans to move deposits and lending relationships.

Salem Five expands insurance operations with agency purchase

Fri, 03/09/2018 - 20:45
The mutual has agreed to buy Cape Ann Insurance, which specializes in personal insurance products.

What's driving surge in sales of larger community banks

Fri, 03/09/2018 - 19:28
Limited organic growth opportunities and rising premiums for bigger deals are fueling more sales of banks with $1 billion to $10 billion in assets.

Bad credit-card debt is getting cheaper, but good luck buying it

Fri, 03/09/2018 - 18:33
U.S. banks are sitting on a $1.03 trillion mountain of credit-card loans. More borrowers are starting to default. Yet lenders know they can't sell souring debt to just any collector.

Amazon's checking account push shows next target: Swipe fees

Fri, 03/09/2018 - 18:21
With a foray into financial services, Amazon.com could disrupt the decades-old card payments system, a move that some say could save the retailer $250 million a year in swipe fees.

Wells was tipped off to government probe by OCC, watchdog says

Fri, 03/09/2018 - 16:10
The top examiner of Wells Fargo at the Office of the Comptroller of the Currency improperly revealed to the San Francisco bank the existence of a government investigation, according to the Treasury's inspector general.

Top Democrats pressure New York Fed over search for next chief

Fri, 03/09/2018 - 15:31
Top Democratic lawmakers are piling pressure on the Federal Reserve Bank of New York to consider a diverse slate of candidates as the search for its next president enters a critical phase.

Regulators need room to maneuver during next crisis

Fri, 03/09/2018 - 15:31
As government officials reconsider how best to wind down large financial institutions, they should ensure the banking agencies have flexibility to act without disrupting markets.

PayPal CEO says cryptocurrencies are just an experiment for now

Fri, 03/09/2018 - 15:13
Speaking at the Economic Club of New York in Manhattan, PayPal Chief Executive Officer Dan Schulman said cryptocurrencies have a very uncertain future.

Heritage Financial makes bigger push into Portland, Ore., with bank deal

Fri, 03/09/2018 - 14:51
The company has agreed to pay $89 million for Premier Commercial Bancorp in a transaction that will significantly increase its branches and loans around Portland.

Trouble in mortgage land; blockchain not ready for prime time

Fri, 03/09/2018 - 14:17
Federal Reserve warns that nonbank lenders pose risks to the financial system; Swift says the technology needs more work.

‘What a load of horse hockey!’: Comments of the week

Fri, 03/09/2018 - 04:01
Readers opine on the possibility of an Amazon-JPMorgan Chase checking partnership, weigh in on the Crapo bill, applaud plans that would make the CFPB more of a backup regulator and more.

Disruption, diversity are goals of this fintech venture fund

Fri, 03/09/2018 - 00:11
The venture capital firm Anthemis seeded 21 fintech startups in its first discretionary fund, which raised $106 million. It favors management teams made up of people from all walks of life who have fresh ideas about shaking up banking and insurance.

Midterm elections lurk in background of reg relief debate

Fri, 03/09/2018 - 00:01
The Senate legislation could be crucial for three moderate Democrats backing the bill who are up for re-election this fall, although the package has divided the party more broadly.

Why the small-bank deposit gap could widen

Thu, 03/08/2018 - 22:43
If community banks fail to keep up with higher rates offered by online banks, credit unions and (soon) big banks, their liquidity may deteriorate even faster.

Senate prepares to end week without vote on Dodd-Frank relief

Thu, 03/08/2018 - 21:18
Unable to come to an agreement on which and how many amendments will be offered to a Dodd-Frank regulatory relief bill, the Senate will have to return next week before voting on the legislation.

Fintechs on Bank of Amazon: It’d be a net plus

Thu, 03/08/2018 - 21:05
Disruptors would get a powerful new competitor if Amazon began offering checking accounts, but such a move would also validate the notion that fintechs are the future.

Better representation in corporate boards, less diversity in central banking

Thu, 03/08/2018 - 21:03
After some modest success pushing companies to add women to board, State Street is raising the bar; a few key departures have left the ranks of the world’s central bankers even more male-dominated.

CFPB should make sure payday rule reboot meets consumer needs

Thu, 03/08/2018 - 20:03
As it gives its small-dollar lending regulation another look, the agency must consider borrowers who have no other credit options.

Zelle comes calling, but are small banks interested?

Thu, 03/08/2018 - 19:38
Many community bankers fear the fast-growing P-to-P network will increase costs without adding revenue.

CFPB finalizes technical correction to mortgage servicing rule

Thu, 03/08/2018 - 19:08
The Consumer Financial Protection Bureau finalized a rule on Thursday that gives mortgage servicers more latitude in sending periodic statements to borrowers in bankruptcy.

Midland States in Illinois taps new president

Thu, 03/08/2018 - 19:04
The move provides a strong hint of the long-term succession plan spearheaded by CEO Leon Holschbach

Mortgage brokers are making a comeback, but big banks are staying clear

Thu, 03/08/2018 - 17:40
Tight margins, regulatory clarity and a renewed appetite to expand has made mortgage brokers and the wholesale channel attractive again, at least to the small and medium mortgage lenders.

Synthetic identity fraud balances grew 5% last year

Thu, 03/08/2018 - 16:10
TransUnion’s analysis of credit card applications and transactions finds fraudsters continue to steal more, but the rate of increase is slowing.

Mortgage market doesn't need explicit government backing

Thu, 03/08/2018 - 15:32
A Senate proposal calling for a federal guarantee on mortgage-backed securities would only benefit the largest banks and increase the risk of bailouts.

Wells asked to stay off campus; banks want bigger student loan share

Thu, 03/08/2018 - 14:24
Sen. Durbin wants the bank to ease its college marketing efforts; the Consumer Bankers Association wants the government to make more room for private lenders.

Here’s how banks can cash in on cryptocurrency

Thu, 03/08/2018 - 12:03
Banks increasingly avoid crypto, but Grainne McNamara at PwC has come up with a framework banks could use to participate in the digital currency world.

Latest version of Senate reg relief bill aims to address key Dem criticism

Thu, 03/08/2018 - 02:02
The latest version of a bill to give regulatory relief to small institutions includes language designed to ensure that large foreign bank holding companies do not also see their supervision eased.

What's the holdup in small-bank M&A? High asking prices

Wed, 03/07/2018 - 23:54
With interest rates rising, corporate tax rates declining and regulatory relief likely on the way, now is actually a pretty good time to be a bank. That could be why sellers are holding out for more.

FDIC fines The Bancorp Bank $2M for prepaid card fees

Wed, 03/07/2018 - 22:20
The major prepaid card issuer agreed to the penalty to settle allegations that it had charged higher fees than what was disclosed to customers.

Odds of changing reg relief bill are long, but many keep trying

Wed, 03/07/2018 - 22:07
More than 50 amendments had been filed by Wednesday afternoon to be considered as part of a Senate regulatory relief bill, but it was unclear which proposed changes if any have the approval of the legislation's key sponsors.

Core systems contract negotiators expand into fintech assistance

Wed, 03/07/2018 - 21:13
The Golden Contract Coalition, formed in mid-2016 to get community banks better deals with the “big three” core systems vendors, said banks need help with buying from fintech sellers as well.

DIY CRA? Two suburban banks test new ways to court urban residents

Wed, 03/07/2018 - 21:12
Howard Bancorp and Bryn Mawr Bank are trying different approaches to reach out to underserved markets they’ve entered via acquisitions. Creative in-house initiatives may take on added importance as regulators move to "dial back" Community Reinvestment Act rules.

OCC’s Otting will be recused from oversight of five banks, agency says

Wed, 03/07/2018 - 21:08
Comptroller of the Currency Joseph Otting will bow out of certain regulatory matters involving CIT and U.S. Bank, where he held leadership roles, and three others.

Yielding to political pressure is slippery slope for banks

Wed, 03/07/2018 - 20:04
As financial institutions find themselves at the center of political fights on topics like energy financing, marijuana and guns, they should avoid caving in to activist demands.

CFPB asks industry to weigh in about rulemaking process

Wed, 03/07/2018 - 19:58
The Consumer Financial Protection Bureau issued a request for information Wednesday about certain "discretionary aspects" of the bureau’s rulemaking processes that are not already required by law.

Is 'too big to fail' over? Markets don't buy it, N.Y. Fed study says

Wed, 03/07/2018 - 19:08
Even as Congress and the Trump administration move to ease post-crisis banking rules they say have gone too far, there's still evidence a central problem of the last crisis hasn't been fixed.

Mulvaney’s idea for curbing CFPB’s clout: Hand it to other agencies

Wed, 03/07/2018 - 18:04
The Dodd-Frank Act consolidated massive authority under the Consumer Financial Protection Bureau, but acting Director Mick Mulvaney wants the bureau to take a back seat to states and other federal regulators.

Fearless Girl's first year helped reshape corporate boardrooms

Wed, 03/07/2018 - 16:41
In the year since State Street's Fearless Girl statue started her showdown with Wall Street's Charging Bull, the $2.6 trillion asset manager has faced a confrontation of its own in corporate boardrooms: pressing firms to add more women to their boards.

Banks battle retailers over proposal to disclose consumer hacks

Wed, 03/07/2018 - 16:28
Banks and retailers are sparring over whether financial firms should follow a new national standard to quickly notify consumers when they've experienced a data breach.

Wells Fargo ranks No. 1 in arranging financing for gun industry

Wed, 03/07/2018 - 16:02
Wells has helped gun and ammunition companies access $431 million in loans and bonds since the 2012 Sandy Hook shooting. Other financial firms that are active as bookrunners for gunmakers include Morgan Stanley, TD Securities, Bank of America and JPMorgan Chase.

Regulators need to step up their game to stop tech-based discrimination

Wed, 03/07/2018 - 15:34
Financial agencies must prepare themselves to evaluate the practical effects of automated decision-making in lending and other programs to better detect fair-lending violations.

Q4 non-farm productivity flat, as labor costs grow

Wed, 03/07/2018 - 15:28
Fourth quarter nonfarm productivity was revised up slightly to a flat reading, but more importantly unit labor costs growth was revised solidly higher to a 2.5% pace.

ADP February jobs estimate above expectations, with gains in most sectors

Wed, 03/07/2018 - 15:28
Private-sector employment increased by 235,000 in February, on a seasonally adjusted basis, ADP estimated Wednesday.

Q4 non-farm productivity flat, as labor costs grow

Wed, 03/07/2018 - 14:54
Fourth quarter nonfarm productivity was revised up slightly to a flat reading, but more importantly unit labor costs growth was revised solidly higher to a 2.5% pace.

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