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Updated: 4 min 27 sec ago

LendingPoint poised to expand after buying point-of-sale lender

Thu, 01/11/2018 - 13:16
The Kennesaw, Ga.-based company, which targets borrowers with blemished credit records, has acquired LoanHero, which specializes in loans at the cash register.
Categories: FINANCIAL NEWS

JPMorgan Chase to offer car loans online through partnership with AutoFi

Thu, 01/11/2018 - 07:14
The agreement marks the latest example of the banking giant teaming with a fintech to speed up delivery of services to its customers.
Categories: FINANCIAL NEWS

Sorry for the inconvenience: Bank tech snafus in 2017

Thu, 01/11/2018 - 04:04
Capital One became the latest bank to feel customers' online wrath last week after reports that some customers were being charged twice for debit card activity. But they were hardly alone.
Categories: FINANCIAL NEWS

Judge rules against CFPB deputy's suit to unseat Mulvaney

Thu, 01/11/2018 - 01:42
U.S. District Judge Timothy J. Kelly on Wednesday said CFPB Deputy Director Leandra English's case was unlikely to succeed on the merits and did not demonstrate irreparable harm.
Categories: FINANCIAL NEWS

Fifth Third regains top CRA grade, an entree to M&A

Thu, 01/11/2018 - 00:54
The bank says it received an “outstanding” rating on its most recent Community Reinvestment Act examination. Its previous rating, a “needs to improve,” not only was bad publicity but restricted its ability to buy banks.
Categories: FINANCIAL NEWS

First Commonwealth in Ind. to enter Cincinnati with Foundation Bank deal

Thu, 01/11/2018 - 00:22
The company, which agreed to pay $58 million for Foundation's parent, will gain five branches in Cincinnati.
Categories: FINANCIAL NEWS

Housing finance reform could weaken rural lending, groups warn

Wed, 01/10/2018 - 23:18
Housing finance reform proposals could make it challenging for community banks and credit unions to serve rural mortgage markets, according to a report issued Wednesday by Brookings and the Center for Responsible Lending.
Categories: FINANCIAL NEWS

Scratch Royce from list of contenders for banking panel gavel

Wed, 01/10/2018 - 22:16
GOP Rep. Ed Royce of California said this week that he would be leaving Congress at the end of the year, removing his name from the list of contenders to lead the Financial Services Committee next year.
Categories: FINANCIAL NEWS

Why BMO says its U.S. retail lending woes have hit bottom

Wed, 01/10/2018 - 21:28
In some ways the Canadian bank's U.S. consumer business is only now shaking off many of its crisis-era problems here. CEO Darryl White is pinning his retail-comeback hopes on a rejuvenated sales culture and a focus on more profitable customers.
Categories: FINANCIAL NEWS

Equipment lenders could see business boom under new tax structure

Wed, 01/10/2018 - 21:12
Banks that have flocked to the business because of higher yields and loan diversity could benefit greatly if clients use tax savings to upgrade equipment.
Categories: FINANCIAL NEWS

Is CFPB’s data freeze about security or a political ploy?

Wed, 01/10/2018 - 20:57
The CFPB's recent freeze on collecting any personally identifiable information from companies it supervises is slowing investigations and could ultimately cripple the agency's enforcement function — and that may be the point.
Categories: FINANCIAL NEWS

Fed's Kashkari playing long game in plan to end 'too big to fail'

Wed, 01/10/2018 - 20:57
Minneapolis Fed President Neel Kashkari acknowledges that his plan to raise capital at the biggest banks and ease burden for smaller ones isn't likely to be enacted soon, but says its time will come.
Categories: FINANCIAL NEWS

Grove Bank in Miami hires next president

Wed, 01/10/2018 - 18:52
Jose Vazquez Jr., who previously worked for Popular Community Bank, will oversee commercial lending and treasury management services.
Categories: FINANCIAL NEWS

Small-dollar lender Oportun to open 20 offices in Florida

Wed, 01/10/2018 - 18:20
The CDFI formerly known as Progreso Financiero targets consumers with little or no credit history.
Categories: FINANCIAL NEWS

An ex-banker’s bid to bring order-ahead trend to financial apps

Wed, 01/10/2018 - 18:04
First it was coffee and car service, and now it could be cashier’s checks and debit cards. Matt Krogstad left his bank job to build tech that lets bank customers order products at the press of a button and pick them up at a branch or get delivery.
Categories: FINANCIAL NEWS

Fed payments to Treasury fell in 2017 due to interest rate hikes

Wed, 01/10/2018 - 17:48
The Fed said Wednesday that the system paid roughly $80.2 billion to the Treasury in 2017, a 13% drop from a year earlier because of an increase in interest payments to member banks for reserve balances.
Categories: FINANCIAL NEWS

Could machine learning replace the credit score?

Wed, 01/10/2018 - 16:30
Petal has received a $13 million funding round from Valar Ventures, a New York-based venture capital fund that specializes in financial technology, to use artificial intelligence to fill holes in legacy risk vetting.
Categories: FINANCIAL NEWS

Fed-backed digital currency is inevitable

Wed, 01/10/2018 - 15:42
The central bank is beginning to consider the possibility of a “digital dollar,” which will foster more efficient and transparent payments.
Categories: FINANCIAL NEWS

Reg-lite for small institutions, higher capital for big banks: Minn. Fed TBTF plan

Wed, 01/10/2018 - 15:11
The final plan to end "too big to fail" suggests that banks with less than $10 billion be subject to a much less complicated risk-based capital regime, akin to what was required in Basel I.
Categories: FINANCIAL NEWS

Card debt hits a new record; banks' 'noisy' 4Q

Wed, 01/10/2018 - 14:38
Outstandings top 2008 high mark, prompting some concerns; big banks are expected to take $31 billion in writeoffs from fourth quarter earnings due to tax reform.
Categories: FINANCIAL NEWS

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