AMERICAN BANKER

Smith, Sloan head to the Hill; Bitcoin gets love

Tue, 10/03/2017 - 13:59
Former Equifax CEO and Wells Fargo chief both expected to issue mea culpas to Congress; Goldman apparently likes digital currency.
Categories: FINANCIAL NEWS

HomeStreet continues to pare back its mortgage operations

Tue, 10/03/2017 - 00:08
The Seattle company, which has cut about 130 positions in the business in recent months, pointed to lower originations tied to a shortage of new and resale housing.
Categories: FINANCIAL NEWS

Former OCC head John Dugan joins Citigroup board

Mon, 10/02/2017 - 23:45
Leslie Ireland, a former assistant secretary for intelligence and analysis at the Treasury Department, was also elected to the bank's board.
Categories: FINANCIAL NEWS

California Bankers Association, regional trade group to merge

Mon, 10/02/2017 - 23:45
The Western Independent Bankers will continue to offer conference and educational services as a division of the California Bankers Association.
Categories: FINANCIAL NEWS

MetLife may be next to lose ‘too big to fail’ label

Mon, 10/02/2017 - 23:34
After FSOC voted to rescind its systemic designation for AIG, it's unclear whether the interagency council will continue to appeal a court ruling overturning MetLife's SIFI designation.
Categories: FINANCIAL NEWS

Justice Department gives big banks the green light on real-time payments

Mon, 10/02/2017 - 22:38
Following an antitrust review that lasted almost a year, the approval would appear to cement The Clearing House's status as the front-runner in a race to modernize the U.S. payments system.
Categories: FINANCIAL NEWS

Fed's emergency cash plan swings into action in Puerto Rico

Mon, 10/02/2017 - 21:57
The Federal Reserve's nationwide preparedness plan for cash emergencies is being put to a unique test in Puerto Rico. Stocks are being replenished with daily flights, but the lack of power to ATMs and branches is contributing to reports of cash shortages.
Categories: FINANCIAL NEWS

Wells Fargo has rehired 1,780 employees since scandal broke: Sloan

Mon, 10/02/2017 - 21:22
The workers who have been brought back do not include any of the more than 5,000 employees who were fired for alleged misconduct, according to the company.
Categories: FINANCIAL NEWS

Credit unions plan for big capital inflow

Mon, 10/02/2017 - 20:55
The NCUA is planning a special payout of up to $800 million to credit unions next year. A proposal tied to the plan generated no comment letters from bankers.
Categories: FINANCIAL NEWS

Banks and Thrifts with the Largest Portfolios of Mortgage-Backed Securities

Mon, 10/02/2017 - 20:35
On Jun. 30, 2017. Dollars in thousands.
Categories: FINANCIAL NEWS

Banks and Thrifts with the Largest Securities Portfolios

Mon, 10/02/2017 - 20:25
On Jun. 30, 2017. Dollars in thousands.
Categories: FINANCIAL NEWS

Equifax made major errors that led to hack, Smith concedes

Mon, 10/02/2017 - 20:02
Equifax Inc.’s former chief executive officer said the credit-reporting company didn’t meet its responsibility to protect sensitive consumer information, confirming that the failure to fix a software vulnerability months ago led to the theft of more than 140 million Americans’ personal data.
Categories: FINANCIAL NEWS

Hannah Grove's vision for banks: Always be authentic

Mon, 10/02/2017 - 19:28
Let others debate the meaning of the Fearless Girl statue. To State Street's Hannah Grove, its message to the banking industry was simple: reduce complexity for the average customer and create a more welcoming workplace for all.
Categories: FINANCIAL NEWS

Canadian banks warn of opening access to financial data

Mon, 10/02/2017 - 19:08
Canada's banking industry has issued a warning to government about giving Canadians more control of their own banking data: proceed with caution.
Categories: FINANCIAL NEWS

Bitcoin is not a 'fraud'

Mon, 10/02/2017 - 18:40
The comments by JPMorgan Chase CEO Jamie Dimon on bitcoin demonstrate a distinct lack of understanding of the reality that the virtual currency has an incredible value proposition.
Categories: FINANCIAL NEWS

Bank-issued bitcoin debit cards. No, really.

Mon, 10/02/2017 - 18:40
The explosion of interest in digital assets this year, and the multiplying of their market value, are making cryptocurrency debit cards newly attractive. Banks could partner with intermediaries or issue the cards directly, but obstacles remain before that day can arrive.
Categories: FINANCIAL NEWS

Small mortgage lenders seek exemption from CFPB exams

Mon, 10/02/2017 - 18:30
In a recent letter, two trade groups representing that industry lobbied Treasury Secretary Steven Mnuchin to support a bill that would give oversight of nonbank mortgage lenders exclusively to state regulators.
Categories: FINANCIAL NEWS

'Too big to seriously punish': Comments of the week

Mon, 10/02/2017 - 17:44
Readers comment on the ripple effects of the Equifax breach, who benefits from the CFPB's final arbitration rule, gender-related issues in financial services, and more.
Categories: FINANCIAL NEWS

Santander Consumer names new CFO in latest shakeup

Mon, 10/02/2017 - 17:28
The Dallas subprime auto lender named Juan Carlos Alvarez de Soto CFO on Friday. He succeeded Ismail Dawood, who had been CFO since December 2015 after working at Bank of New York Mellon.
Categories: FINANCIAL NEWS

ABA, banks sue CFPB to block rule; Equifax eyes clawbacks

Mon, 10/02/2017 - 14:22
A number of banks and business groups sue to block prohibition on mandatory arbitration; credit bureau weighs how far back to look in denying compensation.
Categories: FINANCIAL NEWS

Hollywood's dim view of banking and the real-world threat it poses

Mon, 10/02/2017 - 12:02
The film industry is painting an ugly picture of what life is like inside banks, and that could hurt banks' recruitment efforts.
Categories: FINANCIAL NEWS

AIG no longer systemically important, FSOC says

Sun, 10/01/2017 - 23:44
The Financial Stability Oversight Council said Friday that AIG, whose collapse threatened to bring down the U.S. financial system during the financial crisis, should no longer be subject to enhanced standards.
Categories: FINANCIAL NEWS

Equifax, Wells and CFPB: Banking's momentous week on Capitol Hill

Sun, 10/01/2017 - 23:44
The week of Oct. 2 is shaping up to be a significant one for the financial services industry on Capitol Hill, as lawmakers grill the top executives of Equifax and Wells Fargo, as well as the top regulator of Fannie Mae and Freddie Mac.
Categories: FINANCIAL NEWS

Ocwen settles servicing lawsuit with 10 states

Sun, 10/01/2017 - 23:44
Ocwen Financial reached a settlement with 10 states under which it can't acquire servicing rights for eight months but will not face any financial penalties.
Categories: FINANCIAL NEWS

College try: Banks hope classes will help attract young employees

Sun, 10/01/2017 - 23:44
With baby boomers moving into retirement and many young folks eschewing careers in banking, the industry could soon be facing a talent shortage. Are more banking degree programs the answer?
Categories: FINANCIAL NEWS

Five questions for U.S. Bancorp’s new head of consumer banking

Sun, 10/01/2017 - 23:44
Tim Welsh has spent his first two months on the job thinking about how to make U.S. Bank as central to consumers’ lives as Amazon, develop new personal financial management services, and expand into new cities.
Categories: FINANCIAL NEWS

U.S. Chamber, banking groups sue over CFPB arbitration rule

Sun, 10/01/2017 - 23:44
The groups argue that the CFPB did not properly conduct a cost-benefit analysis of the rule banning mandatory arbitration agreements and that the final product will harm, not help, consumers.
Categories: FINANCIAL NEWS

Capital One plans layoffs in U.S. credit card unit

Sun, 10/01/2017 - 23:44
The company would not say where the jobs are based or how many positions are being eliminated. The layoffs come as Capital One's investments in digital technology are yielding efficiency gains.
Categories: FINANCIAL NEWS

HSBC to pay $175 million to settle Fed probe of forex practices

Sun, 10/01/2017 - 23:44
Also on Friday, Deutsche Bank agreed to pay $190 million to settle allegations that it rigged foreign exchange rates.
Categories: FINANCIAL NEWS

Trump, Mnuchin said to meet with Warsh to discuss Fed chair

Sun, 10/01/2017 - 23:44
President Donald Trump and Treasury Secretary Steven Mnuchin met Thursday with former Federal Reserve governor Kevin Warsh as a potential nominee to be next Fed chairman, an administration official said.
Categories: FINANCIAL NEWS

Why are Amazon, PayPal meeting with bank regulators?

Sun, 10/01/2017 - 23:44
Meetings between bank regulators and technology giants like Amazon and PayPal underscore Silicon Valley's growing involvement in the financial services arena, and may presage pursuit of a bank charter.
Categories: FINANCIAL NEWS

Money laundering issues continue to plague aspiring bank buyers

Sun, 10/01/2017 - 23:44
Washington Federal is the latest bank to pull an application after being flagged for insufficient Bank Secrecy Act compliance.
Categories: FINANCIAL NEWS

How Citi aims to become a ‘life partner’ for customers

Sun, 10/01/2017 - 23:44
Citi’s innovation leader, Yolande Piazza, envisions reinventing the way the bank interacts with customers, so that it is part of their daily lives — always present, always intuitively easy and always helpful.
Categories: FINANCIAL NEWS

A Maine community bank takes plunge into digital mortgages

Sun, 10/01/2017 - 23:44
Stephen Sessler, the director of mortgage banking at the $4 billion-asset Camden National Bank, provides other lenders a peek at the benefits and pitfalls of digital mortgages.
Categories: FINANCIAL NEWS

Fallout from Equifax breach will hit banks hardest

Sun, 10/01/2017 - 23:44
Not only will banks be on the hook for counterfeit loans to identity thieves, but they will likely lose loan volume, and ultimately revenue, from changes in consumer behavior.
Categories: FINANCIAL NEWS

Who's new in the Most Powerful Women rankings for 2017

Sun, 10/01/2017 - 23:44
Wondering who is new to the rankings of the Most Powerful Women in Banking and Finance? Here’s an overview of the changes. Plus we recap all of the stories so far, including the top team winners, a feature on CIT Group’s Ellen Alemany, and New York regulator Maria Vullo’s op-ed on the Fearless Girl statue.
Categories: FINANCIAL NEWS

Trump tax plan to boost banks; Morgan Stanley's human bias

Sun, 10/01/2017 - 23:44
While some aspects of the plan would hurt, lower corporate tax rate would increase bank earnings; Wall Street firm thinks the majority of its clients prefer human advisers.
Categories: FINANCIAL NEWS

Fintech charter open to commercial firms: OCC's Noreika

Sun, 10/01/2017 - 23:44
Acting Comptroller of the Currency Keith Noreika affirmed Thursday that the agency’s fintech charter, if implemented, could be granted to commercial firms like Walmart or Google.
Categories: FINANCIAL NEWS

Fed, FDIC weigh extending 'living will' deadlines

Sun, 10/01/2017 - 23:44
The agencies will give eight of the largest U.S. banks an extra year to file upcoming resolution plans, and suggested they may stretch out the filing schedule on a more ongoing basis.
Categories: FINANCIAL NEWS

Nonbanks reclaim dominance in home lending, HMDA stats show

Sun, 10/01/2017 - 23:44
The share of purchase and refinance loans originated by nonbanks are at their highest point since at least 1995, according to an analysis of new Home Mortgage Disclosure Act data.
Categories: FINANCIAL NEWS

Bank of the Ozarks keeps bulking up in CRE, even as rivals scale back

Sun, 10/01/2017 - 23:44
Putting faith in its team of experts analyzing every loan application, the Arkansas bank is shrugging off warnings of a real estate downturn.
Categories: FINANCIAL NEWS

Regionals hopeful over bipartisan Senate bill to raise SIFI level

Sun, 10/01/2017 - 23:44
Under the bill, regional banks may eventually be able to shed the systemically important financial institution designation that subjects those with more than $50 billion in assets to tougher regulatory requirements.
Categories: FINANCIAL NEWS

GSE Reform: Bracing for a New Normal

Sun, 10/01/2017 - 23:44
While bank executives are divided on what they view as an optimal outcome for Fannie Mae and Freddie Mac, there is broad agreement that a future without them (or some government-supported equivalent) would mean tighter credit, higher rates and lower volume.
Categories: FINANCIAL NEWS

House report on CFPB's Wells Fargo investigation is no smoking gun

Sun, 10/01/2017 - 23:44
The GOP inquiry appears aimed at providing more ammunition for potentially ousting Director Richard Cordray, but the report's impact may be limited.
Categories: FINANCIAL NEWS

Equifax’s data flaws are more the rule than the exception

Sun, 10/01/2017 - 23:44
Yes, the credit bureau goofed badly on data security, and it proved to be worse at crisis management. But other companies have been just as sloppy with cyber defenses, and business and government leaders should have tackled these problems long before now.
Categories: FINANCIAL NEWS

PNC tops big-bank customer satisfaction study, Citi ranks last

Sun, 10/01/2017 - 23:44
The first-of-its-kind study was an acknowledgment that as consumers rely more on digital banking channels, the nation's largest banks are competing more against each other and less against smaller institutions.
Categories: FINANCIAL NEWS

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