December 7, 2022
Via: Bank DirectorThe mandate that credit furnishers, like banks, provide accurate account data to credit reporting agencies can be overwhelming. This information is disclosed in files that follow the standard electronic data reporting format called Metro 2®. To manage this tremendous task, […]
Capital and Risk, Credit, Regulations
November 18, 2022
Via: JD SupraOn November 16, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report, focusing on the auto servicing industry, consumer reporting, mortgage servicing, and COVID-19 relief funds. The report highlights the CFPB’s continued focus on so-called junk fees […]
November 3, 2022
Via: American BankerRegional banks are preparing for a looming economic downturn, but they don’t seem too concerned that their balance sheets will take a major hit. At an industry conference Thursday, executives at PNC Financial Services Group, Regions Financial and M&T Bank […]
October 6, 2022
Via: PR NewswireAfter announcing their cashback METAL Credit Card in June, U.S. Eagle released their newest card today: The brand-new U.S. Eagle CashBack Debit Card. Members receive cashback each time they use the new debit card. That is unlimited cashback, credited directly […]
October 4, 2022
Via: JD SupraThe California Financing Law requires each licensed lender, broker, and program administrator licensee to pay its pro rata share of all costs and expenses of the administration of the law, as estimated by the Commissioner, for the ensuing year and […]
September 22, 2022
Via: YahooU.S. Bancorp (NYSE: USB) announced it has increased its prime lending rate to 6.25 percent from 5.50 percent, effective tomorrow, September 22, 2022, at all U.S. Bank locations. About U.S. Bancorp: U.S. Bancorp, with approximately 70,000 employees and $591 billion […]
Capital and Risk, Credit, Regulations
September 20, 2022
Via: Payments DiveLike its Senate companion, the House bill seeks more card network competition as merchants fight for lower interchange — or “swipe” — fees. Those fees, typically around 2%, are what merchants pay to route transactions through the card giants’ networks. […]
September 9, 2022
Via: American BankerThe National Credit Union Administration continues to distribute recovered funds to credit unions across the country, but some in North Dakota believe they are being disregarded and deprived of more than $10 million. The NCUA Aug. 29 said it will […]
August 31, 2022
Via: Banking DiveBank of America and BMO Harris are leaning into real estate aid with programs designed to close the racial property ownership gap. Bank of America launched two programs Tuesday — one to aid small-business owners and another aimed at future […]
August 22, 2022
Via: Banking DiveIf details seemed sparse in last month’s sudden disintegration of the proposed merger between neobank American Challenger and Patriot National Bank, one missing component, a court filing indicates, appears to be Credit Suisse. American Challenger sued Switzerland’s second-largest bank and […]
Capital and Risk, Credit, Regulations
August 10, 2022
Via: FinTech FuturesThe banking giant says the regulator is examining its “credit card account management practices, including with respect to the application of refunds, crediting of nonconforming payments, billing error resolution, advertisements, and reporting to credit bureaus”. Goldman Sachs says it is […]
Activity, Capital and Risk, Corporate Banking, Credit
August 9, 2022
Via: YahooWith another innovative RTP® Network solution, U.S. Bank can now provide loan funds to auto dealers instantly after the loan contract is finalized by the bank. Following a successful pilot completed in June, U.S. Bank has already enabled more than […]
July 11, 2022
Via: Bank DirectorJust as the Federal Reserve raises rates and inflation hits a 40-year high, Americans with federal student loan debt will start making payments on the debt after a two-year pause. On Aug. 31, the Department of Education will require 41 […]
July 7, 2022
Via: American BankerThe Philadelphia commercial lending market is dominated by large banks, but one credit union wants to grab its own piece of the pie. The $4.8 billion-asset Citadel Credit Union in Exton, Pennsylvania, plans to launch its new business banking division […]
June 29, 2022
Via: Bank DirectorRedlining, or the practice of denying credit to residents of certain areas due to the high number of ethnic or racial minorities living there, is not a new problem. It’s also not limited to mortgage loans. For decades, many lenders […]
Capital and Risk, Credit, Regulations
June 1, 2022
Via: JD SupraOn May 25, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, examining what it describes as the “practice of suppressing payment data.” Per the blog post, the CFPB alleges that its research conducted in 2020 “uncovered […]
May 10, 2022
Via: Bank DirectorCommunity banks find themselves in a high-pressure lending environment, as businesses rebound from the depths of the pandemic and grapple with inflation levels that have not been seen for 40 years. This economic landscape has created ample opportunity for growth […]
May 2, 2022
Via: TechBullionWhen you’re running a small business, there’s always a need for extra funding. Whether you’re looking to expand your operations or just cover some unexpected expenses, a small business loan can be a great option says Thomas J Powell. However, […]
April 26, 2022
Via: TechBullionCredit is money you borrow and use to buy anything from groceries to a new home, assuming you’d repay the lender later, usually at a fee. It’s acquiring things in life when you lack the financial means. You’re spending money […]
April 15, 2022
Via: JD SupraThree credit unions have filed a federal class action lawsuit in the Southern District of New York seeking to halt the enforcement or implementation of New York’s recently passed S.B. 5724A which would retroactively and prospectively lower the statutory annual […]