CFPB finalizes a scaled-back small-business lending rule
The Consumer Financial Protection Bureau finalized a new version of a small-business lending rule that took 17 years to get over the finish line. Banks are still lobbying for the rule to be repealed.
Why bankers should read NY’s Uphold settlement closely
New York extracted $5 million and a broker registration from Uphold over its promotion of CredEarn, a yield product whose issuer collapsed in 2020.
Judge blasts Colony Ridge settlement, declines oversight
A federal judge harshly criticized the settlement of a civil suit between the Department of Justice and a Texas land developer.
Solid credit numbers boost Cullen/Frost’s bottom line
The San Antonio-based bank reported annual declines in net charge-offs and nonaccrual loans, extending a run of solid credit-quality trends at Texas-based regional banks.
Castlelake, Redwood form $8B jumbo mortgage venture
The partnership was designed to support the growth of Redwood’s Sequoia platform and give Castlelake purchasing power for fully documented loans.
PayPal’s new CEO shakes up the company amid an earnings slump
President and CEO Enrique Lores, who took the payment company’s top job in March, is looking to turn the company around with fresh talent and a renewed focus on what he says are the company’s fundamentals.
Freddie Mac earnings surge on net interest income, credit release
Growth in retained and investment portfolios drove gains as the government-sponsored enterprise reported the highest refinancing share seen in four years.
K-shaped economy amplifies rise in nonprime DTI ratios
Higher utilization and aggregate excess payments point to pressure, according to TransUnion. Debt-to-income averages remain below traditional mortgage caps.
How Mastercard is responding to the Iran war
The card network, which reported earnings on Thursday, reports some early impacts on travel payments, and has set up a site to help customers with questions about changes in consumer and business spending habits.
‘Knock on wood’: Are banks doing enough to cope with Mythos?
Banks have publicly said they’re on top of the risk presented by Anthropic’s Claude Mythos, which can find and exploit software vulnerabilities at unprecedented speed. Experts aren’t as sure.