Big banks lean into auto dealer loans amid rebound in car production
JPMorgan Chase, Wells Fargo and TD Auto Finance all see opportunities in providing financing to dealers for inventory, the purchase of competitors and the addition of infrastructure for electric vehicle sales. Two other banks recently said they’re exiting the business, which could provide a further opening.
What banks can learn from Experian’s email-ad settlement with FTC
The credit-reporting agency was fined $650,000 for sending customers marketing emails without an option to unsubscribe. Financial institutions are subject to the same law, called the CAN-SPAM Act.
Wells Fargo, Bank of Montreal among latest fined for WhatsApp misuse
The SEC and CFTC charged 11 Wall Street firms $549 million in penalties over recordkeeping violations. The agencies vow to continue enforcing compliance throughout the industry.
Economic outlook at small banks is turning slightly sunnier
Community bankers anticipate that interest rates could soon level off and the broader economy may avert a downturn as a result. If that forecast proves true, lenders could minimize credit losses and enjoy stronger loan demand than they had expected earlier in the year.
Banks, consumer groups square off on next wave of bank regulatory reforms
Forthcoming regulations to strengthen capital buffers and resolution processes for large regional banks are sparking debate about those proposals’ efficacy and compounding existing problems for regional banks around stability and funding costs.
SVB Financial says it’s losing $9 million a month in FDIC fight
The bankrupt former parent of Silicon Valley Bank is losing $9 million a month in interest on deposits that were trapped when federal regulators took over the failed bank.
Regulators’ capital crackdown is coming at an inopportune time
The Basel III: Endgame proposal, as well as forthcoming proposals on living wills, uninsured deposits and long-term debt are coming as banks’ interest rate margins are getting slimmer, loan demand is weakening and bank credit seems headed for a downgrade. That’s a lot of headwinds for the banking industry.
How Dwolla plans to align old bank tech with new payment options
President and COO Dave Glaser discusses his company’s strategy as demand builds for services that could stress older systems.
Jury rules in favor of Fannie, Freddie shareholders, awards $600M
The verdict ends a decade-long lawsuit over the Federal Housing Finance Agency’s amendment to a stock repurchase agreement in 2012.
Don’t exclude EBT accounts from the CFPB’s data access rule
Under the proposal being considered by the agency, recipients of public benefits would be unable to enjoy the same access to their financial data given to other citizens.