Mortgage rates shrink on positive inflation news
The 30-year fixed, which was threatening going above 7% again according to Freddie Mac data, was 18 basis points lower this week.
Deutsche Bank to pay $186 million Fed penalty over controls
The Federal Reserve says its findings related to “unsafe and unsound practices and violations” of previous agreements with the central bank related to the lender’s prior relationship with the Estonian branch of Danske Bank.
Umpqua Bank to wind down multifamily lending division
The bank said it would continue to make multifamily loans to current customers that have depository or other bank relationships. The move comes amid rising concerns about the impact of high interest rates on the apartment sector.
SEC charges seventh firm for violating limited offering exemption
Cincinnati-based Fifth Third Securities is the seventh firm charged by the Commission for failing to comply with the appropriate disclosures in connection with the limited offering exemption.
Senate panel OKs bill limiting SBA’s fintech small business loan plan
The Small Business and Entrepreneurship Committee voted nearly unanimously to advance a bill that would halt a plan by the Small Business Administration to open up some of its loan programs to fintech companies.
What bankers need to know about FedNow
The launch of FedNow, the Federal Reserve’s instant-settlement system, raises many questions for banks, card networks and fintechs regarding costs, routing and other concerns.
FedNow, the Fed’s instant payments system, is live
Officials at the central bank have been discussing a real-time payment system for a decade. Work on FedNow began in 2019.
A flurry of new financial services regulations threatens the economy
This is no time to haphazardly pile financial regulation and additional costs on an American economy that seems otherwise set to avoid the catastrophes predicted just last year.
Buy now/pay later loans are becoming riskier: Consumer Reports
Fintechs are expanding the definition of BNPL financing to include many longer-term, higher-interest loans that fall into a legal gray area, according to new research.
CFPB’s Chopra on late fees, Big Tech and a looming Supreme Court case
Rohit Chopra, the director of the Consumer Financial Protection Bureau, weighed in on credit card late fees, an upcoming open banking rulemaking and the chaos that could result if the Supreme Court defunds the agency.