Mortgage rates zoom up to highest point this year
A resilient U.S. economy, lingering inflation and comments from the Federal Reserve contributed to a 10-basis-point hike in the 30-year fixed rate, Freddie Mac said.
CFPB report shows late fees are not a top complaint — for a reason
The Consumer Financial Protection Bureau wants to wipe out $9 billion a year in consumer costs by cutting credit card late fees to just $8. But consumer complaints about late fees remain low, and experts say that’s because many first-time late fees are forgiven.
Wells Fargo staffers claim anti-Latino bias in predatory lending scheme
The company directed its bilingual team to steer customers away from products with no closing costs toward “predatory lending options” without disclosing the costs, in part by refusing to provide Spanish-language written materials, according to a lawsuit filed by current and former members of the company’s bilingual mortgage sales team.
Nine British banks sign up to new AI tool for tackling scams
Lloyds Banking Group, Natwest Group, Bank of Scotland and others will use the artificial intelligence tool in preparation for new rules that will require them to compensate customers affected by “authorized push payment” scams.
Community Bank System in Syracuse, N.Y., names next CEO
The company’s longtime chief executive, Mark Tryniski, plans to retire at the close of 2023. Dimitar Karaivanov, the current chief operating officer, will succeed him.
9 fintech investors with the most venture capital investments
The top three fintech investors in the ranking have 42 combined VC investments at the end of Q1 2023.
Technology is our only hope to cope with red flags and black swans
AI and machine learning are the future of banking and financial services. Regulators and policymakers need to keep the pace.
FIS sells majority stake of Worldpay to GTCR for $18.5 billion
(Private equity firm GTCR LLC agreed to buy a majority stake in Worldpay, the merchant-acquiring business of Fidelity National Information Services Inc., in a deal valuing the target at $18.5 billion.
BofA raises payout 9% after passing Fed’s annual stress test
Bank of America has joined rivals in raising its quarterly dividend even though it’s in discussions with the Fed to understand differences between the central bank’s stress-test assessment of the bank and its own stress tests.
Supreme Court could limit enforcement powers of U.S. banking agencies
A challenge to the SEC’s use of administrative law judges could have big implications for bank regulators. The FDIC, Fed, OCC and CFPB could be forced to go to federal court in cases that would otherwise be handled in-house.