Wells Fargo, Merrill cash-sweep accounts shortchanged clients, SEC alleges
The firms paid $60 million to settle the claims without admitting to or denying the regulator’s allegations.
Huntington turns to organic growth as expansion effort clicks
The Columbus, Ohio-based bank’s profit more than doubled in the fourth quarter from a year ago, with solid growth in loans and deposits.
WaFd is the latest bank to exit mortgage lending
Commoditization of mortgages, plus technology that eases the refinance process, and the regulatory environment, all contributed to the decision.
Quicken app gives small business owners holistic view of money
Quicken Business & Personal will help entrepreneurs manage their personal and business accounts on one platform by aggregating financial data from banks.
Regions keeps costs in check as loan growth proves elusive
The Alabama-based regional bank reported stronger earnings on a bump in capital markets fee revenue and lower expenses, but its total loans declined and its charge-offs increased. It expects only modest loan growth this year.
Webster leans into optimism over loan growth despite lingering caution
The Connecticut-based bank outpaced the industry’s muted loan growth last year. CEO John Ciulla said he expects further growth, citing business clients’ “decidedly positive” bias.
CFPB orders Equifax to pay $15 million for credit reporting errors
Equifax agreed to resolve allegations that it failed to conduct proper investigations of consumer disputes, ignored evidence and allowed previously deleted inaccuracies to be reinstated on credit reports. The credit reporting bureau also shared inaccurate credit scores and data about consumers with lenders.
Trump should act quickly on financial regulation and housing
The incoming administration will have a number of tools at its disposal to immediately pare back stifling federal regulation of financial services and boost the housing market. It should use them.
TD speeds up CEO handoff, cuts pay for more than 40 executives
Toronto-Dominion Bank is moving up the start date for its new chief executive officer, Raymond Chun, by two months and has reduced executives’ pay.
Truist says expenses could rise slightly in 2025
The company, which has been trying to rein in costs for years, said adjusted noninterest expenses rose 8.4% from a year ago to $3 billion for the fourth quarter.