CFPB sues Rocket Homes, brokerage over kickback scheme
The watchdog accuses Rocket Homes and The Mitchell Group brokerage of initiating a plan to generate origination business for Rocket Mortgage.
Why Visa is homing in on the creator economy
The emerging industry could be worth as much as $480 billion in two years, and payments are central to that growth.
Discover fixes SEC issue that delayed Capital One deal
The two companies continue to tick items off their year-end to-do list, which analysts hope will tee up the merger for finalization in early 2025. Regulatory approval remains a major question.
What lenders want to see from Trump on regulation in 2025
The industry agenda calls for amending longstanding rules like loan officer compensation, to nixing Biden-era plans trade groups say hurt both consumers and industry players.
State Street deposited $100 million at minority banks in 2024
The custody bank achieved its goal for the amount of deposits it placed into minority banks and community development financial institutions by the end of the year.
OCC issues Bank of America cease-and-desist for AML lapses
Bank of America must overhaul anti-money-laundering protocols and hire third-party consultants, but will not face growth limits, following OCC action for compliance deficiencies.
Why setting Fannie Mae and Freddie Mac free is a gamble
Releasing the GSEs from government conservatorship is on the agenda for the incoming Trump administration. Doing so could threaten the 30-year fixed rate mortgage.
CFPB accuses Walmart and Branch of opening illegal accounts
The Consumer Financial Protection Bureau sued Walmart and payment app Branch Messenger, accusing them of illegally opening 1 million deposit accounts and charging $10 million in fees.
A federated digital dollar is key to sustaining US economic leadership
The U.S. is risking the status of the dollar as the world’s reserve currency by delaying the launch of a central bank digital currency. Adopting a “federated” version of a CBDC could answer the concerns of many skeptics.
The economy is looking good for banks in 2025 — but watch out for 2026
Economists say the U.S. economy is leaving 2024 healthy, with unemployment low, inflation manageable and growth robust. Unknown variables — including the depth and scope of President-elect Donald Trump’s immigration and tariff policies — could change that course, but likely not until 2026.