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.
CFPB withdraws NSF proposal and earned wage access opinion
The Consumer Financial Protection Bureau rescinded a proposed rule on nonsufficient funds fees and a 2020 advisory opinion on earned wage access products.
Biden’s cybersecurity order could help banks deter fraud
The order calls on federal agencies to support more forms of digital identity documents and could lead more states to adopt digital driver’s licenses.
Scott Bessent sails through Treasury confirmation hearing
Scott Bessent, Donald Trump’s pick to serve as Treasury Secretary, handled a policy-heavy confirmation hearing with poise, highlighting his preference for relaxed bank regulation, support of the 2017 Trump tax cuts and a hawkish approach to spending.
CFPB orders Cash App to pay $175 million for fraud failures
Cash App’s parent company Block failed to investigate fraud and unauthorized transactions, and refused to refund customers, the Consumer Financial Protection Bureau said.