Falling mortgage rates not spurring housing activity yet
Even though the 30-year fixed rate mortgage is at its lowest level since mid-March, consumers are being cautious in returning to the market, Freddie Mac said.
Synovus posts loss on securities sale, but bolsters fee income
The Georgia-based bank recorded a $257 million hit after unloading a bundle of securities that it expects to redeploy into higher-yielding assets. It also forecast a resumption of loan growth in the second half of the year.
House weighs bank AI legislation in bipartisan report
Reps. Patrick McHenry, R-N.C., and Maxine Waters, D-Calif., who run the House Financial Services Committee, today released their report on artificial intelligence in the financial industry.
Bank earnings woes, Discover lawsuit and other issues facing investors
Mixed earnings results at Wells Fargo and the ongoing merger proposal between Discover Financial Services and Capital One Financial are creating added pressure for investors.
Synapse’s failure shows that regulation is no substitute for knowledge
Financial services supervisors should revisit the concept of regulatory sandboxes. Doing so would allow fintechs to gain needed experience in the world of banking, while fostering innovation.
Spread income growth and cost control drive Key’s profit higher
The Cleveland-based regional bank continues to benefit from strength in investment banking, but CEO Chris Gorman described loan demand as tepid.
CFPB says payroll advances are loans; major blow to earned wage industry
Payroll advances would be considered consumer loans under an interpretive rule by the Consumer Financial Protection Bureau that would require disclosures of annual percentage rates and fees under the Truth in Lending Act.
The 10 top-performing banks with between $10B and $50B of assets
See which bank topped American Banker’s annual ranking of the best-performing midsize institutions.
Ally starts seeing relief as old loans roll over
The Detroit-based auto lender has been dealing with an imbalance in deposit costs and loan yield since rates rapidly rose. Now, the bank’s fixed-rate loans from before are maturing.
Why Synchrony is cautious on underwriting even as consumers show discipline
The credit card company is seeing fewer customers fall behind on their payments. But with lower-income consumers still being pinched by inflation, Synchrony isn’t loosening its lending standards.