CFPB’s Chopra pans so-called ‘Chopra doctrine’ of expanding authority
Rohit Chopra, the director of the Consumer Financial Protection Bureau, said his tenure at the agency could be characterized as simply reading statutes rather than finding novel ways to enforce regulations.
Helping seniors avoid financial scams is just good business for banks
As financial fraud becomes more and more sophisticated, banks need to get proactive about protecting their customers from scammers. This is particularly true of seniors, whose deposits are a key source of banks’ core deposits.
Wealth management powers big quarter for Morgan Stanley
The New York-based investment bank reported higher revenues across all business lines, with double-digit increases in wealth management and investment banking.
U.S. Bancorp’s earnings checked by subdued lending activity
The Minneapolis-based banking giant posted a third-quarter profit, although average total loans slipped 1% from a year earlier. Slower business and commercial real estate lending more than offset gains in the bank’s consumer portfolio.
Klarna to sell $39 billion portfolio to Elliott
The Swedish company struck a deal to offload buy-now, pay-later loans that it originates in the U.K. as it looks for ways to free up capital ahead of its public debut.
Synchrony profits surge 25% on higher credit card balances
The company, which partners with retailers on store credit cards, saw spending volumes slip during the third quarter. But cardholders’ outstanding balances rose, driving more interest revenues.
TD money-laundering scandal puts supervision back under the microscope
For more than a decade, the bank allowed billions of dollars from illicit activities to flow through the U.S. financial system unchecked. Some are wondering why examiners didn’t put a stop to it sooner.
20 largest banks and thrifts by assets
The top five banks and thrifts had combined assets of more than $13 trillion as of June 30, 2024.
As Goldman Sachs exits GM deal, Barclays hopes to benefit
The investment banking giant is selling its General Motors credit card portfolio to Barclays, which is looking to grow and diversify its U.S. cards business. It’s part of Goldman’s retreat from consumer banking.
Fairway agrees to pay nearly $10 million for redlining in Birmingham
The Consumer Financial Protection Bureau and Department of Justice issued a consent order against Wisconsin-based nonbank mortgage originator Fairway Independent Mortgage over redlining allegations. Fairway is the country’s fifth-largest mortgage originator by volume.