CFPB bans Navient federal student loan servicing, issues $120M fine
Consumer Financial Protection Bureau director Rohit Chopra said the action would “close the book” on the agency’s investigation into the Sallie Mae spinout.
Mortgage rates move as FOMC cut looms
The 30-year fixed rate mortgage fell week-to-week by the largest amount since the start of August and are now almost a percentage point lower than a year ago, according to Freddie Mac.
Lending, AI, outreach: What you’ll see at Small Biz Banking 2024
Executives from JPMorgan Chase, TD, U.S. Bank, M&T and other banks will gather to discuss how they serve small business clients, what those customers want now, and what they expect in 2025 and beyond.
The CFPB is funded by the Fed’s profits. Trouble is, there are none
The law that created the Consumer Financial Protection Bureau stipulates that the agency must be funded by the central bank’s earnings. But, the Fed has been losing money for two years. Therefore, its payments to the agency are not legal.
Activists to JPMorgan Chase, BofA, Citi: Stop lending to factory farms
A coalition of 105 organizations has analyzed the flow of financing to large, greenhouse-gas-emitting livestock operations and found these three banks do the bulk of loans.
CFPB hits TD Bank with $28M in penalties for credit-reporting abuses
The latest violations come as the bank expects to face more than $3 billion in regulatory fines for anti-money-laundering failures.
Watchdog probe says Atlanta Fed president created ‘appearance’ of impropriety
The Federal Reserve’s inspector general says the reserve bank CEO did not trade on confidential information or have conflicts of interest, but did violate central bank rules and policies.
Fed will cut rates, but question is how often and how much
The latest inflation news is almost sure to result in a 25 basis point cut next week, but some are still hoping for 50 basis points, as well as reductions totaling almost 200 basis points through the end of 2025, Wolters Kluwer found.
Inflation rates ease in election battlegrounds
Lower inflation doesn’t equate to lower prices, and costs of living may still be higher than pre-pandemic, especially rents. But the varying cooldown could help.
Fraud rate declines yet costs consumers more
Banks and consumers report fraud at higher rates than they did before the pandemic, and those cases have continued getting costlier.