How loan-hungry Ally is preparing for the Fed’s upcoming speed limit
The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
House banking panel advances measures to nullify credit card, ESG rules
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
After bruising quarter, Synovus sees credit stability ahead
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
Stanford researchers say large language models favor white-sounding names
Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
Discover cuts its profit to resolve its old merchant missteps
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
Mortgage rates hit a five-month high
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
Fed’s Bowman says she sees path forward for altered capital proposal
Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
Buy the People: Why the CFPB is a lightning rod government agency
The Consumer Financial Protection Bureau was created to protect the people from financial predation. But there are very different interpretations of what that means, and whether the people should be protected by — or from — the government.
FedNow could be that rare tech innovation whose results match the hype
FedNow emerges as a key component of our industry’s digital transformation, filling the void in our payment infrastructure and paving the way for a new era of banking.
Pathward Bank to pay more than $700,000 for compliance failure
The Office of the Attorney General in New York says the bank violated the state’s Exempt Income Protection Act, illegally transferring customers’ money to debt collectors.