Navy Federal faces lawsuit, allegations of racial bias in mortgage lending
The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a report from CNN found that the lender approved a lower percentage of Black and Latino mortgage applicants.
CFPB might be over its anti-discrimination skis in Townstone case
The Consumer Financial Protection Bureau is appealing a lower court ruling that found the agency exceeded its authority in bringing an anti-discrimination enforcement action against a Chicago mortgage lender after he made disparaging remarks about Blacks and Hispanics.
Study: 44% of banks’ office loans are underwater amid soaring vacancies
Remote work trends and high interest rates have substantially reduced the values of U.S. office buildings. A new academic paper estimates the extent of the deterioration, suggesting that there is perhaps more stress ahead for banks than is widely anticipated.
Citizens Bank is changing up its direct deposit switch process
The $225 billion-asset institution is doubling-down on its partnership with the New York-based payroll verification and direct deposit account-switching firm Pinwheel to streamline new account fundings and bolster the flow of new customers.
Progressive groups target asset managers after their ESG support wanes
Left-leaning shareholder groups are asking JPMorgan Chase, Goldman Sachs and other large asset managers to explain a recent decline in their support for certain environmental and social policies at public companies.
Sunshine Act Notice: FDIC Board of Directors Meeting
SUNSHINE ACT NOTICE | DECEMBER 18, 2023 FDIC Board of Directors Meeting The FDIC Board of Directors will meet in open session: Time and Date: 2:00 p.m. on Wednesday, December 20, 2023. Place: This Board meeting will be open to public observation only by webcast. Visit https://www.fdic.gov/news/board-matters/video.html for a link to the webcast. FDIC Board Members and staff will […]
Sen. Warren criticizes OCC’s record on state consumer protection rules
Sen. Elizabeth Warren, D-Mass., and other Senate Democrats urged the Office of the Comptroller of the Currency to rescind regulations or guidance that contradicts the way Dodd-Frank says the OCC should deal with state consumer protection rules.
How Banks Can Serve Small Businesses with BMO’s Niamh Kristufek
The head of U.S. business banking at the bank discussed what small businesses need with American Banker Editor-in-Chief Chana Schoenberger in the Leaders Forum.
20 community banks with the highest returns on average assets through June
The top five community banks averaged a return on average assets of 7.14% as of June 30, 2023.
Joe Biden’s bank capital proposal will derail economic growth
The Fed’s Basel Endgame draft rule would restrict access to capital and credit on Main Street.