Bloomberg News In 2018, the Federal Reserve Board’s total growth restriction on Wells Fargo established a new tool for dealing with large banks with broken compliance cultures. Many in and around the banking space viewed the $1.95 trillion asset cap — imposed in response to Wells Fargo’s cross-selling and fake accounts scandals — as a […]
Wells shed its asset cap — but it isn’t clear why Read More »
This story has been updated with an analyst’s comments. Wells Fargo has finally broken free from the regulatory shackles that have constricted its growth for more than seven years. The Federal Reserve announced Tuesday that it has lifted the $1.95 trillion asset cap it imposed on Wells in 2018. The cap’s termination is a watershed
Wells Fargo sheds asset cap, ending seven years of handcuffs Read More »
Acting Comptroller of the Currency Rodney HoodBloomberg News WASHINGTON — Acting Comptroller of the Currency Rodney Hood confirmed that the Trump administration plans to revise capital requirements for banks, aiming to ease what he described as excessive regulations that could constrain credit. The remarks, delivered to a crowd at the U.S. Chamber of Commerce’s Capital
Trump-era OCC eyes lighter capital rules to boost lending Read More »
Significant changes are in store for President Donald Trump’s signature $3.9 trillion tax-cut bill as the Senate begins closed-door talks this week on legislation that squeaked through the House by a single vote. Senate Republican leaders are aiming to make permanent many of the temporary tax cuts in the House bill, a move that would
Senate begins putting its stamp on giant Trump tax, debt limit bill Read More »
The Trump administration is defending new building standards that over a dozen states and a leading industry trade group say will markedly raise housing costs. A federal judge this week scheduled a hearing which could determine the fate of the lawsuit over the adoption of energy efficiency standards a decade in the making. The Department
HUD, USDA defend rule NAHB argues will hike housing costs Read More »
Andrew Harrer/Bloomberg The banking industry demonstrated steady earnings performance in the first quarter despite signs of stress in real estate portfolios, according to the Federal Deposit Insurance Corp. FDIC acting Chairman Travis Hill offered a measured outlook for the industry during a Tuesday press conference announcing the quarterly report, noting banks were putting aside slightly
Banks’ net income rises in first quarter, FDIC says Read More »
Looking to expand its operation on the East Coast, Next Level Education, a provider of continuing education for the mortgage industry, has acquired Summit Mortgage Training. Terms of the deal were not disclosed. Summit is headquartered in Hanover, New Jersey and in addition to its home state, operates in Pennsylvania and Florida. Andrea Gagliardi, who
Next Level Education acquires Summit Mortgage Training Read More »
Trustmark National Bank is enjoying an early exit from a consent order stemming from a Biden-era redlining investigation. The Jackson, Mississippi-based lender and servicer is free of the settlement with regulators 17 months early, following a federal judge’s approval last week. The Department of Justice, the Consumer Financial Protection Bureau and the Office of the
Trustmark gets early exit from redlining consent order Read More »
The Federal Reserve and several industry groups have agreed to put their lawsuit over stress testing on pause, an outcome that gives all sides a reprieve without sacrificing their legal optionality. Late last week, the Fed joined the Bank Policy Institute, the American Bankers Association, the U.S. Chamber of Commerce and a pair of Ohio
Stress-test suit pause lets all sides fight another day Read More »
The Trump administration wants to back off yet another mortgage-related lawsuit, aiming to exit a dispute between borrowers and Mr. Cooper over alleged servicing junk fees. The Consumer Financial Protection Bureau asked a judge to withdraw its amicus brief supporting plaintiffs challenging Mr. Cooper’s $25 expedited payoff quote statements. In that brief filed last August,
CFPB backs off Mr. Cooper ‘junk fee’ lawsuit Read More »