Consumer banking

Bank of America sticking to organic growth plan: CEO

Bank of America sticking to organic growth plan: CEO

UPDATE: This article includes comments made during Bank of America’s earnings call and comments from an analyst’s note. Bank of America may find opportunities to make small, non-bank acquisitions, but for now it plans to keep directing excess capital into organic growth, CEO Brian Moynihan said Wednesday. The $2.4 trillion-asset financial giant — which, like […]

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Researchers find ‘surprise’ in new mortgage delinquency data

Early- and mid-stage mortgage delinquencies saw the biggest yearly increases among all credit products, a development Vantagescore deemed a “surprise”, which “may be demonstrating early signs of borrower financial stress.” The share of mortgages 30-to-59 days behind on payments jumped to 1.03% in May from 0.92% during the same month a year earlier. Among all

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JPMorgan hands more duties to Lake, seen as a CEO contender

JPMorgan hands more duties to Lake, seen as a CEO contender

Jin Lee/Bloomberg JPMorganChase & Co. is putting Marianne Lake, one of the leading contenders to one day take over for Chief Executive Officer Jamie Dimon, in charge of strategic growth and the firm’s fast-growing overseas consumer bank. The appointment follows the departure of Sanoke Viswanathan, who’s leaving to become CEO of the data company FactSet,

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Tariff fears drive April auto, mortgage borrowing

The anticipated impact of tariffs pushed consumers toward big-ticket items in April, but overall borrowing levels also show them becoming more discerning in light of political developments, according to Vantagescore. Researchers noted earlier this year the likelihood of a bump in certain types of purchases before the implementation of various tariff measures proposed by President

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Trump’s CFPB drops more than half of all pending litigation

Trump’s CFPB drops more than half of all pending litigation

The former headquarters of the Consumer Financial Protection Bureau with signage removed.Catherine Leffert The Consumer Financial Protection Bureau has dismissed or withdrawn more than half of its pending enforcement cases as the Trump administration clears the docket of work it inherited from the Biden era.  Since February, acting CFPB Director Russell Vought has dismissed 17

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