Key insight: Consumers’ use of home equity lines of credit is rapidly growing, as homeowners look to tap into the value of their houses, but banks are losing market share. Supporting data: Banks hold just under two-thirds of total HELOC debt, compared with the more than 80% they held some 15 years ago. Forward look: […]
Banks are losing share in rapidly growing HELOC market Read More »
Key Insight: The Consumer Financial Protection Bureau’s proposal comes as auto loan delinquencies are hitting their highest levels in decades. What’s at Stake: Banks object to reduced supervision of nonbanks, arguing that the Dodd-Frank Act specifically requires consistent oversight of banks and nonbanks. Supporting Data: If the CFPB adopts a rule raising auto loan thresholds,
As auto delinquencies rise, CFPB seeks to cut oversight Read More »
Key Insight: At its first investor day since 2011, Bank of America expressed optimism on a number of financial fronts, but it wasn’t enough to stop its stock from dropping slightly on Wednesday. Supporting Data: The bank issued new guidance on its return on tangible common equity, saying ROTCE would reach 16%-18% over the next
BofA projects financial gains, but investors want even more Read More »
Samuel Corum/Bloomberg What’s at stake: The CFPB uses outdated software and has no strategy for responding to cybersecurity risks, the report found. Supporting Data: The CFPB’s information security program experienced a rapid drop in effectiveness — from a level 4 in fiscal year 2024 to a level 2 rating in fiscal year 2025. Forward Look:
CFPB’s cybersecurity program ‘no longer effective:’ OIG says Read More »
Key insight: Truist Financial reported third-quarter earnings Friday, with earnings per share that beat analysts’ estimates. Forward look: The regional bank expects full-year 2025 expenses to rise about 1% compared with the prior year. Supporting data: Wealth management fees rose 6.9% year over year. Truist Financial exceeded Wall Street expectations for third-quarter earnings, with a
Truist beats estimates, maintains 2025 guidance Read More »
In this week’s banking news roundup: Flagstar’s shareholders approved a plan to merge its holding company into the bank; Huntington tapped a new chief auditor, along with two new business leaders; First Foundation hired a new chief credit officer; and more.
Flagstar’s shareholders approve plan to dissolve holding company Read More »
Bottom line: Wells Fargo’s third quarter profit jumped 9%, eclipsing analysts’ expectations by a wide margin. Expert quote: “Wages have kept up with inflation for many folks, and we continue to see unemployment be quite low historically,” Chief Financial Officer Mike Santomassimo said. Forward look: Wells Fargo increased its target for return on tangible common
Wells Fargo’s earnings aided by consumers, capital markets Read More »
New Jersey’s Oceanfirst Bank is ceasing mortgage operations later this year, choosing to instead embark on a new nonbank partnership to serve its customers with home lending needs. The “strategic decision” will pair Oceanfirst with Embrace Home Loans, a deal that is set to begin in the fourth quarter this year, bank officials said. “The
Oceanfirst announces mortgage exit, partners with Embrace Read More »
Bloomberg News (Bloomberg) — At one midsized U.S. mortgage lender, almost a quarter of customers who dispute property appraisals find that the value of their home had been miscalculated. It’s an industrywide issue that has historically penalized minority groups, and now President Donald Trump has offered lenders the chance to ignore his predecessor’s attempts to make it easier
Mortgage lenders stick with Biden-era reappraisal guidance Read More »
Americans are increasingly worried about financial fraud, a new survey finds – even if many of them are willing to bend the rules themselves. In a new report from FICO, 32% of Americans ranked fraud protection as their most important consideration when choosing a financial account, with 71% putting it in their top three issues.
Consumers fearful of fraud, but willing to exaggerate income Read More »