Banking
Top stories summarized by our editors
4/23/2018

A resolution to repeal the Consumer Financial Protection Bureau's guidance on auto loans is scheduled for a House vote the week of May 7. The Senate passed the resolution last week.

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The Hill
4/23/2018

Farmers Capital Bank in Kentucky has agreed to be acquired by WesBanco in West Virginia. The $378.2 million deal is expected to close this year, pending approval from regulators and Farmers Capital shareholders.

4/23/2018

SunTrust Banks has revealed a former employee tried to print the information of about 1.5 million customers. The employee might have shared the data with a third party, says the bank, which plans to offer customers free identity theft protection.

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CNNMoney
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SunTrust
4/23/2018

Banks should run tests to ensure backup systems work properly in case of glitches that disable services such as ATMs and online banking, says Tyler Leet, director of risk and compliance services at CSI. Several banks, including BB&T and Capital One Financial, have faced technical glitches in the past year.

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Capital One, CSI
4/23/2018

Bank of America, JPMorgan Chase and Wells Fargo are introducing mortgage apps to attract borrowers as home lending slows. The volume of new home loans is still below precrisis levels.

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Reuters
4/23/2018

Questions remain after Wells Fargo has been fined $1 billion by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau for charging borrowers for automobile insurance they didn't need and for improperly charging fees to mortgage borrowers. The bank's future leadership is unclear, as is what the bank must pay besides the penalty.

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Wells Fargo
4/23/2018

Many customers have lost money to hackers and con artists who abuse payment service Zelle. Some banks have implemented Zelle "without any protections," leaving customers vulnerable, says financial-crime specialist Genevieve Gimbert.

4/23/2018

Bank stocks are slow to match strong bank profit, partly because of uncertainty regarding dividends. The Federal Reserve's annual stress test helps determine the amount banks can pay shareholders, and the test might be especially challenging this year, bankers say.

4/20/2018

The 30-year fixed-rate mortgage probably does not need a government guarantee to survive, Randal Quarles, Federal Reserve vice chairman for supervision, said at a Senate banking committee hearing. Sen. Heidi Heitkamp, D-N.D., however, said, "There are a number of people in smaller or midsized institutions who believe it would be difficult to take a 30-year interest-rate risk without some kind of assurance they could offset that risk."

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MarketWatch
4/20/2018

Wells Fargo could be close to reaching agreement on a fine of up to $1 billion to be levied by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, sources say. The settlement, which could be announced today, addresses problems that include improper charges in the bank's mortgage and auto-loan businesses.