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.
The Bank & Credit Union Guide To Recordkeeping Requirements Banks & Credit Unions are subject to record retention requirements at the federal level, while only some states include advertisements in their requirements. Download this guide for an overview of the state requirements for advertising, social media & other electronic communication.
A 2013 auto-finance bulletin from the Consumer Financial Protection Bureau lacks clarity, and the House should follow the Senate in voting to repeal it, says CBA President and CEO Richard Hunt, among others. "CBA member banks are strongly committed to ensuring fair lending policies and practices while fulfilling consumers' financial needs," Hunt says. "For that reason, it is critical to have clear rules and guidance from regulators so our member banks can be certain of compliance."
Consumer Financial Protection Bureau acting Director Mick Mulvaney has warned staff members against leaking information to outsiders. The bureau's inspector general has been asked to investigate leaks, Mulvaney says in a staff memo.
BancorpSouth in Mississippi has agreed to acquire Icon Capital in Texas for 4.125 million shares and $17.5 million in cash. The transaction, expected to close in the second half of 2018, expands BancorpSouth's Texas presence because Icon has seven full-service branches in the Houston area.
Steel and aluminum tariffs are more likely to reduce US employment than to increase it, Federal Reserve Bank of New York researchers say. Employment in steel-intensive industries could decline as exporters dependent on steel raise prices or lower profit margins, the researchers say.
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."
Federal Reserve Governor Lael Brainard explained her vote against a proposal to change capital or liquidity rules for big banks, saying the largest firms "have the right kind and amount of liquidity." Vulnerabilities in asset valuation and business leverage show signs of "financial imbalances," Brainard said.
Randal Quarles, vice chairman for supervision at the Federal Reserve, has been pressed by Republican lawmakers to address banks' reduction of business with the gun industry but has declined, saying it is not his place to second-guess the decision. Citigroup and Bank of America have pulled back business with gun sellers and manufacturers, respectively, which supporters of an overhaul of gun laws have praised and which critics have called an overstep in authority.
Effective managers are focused on helping others grow and are open to feedback for making personal improvements, write leadership development consultants Jack Zenger and Joseph Folkman. Good leaders embrace creativity and innovation, and possess a high level of interpersonal communication skills.
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