The Federal Reserve Bank of Minneapolis president thinks that regulators should take caution, or they could give nonbanks the upper-hand. According to Kashkari, high capital requirements could cause banks to restrict lending and hurt the economy.
Given this quickly changing environment, where the rules can change overnight and companies can be held accountable for errors made before the change, very few companies have any reason to feel secure.
Major lenders and regulators are working hard to find common ground when it comes to home loans to lower-income Americans. As talks continue, the percent of federal Housing Administration loans given to borrowers with weaker credit scores is dropping.
The Consumer Financial Protection Bureau opened a new job for an investigator at its headquarters. On top of making around $100,000 to $150,000, the individual would also get up to 49 days off per year.
Despite a lot of topics on the plate of the Financial Services Committee to debate, they could not seem to get away from the discussion of the Consumer Financial Protection Bureau. This being just one of the several topics discussed.
Gentleman bank robber Willie Sutton is famously (and incorrectly) remembered for saying he robbed banks “because that’s where the money is.” Turns out though, the real money is in being a bank regulator.
Before Mel Watt could even get his name plate on the door as head of the Federal Housing Finance Agency, top federal regulators are already urging him to end contributions to the National Housing Trust Fund and the Capital Magnet Fund.
The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.
In May of 2016, Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.
A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.