Wallison presented a chart that compared recovery from the financial crisis of 2008 with that of previous crises and noted that from 2009 until the passage of Dodd-Frank in July 2010, economic recovery was on the same pace as previous recoveries. He contended that recovery began to slow down when Dodd-Frank was signed into law.
Read More »OCC Terminates Foreclosure-Related Consent Order for OneWest
The Office of the Comptroller of the Currency announced the termination of the 2011 foreclosure-related consent order for OneWest Bank, having determined that the bank has satisfied the terms of the consent order.
Read More »Comptroller of the Currency Discusses Regulatory Compliance and Burdens Facing Banks
Comptroller of the Currency Thomas Curry discussed the challenges banks are facing with regulatory compliance and the regulatory burdens faced by smaller institutions in a speech before the New England Council in Boston, Massachusetts, on Friday.
Read More »Appeals Court Revives Suit Challenging CFPB’s Constitutionality
The court ruled unanimously and found the State National Bank of Big Spring "is not a mere outsider asserting a constitutional objection to the bureau" and is subject to the bureau's rulemaking powers,
Read More »Fed Rules Eight Banks to be Held to Minimum Capital Holdings or Surcharges
The nation’s top eight banks will be held to minimum capital holdings or face stiff surcharges, according to a decision made by the Federal Reserve on Monday. The ruling establishes minimum holdings among what the Fed dubs “global systemically important banks,” or GSIBs, the firms with the most risk-based endeavors.
Read More »Higher Net Interest Rate Income Drives Revenue Hike for SunTrust; Comerica Earnings Down
The Q2 2015 net income for SunTrust was $0.89 per average common diluted share compared to $0.78 per share earned in the last quarter, and includes a $0.03 favorable impact by a per share from a discreet income tax benefit.
Read More »Citi and Goldman Sachs Report Substantial Year-Over-Year Growth in Q2
The net income high at Goldman Sachs is mostly credited to the record first half results in Investment Banking and Investment Management. Net revenues for investment banking reached $2.02 billion for Q2, a 13 percent increase from Q2 2014 and 6 percent higher than Q1 2015.
Read More »Earnings Statements Indicate Strong Q2 Results for Chase and Wells Fargo
The net revenue for Chase in Q2, $24.5 billion, was down by 3 percent year-over-year, largely due to a drop in mortgage banking revenue and lower CIB Markets revenue related to business simplification. Chase's mortgage banking net income declined by 20 percent in Q2, down to $584 million.
Read More »OCC: Interest Rates and Compliance Are Among Issues That Pose the Most Risk to Banks
According to the OCC, compliance risks remain high as banks are preparing to comply with new mortgage lending requirements, particularly those in the TILA-RESPA Integrated Disclosure (TRID) rule. The rule is scheduled to be implemented on August 1, but the CFPB has proposed the effective date to be pushed back to October 3.
Read More »Non-Depository Institutions Gaining Higher Share in Mortgage Market
Last year, in terms of dollar volume, non-banks accounted for over 40 percent of total originations, compared to 12 percent in 2010, the report says. Of the 40 largest servicers, 16 were non-banks, making up 20.5 percent of the market and 28 percent of outstanding top-40 servicing balances, compared to 8 percent in 2010.
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