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Community West Bancshares in Goleta, Calif., is continuing to find ways to buy back stock it issued through the Troubled Asset Relief Program.
October 9 -
The old taboo against loan purchases is being quietly broken, as small and regional banks with excess liquidity chase higher yields and find a common interest with banks that need to drain some assets.
September 18 -
The CFPB wants to expand banks' data reporting requirements under the Home Mortgage Disclosure Act. But this would impose even greater costs upon local financial institutions that are already overburdened by regulation.
March 20
Community West Bancshares in Goleta, Calif., said that a litigation settlement concerning its sale of residential-mortgage loans will reduce its second-quarter profit.
The $572 million-asset Community West on Friday said it has agreed to pay $7.5 million to settle claims by Residential Funding Co. in Minneapolis that
The settlement will reduce Community West's second-quarter net income by $4.2 million, and reduce earnings per share and book value per share by 51 cents. Community West said insurance will recover some of the loss.
CWB's Tier 1 leverage ratio as of March 31, adjusted for the settlement, would have been 10.97%.
Residential Funding has filed similar lawsuits against other banks, which remain pending in courts in New York and Minnesota.
