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Funding for SBA-backed loan pools dries up

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A program that lets firms bundle Small Business Administration loans is on hold while Congress spars over a new budget. The impasse is causing headaches for banks that rely on loan sales for fee income.

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BofA's Moynihan urges Congress to act on second federal stimulus

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Speaking at an investor conference, Bank of America's CEO said that additional aid is needed to help consumers, businesses, nonprofits and local governments ride out the pandemic.

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General Motors faces 'big task' in building a bank: Ally CEO

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The automaker is reportedly planning to apply for a bank charter so it could collect deposits and grow its own auto-finance business. That could create more competition for Ally, which was spun off from GM in 2006 but remains a key lending partner.

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Extension of Fed facility could spur more PPP loan sales

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The end date for the Paycheck Protection Program Loan Facility was moved from Dec. 31 to March 31, giving lenders more time to line up the liquidity needed to buy and sell portfolios.

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A Biden CFPB could put pressure on mortgage servicers

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The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.

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The new challenger banks: 'A lot of these are going to fail'

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Fintech success stories have encouraged investors to back more startups, but newcomers will be hard-pressed to attract enough customers to compete while keeping expenses down.

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In Georgia Senate runoffs, banks go all in for Republicans

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Banking trade organizations are usually cautious about making endorsements. But with Democrats winning the White House and control of Congress on the line in the two races, some groups are pouring in cash for the GOP candidates.

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Biden win gives Maxine Waters a power boost

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The head of the House Financial Services Committee is already exerting influence by handing the president-elect a laundry list of Trump regulatory policies that she wants the incoming administration to reverse.

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Supreme Court hints FHFA's Calabria could keep job after all

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Many have assumed the high court would rule that presidents can fire the Federal Housing Finance Agency director at will. But during oral arguments in a case challenging the agency's structure, some justices suggested they could stop short of such a decision.

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CFPB finalizes overhaul of mortgage underwriting rules

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CFPB finalizes overhaul of mortgage underwriting rules
The consumer bureau's revamp of criteria for "qualified mortgages," a special regulatory class of loans free from liability, emphasizes pricing instead of a borrower's debt-to-income ratio.

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