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Economic Recovery Faces Generational Challenges
Soaring student loans and the reluctance of Millennials to own houses and cars threaten to define the entire generation and put them behind - as a whole - throughout their lives, a chief economist at Equifax said.
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R.I.P.? Overdrafts are "probably not going to be a growth area" for Zions, CEO Harris Simmons (left) said. Customers Bancorp, whose CEO, Jay Sidhu calls overdrafts "nuisance fees," says it has a high-tech alternative.
Regulators are turning up the heat on overdraft fees and, increasingly, so are banks. more »
The Consumer Financial Protection Bureau issued a report Tuesday highlighting illegal actions uncovered from supervising the student loan servicing market. more »
Overall, U.S. residential properties - including single-family homes, condominiums and townhouses - sold at an estimated annual pace of 4.4 million in September. more »
Fannie Mae reached a $170 million lawsuit settlement Friday to resolve allegations that it defrauded shareholders by making misleading statements about its risk management, mortgage exposure and overall finances. more »
WASHINGTON — Risks posed by rising interest rates are once again a top theme in stress test scenarios released by the Federal Reserve Board on Thursday. more »
Bloomberg News
UNOFFICIAL END? Benjamin Lawsky, superintendent of New York's Department of Financial Services, has not made a formal decision on Wells Fargo's sale of mortgage-servicing rights to Ocwen, but observers said his latest crackdown on Ocwen could spell doom for the deal.
Mounting regulatory and political problems may prevent Ocwen Financial from completing its purchase of $39 billion in mortgage-servicing rights from Wells Fargo. more »
FORCES OF DRAG: Zions has "tightened the belt on some kinds of loans that exhibit high losses," CEO Harris Simmons said. Meanwhile, struggles among Regions Financial's small-business customers have caused its growth to be "more muted," CEO Grayson Hall said.
Regional bank executives are tinkering with ways to accelerate loan growth yet avoid risks that would alarm regulators. more »
Consumer credit default ranks showed an uptick in September, according to the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults. more »
"Private student loans far outperform federal loans," said the CBA's Steve Zeisel
WASHINGTON — To hear the Consumer Financial Protection Bureau tell it, the private student loan market is a mess, filled with angry borrowers many of whom claim to have been taken advantage of by banks and servicers. more »
Foreclosure filings increased in the third quarter but were down on a monthly basis, according to RealtyTrac’s latest Foreclosure Market Report. more »
"This case is really about what is a regulation," said one expert.
WASHINGTON — A long-running battle between the Mortgage Bankers Association and the Labor Department is headed for the Supreme Court in December and the outcome could have a significant impact on banks and other mortgage lenders. more »
"It is troubling then that banks or credit unions may use a credit report to exclude some consumers from these basic financial services," said CFPB Director Richard Cordray.
WASHINGTON — The Consumer Financial Protection Bureau is raising questions about the policies and data banks use to vet consumers before allowing them to open a checking account. more »

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