Banks face a barrage of lawsuits related to credit reports; the winners and losers from the stress test
American Banker
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
Surge in credit report lawsuits has banks, credit agencies scrambling: Banks and financial institutions face a barrage of lawsuits from consumers alleging they failed to investigate inaccurate information on a credit report. Industry blames the uptick in litigation on social media sites and the proliferation of credit repair companies.
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Large and regional banks again proved their resiliency in the Fed's annual exams. But analysts noted that a few lenders faced some negative surprises — a development that may scuttle investor hopes for share buybacks by those banks.
The Consumer Federation of America and Consumer Reports sent a letter to the Consumer Financial Protection Bureau urging it to require banks to search for less discriminatory models. Later the same day, the CFPB issued a report saying it's doing just that.
When TD Bank launched an audio brand identity across its communication channels early this year, the new jingle triggered a surprising reaction from consumers using the firm's ATMs.
VersaBank plans to use the one-branch Stearns Bank Holdingford in Minnesota as a platform to expand a lucrative niche business acquiring loan and lease receivables from point-of-sale lenders.