Polo Rocha
NationalMortgageNews
Washington, DC, United States
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Past articles by Polo:
Fed's Cook eyes more hikes to reach 2% inflation target
Markets are beginning to price in a higher federal funds rate target as Federal Reserve officials hint at more restrictive policies to tamp down inflation. → Read More
Goldman to exit personal loans as Marcus reshuffle continues
Goldman Sachs provided more details on its pullback from its once-grand ambitions to expand into consumer finance. Though parts of that strategy will remain, the New York bank will halt its personal loan business and postpone offering a checking account for its wealth management customers. → Read More
'We aren't being recognized': Workers' union bid at one financial institution
Employees of a Lake Michigan Credit Union branch say they're fighting to organize after upper management failed to respond to their complaints about pay disparity, COVID-19 benefits and more. → Read More
Banks, credit unions at various stages of recovery from Ian
Financial institutions of all sizes — from JPMorgan Chase to SouthState to Fairwinds Credit Union — have reopened many branches, rolled out mobile banking units as well as reemployed pandemic-era digital and loan-forgiveness strategies in parts of Florida and South Carolina devastated by the powerful hurricane. → Read More
Supply chain finance gains steam amid pandemic disruptions
Lenders are extending credit to corporate suppliers, helping them get paid earlier and keeping goods flowing. But the growth in the sector carries certain risks, too. → Read More
Capital One pulls back on auto loans due to competitors' ‘aggressive’ prices
The McLean, Virginia, company is starting to “trim around the edges” of its auto portfolio, CEO Richard Fairbank said. That move stands in contrast with Capital One's leaning into its credit card business, which helped push marketing spending above $1 billion. → Read More
Wells Fargo’s new rewards card is latest move in lagging unit’s revamp
Wells Fargo has historically underperformed its competitors in the credit card business. The Autograph card, which offers triple points for travel, dining and gas, is part of CEO Charlie Scharf’s effort to compete more effectively. → Read More
California AG: Local prosecutions of national banks should continue
District attorneys in the Golden State are tangling with Credit One Bank over its debt-collection practices. The bank says the prosecutors have overstepped, but Democratic Attorney General Rob Bonta argues that the legal action should continue. → Read More
Banks, credit unions struggle with branch staffing amid COVID surge
Branches across the country have closed temporarily, or switched to drive-thru service, as infections and quarantine rules have forced many bank workers to stay home. → Read More
Oportun buying challenger bank Digit for $213 million
Acquiring the company, which has a namesake savings app, would allow the Silicon Valley lender to accelerate its plan to offer more consumer banking services. The deal comes less than six weeks after Oportun withdrew its application for a bank charter, which it plans to refile. → Read More
The demise of branches is overstated, big-bank executives say
Even as the pandemic has hastened adoption of digital banking, industry officials say branches remain vital points of contact with consumers. → Read More
What's on the minds of big-bank CEOs
During third-quarter earnings calls, Bill Demchak of PNC raised concerns about stablecoins, while Jane Fraser of Citigroup pledged that there will be accountability for fixing her company's regulatory troubles and Jamie Dimon of JPMorgan Chase sounded downbeat about the Biden-era regulatory environment. → Read More
What FSOC's climate risk report means for banks
The Financial Stability Oversight Council's guidelines for regulators avoided measures that banks feared such as fossil fuel loan limits and rigid new stress tests. But the panel is recommending rules that would require financial institutions to disclose their exposure to global warming. → Read More
Wells Fargo promotes Kristin Lesher to head of middle-market banking
Lesher, previously the company’s head of middle-market banking operations on the East Coast, takes over as Wells is making technology investments in the unit. → Read More
Ally makes new run at credit card business with $750 million deal
The auto lender’s acquisition of Fair Square Financial would diversify its consumer product lineup. The pandemic derailed its last effort to buy a card company. → Read More
First Horizon won’t weaken standards to boost loan growth, CEO says
The Tennessee company, which reported 1% linked-quarter loan growth, has sought to “protect the integrity of the balance sheet” and has a strong pipeline of commitments. → Read More
Growth-hungry banks see opportunity in home renovation boom
Goldman Sachs, Truist and Regions have all made deals to acquire home improvement lenders. Here's why their executives are so bullish on the sector. → Read More
Regional banks see signs of life in commercial lending
At Fifth Third, Synovus and Zions, third-quarter loan growth and improved outlooks indicate that businesses are finally more open to borrowing. Industrywide data further suggests “a much hoped-for rebound” has begun, according to analysts at Piper Sandler. → Read More
Capital One to buy health care investment bank TripleTree
The bank, which acquired General Electric’s health care lending business in 2015, is looking to expand its presence amid a merger boom in the sector. → Read More
Wells Fargo's latest regulatory stumble puts CEO in hot seat
Charlie Scharf faced tough questions Thursday in the wake of a recent $250 million fine. Analysts did not get the clarity they sought on how much longer the bank will be constrained by a three-year-old consent order with the Fed. → Read More