Some developments in banking not related to Vikram Pandit for your consideration:
- The Consumer Financial Protection Bureau is considering providing lenders a "legal shield" against future litigation if the banks make "qualified" loans, The WSJ reports.
- NY Fed President William Dudley is worried about "concentration of mortgage origination volumes at a few key financial institutions."
At issue here is the fact that banks aren't "passing through" the zero interest rates being granted by the Fed. Sure, mortgage rates are at or near record lows but have you tried to get a mortgage lately? If you don't have stellar credit score and a big down payment, it's nearly impossible to get a loan these days; and even then, it ain't easy.
Of course, nobody wants banks going back to the days of granting loans to anyone who can fog a mirror, but both the CFPB and Dudley areRead More »from Free Money Isn’t Enough? Banks Seek More Help Before Lending