Banking

April 17, 2014

Bank Watch roundup: BofA in talks on multi-billion settlement

The Charlotte bank is negotiating a resolution of a Justice Department investigation into its residential mortgage-backed securities packaging, the Wall Street Journal reports.

BOFA IN TALKS ON MULTI-BILLION SETTLEMENT: The Charlotte bank is negotiating a resolution of a Justice Department investigation into its residential mortgage-backed securities packaging, the Wall Street Journal reports. Should the discussions fall through, the government would have to decide whether to file a lawsuit. It is unclear whether Bank of America's new $2.4 billion reserve is related to this investigation, though the bank had disclosed it previously.

REPORTS MIXED AT SUPER REGIONAL BANKS: PNC Financial Services increased profits more than 6 percent in the first quarter as it cut costs and set aside less for bad loans, the Wall Street Journal reports. Meanwhile, a declining mortgage business cost U.S. Bank.

BIG BANKS PICK UP BUSINESS LENDING: Across the nation's six largest commercial banks, including Bank of America and Wells Fargo, business lending grew 8.3 percent in the first quarter, the Wall Street Journal reports. That's helping counteract weak mortgage and consumer loan demand.

JOB MARKET STILL NEEDS FED'S HELP: That's what Fed chair Janet Yellen said in her first major policy speech. She said the forecast is only for moderate growth over the next few years.

ERSKINE BOWLES' DAUGHTER-IN-LAW BECOMES MOVEMENT MORTGAGE CFO: Laura Bowles is the first person to fill the position at the company co-founded in Charlotte in 2008 by a former Carolina Panther.

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