Bad News for Wells, HomeStreet, Banc of California, Citi, and Others; CFPB Advisory Spots Open

Posted To: Pipeline Press

Depository banks know that, per the AARP, more than 67% of US assets are controlled by individuals age 50+, with this group representing more than 67% of all bank deposits. If you don't think that lenders view reverse mortgages as a growth industry, you're wrong – it may be the last chance to lend to this generation, right? There is a lot of bank M&A going on and it is not always confined to banks: Fifth Third Bank ($141B, OH) will acquire Retirement Corporation of America (RCA), a registered investment adviser providing retirement education & planning nationwide. HomeStreet Bank ($6.2B, WA) has agreed to pay $500,000 to settle SEC charges of improper hedge accounting violations, including unsupported adjustments to effectiveness testing that led to more favorable...(read more)

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