CFPB's payday rule revamp, Fiserv-First Data deal, shutdown impact: Top stories of the week

January 18, 2019 3:33 PM

Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB) nominee for U.S. President Donald Trump, listens during a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Thursday, July 19, 2018. Kraninger, a little-known official who has worked for the White House's Office of Management and Budget (OMB) since March 2017, is poised to succeed her boss Mick Mulvaney as director of the CFPB. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

CFPB to scrap key underwriting portion of payday rule

The agency is expected soon to propose a revamp of the 2017 regulation that would eliminate the ability-to-repay provisions, which small-dollar lenders saw as a direct threat to their business.

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Fiserv-First Data: Why small banks fear big fintech

The large core banking software vendors are already criticized as large and slow-moving. Consolidations like these are only likely to make them more so.

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Jeffery Yabuki, president and CEO of Fiserv.

Jeff Yabuki, president and chief executive officer of Fiserv Inc., speaks during the Money 20/20 conference in Las Vegas, Nevada, U.S., on Wednesday, Nov. 5, 2014. The conference, which includes over 100 sessions and 500 speakers, explores the evolution of payments and financial services and the innovations that are driving trends in the mobile, retail, marketing services, data and technology sectors. Photographer: Jacob Kepler/Bloomberg *** Local Caption *** Jeff Yabuki

Jacob Kepler/Bloomberg

Fiserv buying First Data in $22 billion deal to build fintech scale

Fiserv will acquire First Data in an all-stock deal with a value of about $22 billion that will combine two of the financial services industry's largest technology and processing companies.

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Demonstrators hold signs in Boston during a protest against the government shutdown.

Banks, credit unions help federal workers hurt by shutdown

Financial institutions of all sizes are offering low- or zero-rate loans, waiving fees and making other arrangements to aid federal workers — a practice that regulators officially blessed on Friday, the 21st day of the closing of many U.S. agencies.

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Provision for loan losses at JPMorgan Chase over the last three years.

Is Jamie Dimon warning of a downturn?

Loans grew 6% at JPMorgan Chase, but the bank is "not going to be stupid" and assume that will last forever, its CEO says. Here are some precautionary steps it's taking.

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Representative-elect Alexandria Ocasio-Cortez, a Democrat from New York, smiles after a group photo with the 116th Congress outside the U.S Capitol in Washington, D.C., U.S., on Wednesday, Nov. 14, 2018. Congress returns to work this week with Democrats and Republicans promising to work together to avert a partial government shutdown and pass a handful of other bills, though President Donald Trump's demand to fund his border wall could blow up their plans. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Ocasio-Cortez's disruptive spotlight could soon be turned on bankers

The freshman congresswoman will likely join the Financial Services Committee, where she could use her populist momentum to bring criticisms of the country's biggest banks even further into the mainstream.

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Square's new debit card poses big threat to banks

Square's new card for business owners does something very bold with debit — and very troubling for banks.

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Andy Harmening is Senior Executive Vice President, Consumer and Business Banking Director for Huntington Bancshares

Huntington building AI into digital advice tools

Its savings, budgeting, spending and goal-setting tools, combined with artificial intelligence to add smart insights and advice, are a good example of how regional banks are trying to distinguish their mobile products from those of bigger banks with larger tech budgets.

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Anti-Brexit demonstrators hold European Union and British Union flags outside of the Houses of Parliament in London on Jan. 15, 2019.

Hard Brexit is a systemic risk to U.S. banks

A no-deal Brexit could throw the international swaps market into disarray in a way that could be difficult to predict, and could have dire consequences for U.S. banks and the world economy.

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Comptroller of the Currency Joseph Otting

Joseph Otting, comptroller of the U.S. currency, listens during a swear-in ceremony at the U.S. Treasury in Washington, D.C., U.S., on Monday, Nov. 27, 2017. Otting, a former OneWest Bank Group chief executive officer, won Senate approval this month to lead a key U.S. bank regulator, further clearing the way for the Trump administration to roll back Wall Street regulations. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

FHFA will no longer defend agency's constitutionality in court

A federal appeals court ruling that found the leadership structure of the FHFA unconstitutional will face an "en banc" review later this month.

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