Bitcoin warning, future of GSEs, CFPB data freeze: Top stories of the week

January 12, 2018 2:48 PM

Cryptocurrencies continue to dominate the news, with a warning on bitcoin taking the top spot for readers and a story about Ripple's partnership with MoneyGram doing well. Housing finance reform, Wells Fargo and the CFPB also featured.

Senator Mark Warner, a Democrat from Virginia and ranking member of the Senate Intelligence Committee, makes an opening statement during a hearing in Washington, D.C., U.S., on Wednesday, June 7, 2017. Director of National Intelligence Daniel Coats told associates in March that U.S. President Donald Trump had asked him to intervene with then-Federal Bureau of Investigation Director James Comey to get the FBI to back off its focus on former National Security Adviser Michael Flynn and Russia probe, the Washington Post reported yesterday. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

'We are about to be overwhelmed by bitcoin,' senator warns

Sen. Mark Warner, D-Va., said Tuesday that policymakers need to take a hard look at cryptocurrencies. Senate Banking Chairman Mike Crapo agreed the issue was ripe for a hearing.

(Full story here.)

6 critical questions as housing finance reform heats up

The Senate Banking Committee is expected soon to release a bipartisan bill that would significantly reshape the housing finance market, but key issues remain unresolved.

(Full story here.)

An "Echo Dot" device, left, and an "Echo" device stand on display during the U.K. launch event for the Amazon.com Inc. Echo voice-controlled home assistant speaker in London, U.K., on Wednesday, Sept. 14, 2016. The Seattle-based company today announced that its Echo product line will be available in the U.K. and Germany starting in the fall, the first time the gadget will be available outside the U.S. Photographer: Luke MacGregor/Bloomberg

Luke MacGregor/Bloomberg

One virtual assistant to rule them all? Bankers already getting prepped

U.S. Bank, Bank of America and other firms are looking toward the day when the ultimate virtual assistant arrives, one capable of being personalized and working on any device.

(Full story here.)

A man uses a Wells Fargo ATM inside a branch in New York.

A man uses a Wells Fargo & Co. automated teller machine (ATM) inside a bank branch in New York, U.S., on Tuesday, July 12, 2016. Wells Fargo & Co. is scheduled to release earnings figures on July 15. Photographer: Eric Thayer/Bloomberg

Eric Thayer/Bloomberg

Capital One names new chief risk officer, general counsel

The McLean, Va., company said that the personnel moves were unrelated to either its financial performance or its risk performance.

(Full story here.)

What bankers need to know about Meltdown, Spectre chip flaws

The widespread nature of the threat (most computer chips are vulnerable) and the reality that banks are always juicy targets mean bank officials must take a series of protective actions as soon as possible.

(Full story here.)

MoneyGram pilot is important real-world test for Ripple's payments plan

The San Francisco startup behind the cryptocurrency XRP claims it can send money around the world faster, cheaper and with greater transparency.

(Full story here.)

Senator Elizabeth Warren, a Democrat from Massachusetts, listens during a Senate Health, Education, Labor and Pension Committee nomination hearing for Alex Azar, secretary of Health and Human Services (HHS) nominee for U.S. President Donald Trump, not pictured, in Washington, D.C., U.S., on Wednesday, Nov. 29, 2017. Senators grilled Trump's selection to lead the U.S. Department of Health and Human Services about his close ties to the pharmaceutical industry and plans tackling high drug prices. Photographer: Eric Thayer/Bloomberg

Eric Thayer/Bloomberg

Warren grills CFPB head over data collection freeze

Sen. Elizabeth Warren, D-Mass., is asking acting CFPB Director Mick Mulvaney to account for recent directives limiting agency staff members' ability to access or acquire electronic data, saying the moves hamper critical agency operations.

(Full story here.)

Co-working location at a Silicon Valley Bank office in San Francisco.

Shared office space becomes marketing hook for banks

A number of banks, especially those with extra real estate on their hands, are trying to capitalize on the co-working craze to appeal to fledgling companies that could become success stories — and their customers.

(Full story here.)

CECL compliance dragging small banks toward automation

Despite impending data requirements, many small banks are still struggling with automating loan risk calculations.

(Full story here.)