Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary.
Bank of America and several other large U.S. financial services companies, as part an effort organized by the Thomson Reuters Foundation and Western Union, have published resources to help smaller banks spot signs of forced labor and kidnapping.
The Securities and Exchange Commission moved to require states and local governments to disclose bank loans and privately placed debt, seeking to address concerns that bondholders are being left in the dark about a fast-growing segment of public finance.
A Florida politician who has run a pro-medical marijuana campaign said Wells Fargo closed her account over her ties to the industry, adding that the incident was an example of the challenges legal cannabis businesses face from the U.S. financial system.
When Equifax disclosed its enormous data breach that exposed the personal information of some 143 million people, the reaction of many consumers and corporate executives was similar and familiar: our data is at risk at all times and the less access we give to others the better. But that's precisely the wrong lesson.
Top U.S. housing regulator Mel Watt is privately reassuring people close to him that he will keep his post as authorities investigate an employee's claims of sexual harassment. Now, his accuser is heightening the pressure — speaking out publicly for the first time.
President and CEO
National Association of Federally-Insured Credit Unions
The banking industry has been raising alarms about the growth of a few credit unions, but the critiques ignore the vast size differences between the two sectors and the tremendous growth banks have seen since the crisis.
The president's suggestion that public companies report financial results twice a year instead of quarterly might win nods of approval from CEOs, but it’s unlikely to fly with investors. Still, there’s room for reforms to reporting practices, some backed by prominent bankers.
The Community Reinvestment Act can lower — not increase — bank credit availability in some low-income regions, and the OCC should reconsider holding fintechs to the same standards with its new charter.
The widely held belief that application programming interfaces are the key to banking’s future rests on the many ways early adopters are experimenting with the technology. But security and privacy concerns are still leading many in the industry to hold back.