Kevin Wack

The president's vow to come down hard on the San Francisco bank fans a debate about the independence of regulatory agencies such as the CFPB.

The short-term loan industry is suddenly playing offense in Washington following Mick Mulvaney's appointment as acting head of the Consumer Financial Protection Bureau.

The president wrote Friday on Twitter that penalties against the San Francisco bank will be maintained, or possibly strengthened. The comments are likely to fuel a growing controversy about the independence of federal financial regulators.

A whistleblower charges that during the Obama administration, Treasury's Office of Financial Research manipulated information that it provided during a review by the Governmental Accountability Office.

The central bank should take new steps to ensure that examiners do not become too cozy with the big banks they supervise, a government watchdog said.

Critics argue that the consumer bureau's independence is being undermined, and they worry that a precedent is being established that could hamper the autonomy of other U.S. financial regulators.

The 2018 gubernatorial race will be watched closely both by bankers and consumer advocates to see whether Cordray's leadership of the Consumer Financial Protection Bureau becomes a campaign asset or a liability.

The nomination of Jelena McWilliams to chair the Federal Deposit Insurance Corp. moves the Trump administration one step closer to completing its team of regulatory appointments in its push to undo former President Obama's post-crisis policies.

Jiko hopes to convince consumers that their funds will be safe in Treasury bills, while also generating higher returns than they would in traditional bank accounts.

The $1.9 trillion-asset bank has been facing pressure to shake up a board that failed to head off a reputation-scarring scandal.