BankThink

"Rent-seeking" is a widely recognized economics term that refers to when people or groups try to obtain economic benefits for themselves through a subsidy in the political arena. In Washington, the term has special significance. Special-interest groups regularly try to gain subsidies by securing a special regulation that disadvantages competitors.

With the risk-taking culture at big banks — including that which contributed to the Wells Fargo fiasco — it's a good thing the House bill to weaken Dodd-Frank will never become law.

New recommendations by the Federal Reserve Board are a crucial step in the direction of much-needed restructuring of the U.S. financial sector.

Receiving Wide Coverage ...Blame game: Wells Fargo CEO John Stumpf and CFO John Shrewsberry both tried to deflect blame for the company's phony accounts scandal. In an interview with the Wall Street Journal, Stumpf "appeared to lay blame for the problems with the employees involved than with any flaw in Wells Fargo's systems or culture."

Nearly a year after the October 2015 liability shift, a mere 17% to 37% of all US merchants have adopted EMV POS terminals.

As the Consumer Financial Protection Bureau proposes new small-dollar lending rules, it has also sought comment on an alternative plan that would open the door to banks providing more lower-income credit solutions.

While the retail lobby won in the political arena and successfully decreased its costs through price-fixing, the biggest loser in this situation was the American consumer.

With new fintech investments tapering off and banks starting to get the hang of digital innovation, young companies need to take a hard look at their business models.

Receiving Wide Coverage ...Stumpf to the Hill: The Senate Banking Committee plans to question Wells Fargo CEO John Stumpf as pressure on the bank grows in light of the unauthorized accounts scandal. Several Wells executives are scheduled to brief panel members Tuesday prior to the hearing, which is scheduled for September 20. "Clearly there is a disconnect between whatever Mr. Stumpf was telling the public and what was actually going on at Wells Fargo — and that's putting it politely," Andrew Ross Sorkin writes in the New York Times DealBook section.

It is inevitable that the masses will adopt cryptocurrencies.