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The director of the Consumer Financial Protection Bureau told a fintech audience Thursday that banks need to make it easier for consumers to switch accounts, and should make lending decisions with less reliance on credit scores.

The de novo institution is offering treasury management and depository services to the fragmented nail-and-beauty segment. Management has hopes this will bolster its relationship banking and liquidity.

Mark L. Clifford is the president of the Committee for Freedom in Hong Kong Foundation and the author of "Today Hong Kong, Tomorrow the World: What China's Crackdown Reveals About Its Plans to End Freedom Everywhere."

The financial institution has released a series of new products in response to a slew of competitors pursuing corporate treasury management clients.

The Florida lender hired corporate bankers in New York City who had previously worked at First Republic Bank, which collapsed last week.

Speaking before the International Swaps and Derivatives Association's annual meeting, Treasury Undersecretary for Domestic Finance Nellie Liang said liquidity and interest rate risk in the banking sector is being managed, but said fears of risk mounting in the nonbank sector are a source of concern.

The Federal Reserve Board governor said adopting policies on climate change are not necessary and risk hurting the central bank's credibility.

The Federal Deposit Insurance Corp. board voted 3-2 to propose a special assessment of 0.125% on banks with uninsured deposits over $5 billion.

House Financial Services Committee's Oversight and Investigations Subcommittee Republicans tried to pin down the Government Accountability Office on Federal Reserve criticisms, while Democrats stressed debt ceiling worries.

While the central bank's reverse-repurchase facility generally works to stabilize the financial system, under certain circumstances it would spark a rapid flow of deposits out of banks. A growth cap would prevent that problem.