CFPB investigating Bank of America over phony accounts
During a probe that grew out of the Wells Fargo scandal, BofA has acknowledged instances of "potentially unauthorized" accounts but said that the number of examples was "vanishingly small."

(Full story here.)
Led by Trump appointee, CFPB is back in the enforcement business
Consumer Financial Protection Bureau (CFPB) enforcement actions
There were signs Kathy Kraninger would continue a rollback of consent orders and investigations, but many observers see an aggressive approach reminiscent of the Obama era.

(Full story here.)
Why fintech rollouts are magnets for fraud
Survey of retail banks about fraud
Hackers go in for the kill when challenger banks and others launch retail products. So the companies are forced to step up their defenses — fast.

(Full story here.)
Banks have upper hand in tech but no room to be complacent
Bank customer satisfaction by age group
The largest financial institutions have a golden opportunity to capture more market share because of the under-40 crowd's decided preference for digital banking, J.D. Power says. Yet so do nonbanks.

(Full story here.)
Comerica searching for a new CFO
Muneera Carr, Comerica's CFO since 2017, will leave in October and James Herzog, who had been the bank's treasurer, will serve as interim CFO until a successor is named.

(Full story here.)
Where banking-fintech partnerships fall short
Fintechs that simply offer cosmetic upgrades to the cumbersome American banking system won't survive.

(Full story here.)
KeyCorp's Beth Mooney to retire next year; Gorman named successor
Keycorp Chairman and CEO Beth Mooney.
Mooney was the first woman to lead a top-20 U.S.-based bank. Gorman, the Cleveland company's vice chairman and president of banking, will replace her on May 1.

(Full story here.)
The derailment of California's payroll advance law
California State Capitol
A first-in-the-nation bill that drew unanimous support from the state Senate failed to get over the finish line this year. What happened?

(Full story here.)
FDIC tries to ease small banks' concerns with capital rule revamp
FDIC Chairman Martin Gruenberg
Regulators have redefined a simplified capital measure for community banks following criticism that their 2018 proposal did not go far enough.

(Full story here.)
CFPB's Kraninger agrees: Her job security is unconstitutional
CFPB Director Kathy Kraninger
The agency's director told congressional leaders and staff that she backs a Supreme Court challenge to the bureau's leadership structure.

(Full story here.)