© 2024 Arizent. All rights reserved.

As CFPB mulls privatizing database, consumer complaints mount

AB-051019-CFPB
The Consumer Financial Protection Bureau received over a quarter-million complaints in 2018, according to analysis by an advocacy group that urged the agency to maintain public access to its database.

(Full story here.)

Don't let AI become a black box

artificial-intel.jpeg
Artificial intelligence Machine Learning Business Internet Technology Concept.
Sikov - stock.adobe.com
Banks must remain accountable for their use of artificial intelligence by continuing to employ a level of human oversight.

(Full story here.)

How some banks are luring talent from big tech

AB - agile (2).jpeg
Most financial institutions can't compete on pay, but there are other advantages they can offer, including agile development.

(Full story here.)

Fintech executive sworn in as California's top financial regulator

Manny Alvarez
Jesus Marez
Manuel Alvarez, who became commissioner of the Department of Business Oversight on Monday, is the former general counsel and chief compliance officer at the online lender Affirm.

(Full story here.)

Florida's top bank regulator placed on leave after sexual harassment complaint

Ronald Rubin, head of Florida banking department
State officials are looking into a sexual harassment complaint filed against Ronald Rubin, Florida's recently appointed top banking regulator.

(Full story here.)

CFPB official under fire for past writings on race resigns

Eric Blankenstein, head of CFPB enforcement
Eric Blankenstein, the CFPB's policy director for supervision, enforcement and fair lending, has been criticized for using a racial slur in blog posts 15 years ago and claiming the majority of hate crimes were hoaxes.

(Full story here.)

Did BNY Mellon violate 'code of conduct' in dealings with a community bank?

BNY Mellon
Signage is displayed on the exterior of a Bank of New York Mellon Corp. office building in New York, U.S., on Thursday, July 12, 2018. The Bank of New York Mellon Corp. is scheduled to release earnings figures on July 19. Photographer: Bess Adler/Bloomberg
Bess Adler/Bloomberg News
The New York bank says it acted appropriately in withholding the collateral on a loan to a developer that First Foundation Bank later refinanced. First Foundation's CEO begs to differ.

(Full story here.)

CFPB opens door to rewrite of 2009 overdraft rule

CFPB headquarters
Pedestrians walk past the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Tuesday, March 5, 2019. House Financial Services Committee Chair Maxine Waters will hold a hearing this week on the semi-annual review of the CFPB. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
The agency launched a review to gauge whether the regulation requiring consumers to opt in to overdraft protection "should be amended or rescinded" to minimize the effects on smaller financial institutions.

(Full story here.)

What's behind the rise in credit card delinquencies

AB-051419-DEBT (2).png
It's no coincidence that with more than half of consumers ages 20 to 29 now holding credit cards — up from 41% in 2012 — 90-day delinquency rates are at a seven-year high, according to the New York Fed.

(Full story here.)

The Medicis are back, and starting a U.S. challenger bank

Details on Medici Bank
The Italian family that founded a bank in the 14th century and pioneered branches and letters of credit is now setting up a tech-forward, crypto-friendly disruptor in the United States.

(Full story here.)
Data transparency Artificial intelligence Recruiting Overdrafts Delinquencies Disruptors CFPB BNY Mellon
MORE FROM AMERICAN BANKER