The API race, CFPB vs. Citizens, Varo's bank charter: Top stories of the week

February 14, 2020 4:58 PM

Foundation exec returns to Citi after 6 months at Wells Fargo

Brandee McHale will be president of the Citi Foundation and oversee the company's community development, inclusive finance and impact investing teams.

(Full story here.)

Wells Fargo escalates the API race

When it comes to customers using application programming interfaces, the bank appears to be outpacing its rivals.

(Full story here.)

Big mortgage lenders are flirting with disaster

Banks' lowering of origination fees and loosening of underwriting standards often foreshadow a downturn.

(Full story here.)

Wells Fargo hires another JPMorgan exec as shake-up continues

Mike Weinbach will lead consumer lending as part of a reorganization that will change the responsibilities of three longtime bank executives.

(Full story here.)

CFPB's unexpected showdown with Citizens

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The agency's lawsuit against the Rhode Island company — the first involving a bank under Director Kathy Kraninger — has challenged assumptions about its approach to enforcement.

(Full story here.)

Varo gets vital FDIC OK for bank charter

It was Varo's second try with the Federal Deposit Insurance Corp., but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators.

(Full story here.)

Synovus hires former Regions execs to form affordable housing business

The additions come as the Georgia regional looks to maintain momentum in commercial lending.

(Full story here.)

California governor to fintechs: Forget Utah. Be an ILC here.

Gavin Newsom's proposal to create a consumer watchdog modeled after the CFPB includes a provision that would make it easier for upstart financial firms to obtain industrial loan charters.

(Full story here.)

Why the Fed is taking an incremental approach to faster payments

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To address immediate market demand but allow time for the project to be done right, the official leading implementation of FedNow says the central bank envisions an initial release in 2023 or 2024 followed by subsequent updates.

(Full story here.)

Leveraged loans take center stage in upcoming stress tests

Regulators are alarmed about banks' rising exposure to high-risk corporate credits and want more data on how they would perform in a recession.

(Full story here.)

Licenses and charters

Faster payments

Leveraged loans

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