Organization Root Tag

The Trump administration should not name J. Mark McWatters as head of the consumer agency, given his lack of experience overseeing commercial banks and his leadership of the National Credit Union Administration, a cheerleader for the industry it supervises.

Agency plans to address issues and regulation of cybercurrencies; OCC says the bank failed to fix problems cited in a 2012 consent order.

Banks still have advantages in the battle against big tech firms like Amazon and Facebook, but they will need to capitalize on those to survive.

Customers saw transactions recorded multiple times and experienced drained accounts and long hold times. It’s a warning to all financial institutions as they head further into mobile-only banking — glitches are more visible and painful and need to be addressed faster than ever.

The OCC said Thursday that the bank has yet to fully meet the conditions of a 2012 consent order requiring it to address problems in its Bank Secrecy Act and anti-money-laundering compliance programs.

The recently enacted tax reform bill is likely to encourage more consumers to rent instead of buy and tamp down the rapid rise in home prices.

In adding Martin Pfinsgraff, until recently the OCC's deputy comptroller for large-bank supervision, and retired Air Force Brig. Gen. Linda Medler, a cybersecurity expert, the regional bank says it is trying to build a board with expertise in fields of timely interest.

The people-helping-people model proffered by LendingClub and others quickly foundered, but several startups aim to bring it back with the help of distributed ledger technology.

Sen. Sherrod Brown called on the Trump administration to support the Consumer Financial Protection Bureau's enforcement action against PHH Corp., which agreed to a $45 million settlement this week related to foreclosure abuses.

The banking industry braced for big changes with the election of President Trump, but the financial reform law has proven its staying power over the past year.

Ant Financial, the internet finance behemoth controlled by billionaire Alibaba founder Jack Ma, has apologized for roping unsuspecting users into its fledgling but fast-growing credit-score system.

Billionaire’s bid to buy MoneyGram is his latest setback trying to crack the U.S. market; banks want to stick with FICO while nonbanks want to use VantageScore.

The railroad industry executive will replace Raymond Fortin as general counsel.

Merchants need to ensure they are poised and ready for a growing market of digital consumers, write Michael Mertz and Rich Wheeler from CardConnect.

Merchants have been challenging surcharge bans in numerous states on free-speech grounds. They have the wind at their backs following another court victory on Wednesday.

American Express Co. said it expects recently passed changes in U.S. tax laws will reduce fourth-quarter earnings by about $2.4 billion, resulting in a net loss for the period.

The Senate Banking Committee's first hearing of 2018 will focus on anti-money-laundering efforts and counter terrorist financing, which could be a precursor to legislative reforms.

More than 100 pending Trump administration nominees, including Fed Chair-designate Jerome Powell, must update their financial disclosures and have the White House resubmit their names for consideration by the Senate.

After a six-month transition period, Mark Midkiff will succeed Bill Hartmann later this year.

PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to 2012. The settlement comes as the nonbank mortgage company continues its legal challenge to a separate regulatory action by the CFPB.