Regulation

Republicans were able to use an obscure legislative process to overturn a rule that banks and credit unions feared would raise their litigation costs.

The GOP appears to have barely enough votes to roll back the contentious CFPB rule, and floor debate was expected to begin Tuesday with a final vote possible at any time. But victory was not assured, and the fallout could be significant for all sides.

For community bankers, the current environment is more challenging than ever, with high regulatory burden and tough competition. Four bank CEOs sat down to discuss the future of the industry, and what they are hoping may change.

Steve Wozniak indicated that he'd like to see the Silicon Valley behemoth continue to partner with banks, rather than applying for its own charter.

Top executives at nineteen regional banks sent a letter to the Senate Banking Committee endorsing a bill that would change the systemically important financial institution threshold from $50 billion in assets to an indicator test.

Federal Housing Finance Agency Director Mel Watt said the agency is poised to examine alternatives to how a Fannie Mae and Freddie Mac assess creditworthiness of home buyers, including seeking public comment on the issue later this fall.

British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.

Though they won’t name names, fintech leaders claim tier-one U.S. banks string them along, fail to communicate, don’t pay anything and, worst of all, out-and-out steal intellectual property.

The Consumer Financial Protection Bureau made it clear that consumers own their financial data and can share it with apps of their choice. Now it’s up to the industry to resolve thorny issues on liability and accountability.

The Treasury Department released an 18-page report saying the rule would “impose extraordinary costs” including legal fees mostly for lawyers that bring class-action lawsuits.