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Statistics on fundraising by initial coin offerings

Wild claims, armed raids: The blockchain bank that wasn't

AriseBank said it was the first crypto platform to buy a traditional bank. But there's no evidence it did anything of the kind — and its founder now says it has been raided by the FBI.

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House Financial Services Committee Chairman Jeb Hensarling
Representative Jeb Hensarling, a Republican from Texas and chairman of the House Financial Services Committee, speaks during a hearing on Capitol Hill in Washington, D.C., U.S., on Thursday, July 27, 2017. Mnuchin ruled out prioritizing U.S. debt payments if Congress fails to raise the borrowing limit and repeated his call for quick action by lawmakers. Photographer: Zach Gibson/Bloomberg
Zach Gibson/Bloomberg

What CFPB gained, lost in appeals court ruling

A federal appeals court handed a major victory — and a significant defeat — to the CFPB by upholding its constitutional structure while also slapping down the agency's practice of making new interpretations of law through enforcement actions.

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Donald Trump
U.S. President Donald Trump speaks before signing Section 201 actions in the Oval Office of the White House in Washington, D.C., U.S., on Tuesday, Jan. 23, 2018. Trump slapped tariffs on imported solar panels and washing machines on Monday in his first major move to level a global playing field he says is tilted against American companies. Photographer: Mike Theiler/Pool via Bloomberg
Mike Theiler/Via Bloomberg

Is Trump team moving to political middle in CFPB director search?

The candidates being discussed lately to run the agency bring experience on consumer protection issues, and potential bipartisan appeal.

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Mulvaney could use Dodd-Frank to gut CFPB mortgage rules

The acting head of the Consumer Financial Protection Bureau can utilize "look-backs" of mortgage servicing and underwriting rules to push for significant changes.

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From left: Amazon CEO Jeff Bezos, JPMorgan Chase CEO Jamie Dimon, and Berkshire Hathaway CEO Warren Buffett.

5 takeaways from JPM-Amazon-Berkshire health care venture

If the company they plan to establish comes together and works — still a big if — it could give JPMorgan an edge in competing with other banks, lead to innovative payments and other products and create unforeseen issues.

(Full story here.)
Acting CFPB Director Mick Mulvaney
Mick Mulvaney, director of the Office of Management and Budget (OMB), speaks to members of the media outside the White House in Washington, D.C., U.S., on Saturday, Jan. 20, 2018. The U.S. government officially entered a partial shutdown early Saturday as Senate Democrats and a handful of Republicans blocked a bill to fund the government after the two parties failed to break their deadlock over immigration. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

CFPB's Mulvaney strips his fair-lending office of enforcement powers

Consumer advocates see acting CFPB Director Mick Mulvaney's restructuring as an attempt to reduce oversight and penalties for firms that discriminate against borrowers.

(Full story here.)
President Trump gestures while delivering the State of the Union address.

Trump speech bodes ill for banks' D.C. priorities

The busy legislative agenda laid out by President Trump in the State of the Union speech Tuesday night casts doubt on how quickly Congress can move on financial services legislation, particularly a housing finance reform package.

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U.S. Bank Stadium, Minneapolis

In Super Bowl limelight, U.S. Bank aims to become household name

The bank will step onto the national stage this weekend when the Patriots and Eagles face off at the Minneapolis stadium where it holds the naming rights. It has taken steps to capitalize on the exposure ahead of its expansion into new markets.

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CFPB Director Richard Cordray
Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), listens during a Senate Banking Committee hearing in Washington, D.C., U.S., on Thursday, April 7, 2016. Testimony from Cordray today may shed light on the status of several regulations that could curtail revenue from payday loans, prepaid cards and other financial products. At a March 16 hearing, Cordray hinted that a rule to limit prepaid cards won't be finished until June. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Richard Cordray
Andrew Harrer/Bloomberg

Appeals court affirms CFPB's constitutionality, leadership structure

The decision by the appeals court means that a president can only fire the head of the Consumer Financial Protection Bureau for cause. But the ruling also scrapped the CFPB's massive fine against a nonbank mortgage lender.

(Full story here.)
Sen. Orrin Hatch, R-Utah.
Senator Orrin Hatch, a Republican from Utah, speaks during a Senate Finance Committee hearing with U.S. Treasury Secretary Timothy F. Geithner in Washington, D.C., U.S., on Tuesday, Feb.14, 2012. Spending cuts in the Obama administration's fiscal 2013 budget plan should be phased in gradually to protect the economic recovery, Geithner said. Photographer: Brendan Smialowski/Bloomberg *** Local Caption *** Orrin Hatch
Brendan Smialowski/Bloomberg

Hatch touches a third rail: Should credit unions be taxed?

Credit union groups were scrambling Wednesday to respond to a letter from Senate Finance Committee Chairman Orrin Hatch questioning whether the industry had outgrown its income-tax exemption.

(Full story here.)
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