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The OCC finds that Wells Fargo was not alone in its sales abuse practices (though it's not naming names); Fifth Third's Tim Spence is our Digital Banker of the Year; the CFPB acting director wipes out the agency's Consumer Advisory Board; and more from this week's most-read stories.
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Wells Fargo not alone: OCC finds sales abuses at other banks

An inquiry into the sales practices of more than 40 banks launched in the wake of the Wells scandal found several systemic issues and hundreds of problems at individual institutions. The OCC completed the review in December but is not making the results public.

(Full story here.)
Tim Spence of Fifth Third

Digital Banker of the Year: Fifth Third's Tim Spence

What does holistic digital transformation look like? Tim Spence is busy figuring that out.

(Full story here.)
Mick Mulvaney
Mick Mulvaney, director of the Office of Management and Budget (OMB), listens during a Senate Budget Committee hearing in Washington, D.C., U.S., on Tuesday, Feb. 13, 2018. Mulvaney discussed the $4.4 trillion federal budget plan that would slash entitlements and other domestic programs in favor of higher spending on the military and immigration enforcement. Photographer: Zach Gibson/Bloomberg
Zach Gibson/Bloomberg

Mulvaney makes it official, fires CFPB advisory board members

The Consumer Financial Protection Bureau fired all 25 members of the agency's Consumer Advisory Board during a conference call Wednesday, saying it wanted to bring in more diverse views.

(Full story here.)
Mary Kate Loftus, head of multichannel for retail banking and wealth management at HSBC USA.

HSBC's digital transformation: 'It's a people business'

Mary Kate Loftus spearheaded a $131 million digital initiative to improve the customer experience, deepen relationships and attract more of HSBC's target consumer segments. She was one of our Digital Banker of the Year finalists for 2018.

(Full story here.)
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Seattle finds breaking up with Wells Fargo is hard to do

The city wanted to sever its relationship with the bank, but it ran into a big obstacle.

(Full story here.)
Acting CFPB Director Mick Mulvaney
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), speaks during a Senate Banking, Housing & Urban Affairs Committee hearing in Washington, D.C., U.S., on Thursday, April 12, 2018. Senator Elizabeth Warren clashed with Mulvaney, accusing the former GOP congressman of putting politics ahead of protecting consumers. Photographer: Toya Sarno Jordan/Bloomberg
Toya Jordan Sarno/Bloomberg

Is Mulvaney trying to purge CFPB's advisory board?

The agency's acting chief has angered consumer advocates by refusing to hold meetings that they say are required by law.

(Full story here.)
Jamie Dimon, CEO of JPMorgan Chase

'Golden age' of banking? Those words may haunt Jamie Dimon

There are so many reasons — the credit cycle, the plight of small banks or competition from Amazon and foreign banks — that the head of JPMorgan could live to regret that statement.

(Full story here.)
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52 pickup: What Flagstar saw in Wells Fargo branches

The low-cost deposits that come with the deal for 52 Wells branches in four states should fund the Michigan company's effort to become a commercial lender.

(Full story here.)
J.D. Power app rankings Capitol One

Which financial apps perform best? J.D. Power gives its grades

The firm graded bank and credit card apps on customer satisfaction, appearance, navigability, and availability and clarity of information.

(Full story here.)
Camille Burckhart, chief information and digital officer at Popular Inc.

When disaster strikes, digital banking can become a lifeline

Hurricane Maria left behind a shattered Puerto Rico. Camille Burckhart and her technology team at Banco Popular found that they were uniquely positioned to help people rebuild. She has been selected one of our Digital Banker of the Year finalists for 2018.

(Full story here.)
Digital banking Munis Strategic plans M&A Apps Disaster recovery Mick Mulvaney CFPB News & Analysis Wells Fargo
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