Warren's Mulvaney shot, B of A blowback and (more) CFPB: Top stories of the week

January 26, 2018 5:05 PM

Sen. Elizabeth Warren, D-Mass., listens during a Senate Banking Committee hearing in Washington on the Equifax cybersecurity breach.

Misguided data freeze keeps CFPB from doing its job: Elizabeth Warren

Acting Director Mick Mulvaney's decision to halt the collection of consumer data renders bank exams less effective and ignores existing cybersecurity protections, the Massachusetts senator argues.

(Full story here.)

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Sergey Nivens - stock.adobe.com

B of A exec's misconduct ouster a wake-up call for banks

The wave of sexual harassment claims has forced a very public reckoning in certain industries, but financial services firms had largely escaped the spotlight. The departure of a Bank of America executive could signal that the industry has problems lurking behind the scenes.

(Full story here.)

Jim Wanserski, interim president and chief executive officer, World Acceptance Corp.

CFPB drops probe into lender that gave to Mulvaney's campaigns

The Consumer Financial Protection Bureau appears to have concluded no enforcement action is necessary for World Acceptance Corp., which had been accused of trying to profit from repeat borrowers.

(Full story here.)

Reactions to Mulvaney's CFPB memo range from elation to disgust

Many in the industry applauded the Consumer Financial Protection Bureau's new mission statement shifting the agency's focus away from using enforcement actions as a substitute for rules of the road.

(Full story here.)

Sebastian Rymarz, chief business officer of Fundbox.

Fintech lender Fundbox shows open banking can be done

The online lender is integrating itself with several popular software programs to provide lending as a service. It's an open-banking road map for skeptical banks.

(Full story here.)

Mick Mulvaney, OMB director and acting director of the CFPB

Mick Mulvaney, director of the U.S. Office of Management and Budget (OMB), listens during a House Budget Committee hearing on U.S. President Donald Trump's fiscal 2018 budget proposal in Washington, D.C., U.S., on Wednesday, May 24, 2017. Trump would dramatically reduce the U.S. government's role in society with $3.6 trillion in spending cuts over the next 10 years in a budget plan that shrinks the safety net for the poor, recent college graduates and farmers. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

CFPB's Mulvaney blasts prior leadership, charts new mission for bureau

In a strongly worded memo to staff of the Consumer Financial Protection Bureau Tuesday, acting Director Mick Mulvaney indicated the bureau will value the concerns of companies it regulates to the same extent as consumers.

(Full story here.)

Why B of A is discontinuing free checking for online-only users

As customers become more tech-savvy, the bank said it no longer needs to prod them to use its digital products by offering discounts. Account holders can avoid fees by enrolling in direct deposit.

(Full story here.)

Top view of mixed race group of people standing near the table. Young business team working on start-up project together, talking about new ideas. Creative meeting, sum up of teamwork.

vadim_key - stock.adobe.com

What you thought you knew about millennials is wrong

Millennials are more bank-savvy than they're given credit for, according to a new survey sponsored by Bank of America.

(Full story here.)

Crypto crackdown? That's a lot of hype, too

Fears about regulators coming down on digital currency trading caused an epic crash in the market. But reining in this evolving asset class won't be easy.

(Full story here.)

Jelena McWilliams, nominee for FDIC chair

Jelena McWilliams, member of the board of directors with the Federal Deposit Insurance Corporation (FDIC) nominee for U.S. President Donald Trump, speaks during a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Tuesday, Jan. 23, 2018. If confirmed by the Senate, McWilliams would join other Trump appointees who are crucial to his goal of rolling back rules for the financial industry. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Four takeaways from grilling of FDIC, Fed nominees on Hill

Three Trump administration nominees faced thorough questioning from the Senate Banking Committee, although Democrats reserved much of their fire for the president's nominee to the Federal Reserve Board.

(Full story here.)
https://www.americanbanker.com/news/four-takeaways-from-grilling-of-fdic-fed-nominees-on-hill