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

Published
  • January 26 2018, 5:05pm EST
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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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https://www.americanbanker.com/news/four-takeaways-from-grilling-of-fdic-fed-nominees-on-hill