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China's mobile payment lessons for U.S. bankers; unpacking Mick Mulvaney's CFPB relocation musings; Steven Mnuchin's wishful thinking on GSE reform; and more from this week's most-read stories.
AB_Shorthand Mobile Payments

Lessons from a mobile payments revolution

There is no disputing that China is ahead of the rest of the world in mobile payments. What insight does it offer U.S. bankers?

(Full story here.)
Businessman hunched over inside a small office made from a cardboard box.

The real reason Mulvaney wants CFPB employees in the basement

Acting CFPB Director Mick Mulvaney's staff is selling the move of agency employees as a cost-cutting measure. Don't buy it.

(Full story here.)
Peapack-Gladstone Bank's ads against Wells Fargo

Small bank is using Wells Fargo as a punching bag. It's a risky move

A New Jersey community bank has launched a campaign that takes digs at the megabank while highlighting its own values. Should others follow its lead?

(Full story here.)
Treasury Secretary Steven Mnuchin
Steven Mnuchin, U.S. Treasury secretary, speaks during a press briefing at the spring meetings of the International Monetary Fund (IMF) and World Bank in Washington, D.C., U.S., on Saturday, April 21, 2018. The IMF said this week the world's debt load has ballooned to a record $164 trillion, a trend that could make it harder for countries to respond to the next recession and pay off debts if financing conditions tighten. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Mnuchin wants GSE reform in 2019. There's a problem with that

The Treasury secretary has said that he doesn't see changes to the housing finance system happening this year, but he's hopeful something can be done after the elections.

(Full story here.)
Tech spending as % of expenses at banks, by asset category

Why this community bank took the plunge on a new core platform

Many banks talk about the need to replace legacy core systems, but relatively few go through with it. The CEO of Mechanics Cooperative Bank in Massachusetts explains the case he made to his board that the promise outweighed the risk.

(Full story here.)
American Samoa

American Samoa finally gets a public bank. And U.S. states are watching

The Federal Reserve's decision to allow the Territorial Bank of American Samoa access to the U.S. payment system creates only the second public bank in the country, and may pave the way for others in California, New Jersey and elsewhere.

(Full story here.)
Acting CFPB Director 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

CFPB's Mulvaney misled Congress about land deal, watchdog says

The group says Mulvaney, who also runs OMB, was not totally forthcoming with the Senate Budget Committee about the foreclosure of a property he owns in South Carolina.

(Full story here.)
Wells Fargo branch
A customer exits a Wells Fargo & Co. bank branch in Los Angeles, California, U.S., on Thursday, April 19, 2018. Wells Fargo & Co.'s financial ties to gunmakers and the National Rifle Association have prompted the American Federation of Teachers to remove the bank from its list of recommended mortgage lenders. Photographer: Patrick T. Fallon/Bloomberg
Patrick T. Fallon/Bloomberg

How huge Wells Fargo fine could leave customers in the cold

Not a penny of the $1 billion fine against Wells Fargo will end up in the hands of customers harmed by practices flagged by regulators.

(Full story here.)
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Little-noticed reg relief measure would combat card fraud

The provision would make it harder for criminals who use real Social Security numbers to create fake personas and then apply for credit.

(Full story here.)
CRE lending by insurance companies from 2012-2017
CRE borrowers are repaying early. It's a problem for banks
Borrowers can get better rates elsewhere, so they're repaying ahead of schedule, leaving banks in the lurch. The steps lenders would have to take to keep the business could be prohibitively expensive.

(Full story here.)
Mobile payments Marketing GSE reform Core conversions Regulatory relief Card fraud Mick Mulvaney Steven Mnuchin CFPB News & Analysis
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